While the demand for traditional agricultural economics is diminishing, there is a growing need for the economics and management of the food sector and the environment. Departments of agricultural economics have shown great flexibility in including agribusiness in their Bachelor's and Master's...

In this article, we model money-back guarantees (MBGs) as put options. This use of option theory provides retailers with a framework to optimize the price and the return option independently and under various market conditions. This separation of product price and option value enables retailers...

This paper combines the Becker family production model with a cooperative bargaining model to analyze power distribution within the family. Family consumption decisions are often made by one person, but for several people, suggesting traditional decision theory is inadequate. Using data gathered...

Over the last 150 years, agriculture has been subject to several waves of innovation which have significantly altered its institutional structures, its products and the way it is practised. Mechanical, biological and chemical innovations have, in turn, reduced labour requirements, increased...

Prospect theory has changed the way economists think about decision making under uncertainty – yet after so many years there have been few applications of the theory and those appearing mostly in finance. One of the barriers to applying the prospect theory is that it is not designed to be...

This article presents lessons from the rich adoption literature for the nascent research on adaptation. Individuals' adoption choices are affected by profit and risk considerations and by credit and biophysical constraints. New technologies spread gradually, reflecting heterogeneity among...