Assuming a risk-neutral bank and assuming household utility to be exponential, we show how under information symmetry …

-equilibrium ecosystem is driven by stochastic precipitation. A risk averse farmer chooses a grazing management strategy under uncertainty …-term optimal grazing management strategy. We show that a risk averse farmer chooses a strategy such as to obtain insurance from the … analyze the long-run ecological and economic impact of different strategies. We conclude that the more risk averse a farmer is …