A generalisation of previous household models is developed to include production, consumption, storage, labour and land allocation decisions under price, yield, storage and investment risks. Implications drawn from this model include, that consumption can be a hedge against price risk and that...

Previous studies of costs and benefits of forest conservation haven't considered the irreversible nature of forest clearing and the uncertainty associated with forest preservation benefits. The present study adapted a dynamic optimization framework to analyze optimal land use decisions. Results...

Our current methods of analysing policies and the distributions of wealth insure that society is on an efficient frontier. This is not the same as a social optimum. To choose the optimal point on the frontier we need a social welfare function. Following the ordinal revolution in demand theory, a...

Cattle purchasing, feeding, and selling decisions are described by a free-time optimal control model. The nutrient constraints of the National Research Council and a recently published dry matter intake constraint augment the model and make it nonlinear in the feed ingredients, the daily gain,...