In this paper we are investigating how production risk may influence the way a risk averse producer like a subsistence farmer chooses optimal input levels. Risk averse producers will take into account both the mean and the variance of output, and therefore we expect them to choose input levels...

In industries characterized by frequent innovation and high productivity growth, substantial variation in produced quantity and input use may occur, leading to increased costs. An effect that has received little attention is that inefficiency can exacerbate environmental impacts. This effect is...

Travel cost is a barrier for many tourists who wish to visit faraway destinations. This affects exotic tourism destinations located far from key markets since it the great majority of travelers from these markets will find travel cost prohibitively high. However, exotic tourism destinations...

During the late 1980s, Norwegian salmon farmers had a market share of over 50% for farmed salmon in the USA. In 1991 a countervailing duty and an anti-dumping duty were imposed on Norwegian exports of farmed salmon to the US which basically closed the market for Norwegian salmon. The primary aim...

Relationships between prices of goods have held interest within economics in at least two areas - market integration and product aggregation. There is a close relationship between market integration and aggregation, although this has not received much attention in the more recent literature....

International fish trade is growing, and fish exports represent an important source of foreign currency for many countries. For a few countries the exports are also an essential part of the economy. We revisit the seminal paper of Richardson (1978) that addresses the issue of exchange rate...

This study deals with modeling of production risk by means of a two-step procedure. In contrast to earlier studies of production risk, we do not immediately adopt restrictive functional forms for the risky production technology. We first test for the presence of production risk. If production...

After holding a market share of over 50% for farmed salmon in USA, the market was closed for Norwegian salmon in 1991 when a countervailing duty was imposed. The objective for U.S. farmers was to increase prices and U.S. market shares. This paper investigates whether U.S. farmers reached these...

Relationships between prices are of interest when testing for market integration as well as analyses of supply chains. A feature that has received little attention is that if two supply chains are linked by market integration at some stage, then the whole supply chain will be linked....

High oil prices are normally expected to stimulate exploration and the development of new oil and gas fields. But over the last few years, financial analysts have focused strongly on short-term accounting return (RoACE) for benchmarking and valuation, and this has led to high capital discipline...