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The effective design and implementation of interventions that reduce vulnerability and poverty require a solid understanding of underlying poverty dynamics and associated behavioral responses. Stochastic and dynamic benefit streams can make it difficult for the poor to learn the value of such...
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The material contained herein is supplementary to the article named in the title and published in the American Journal of Agricultural Economics, Volume 88, Number 3, August 2006.
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Legislators are considering raising catastrophic (CAT 50% coverage) crop insurance premiums. However, estimates of a two-stage coverage-choice and participation model using county-level data from California grape growers show that the demand for CAT insurance is price-elastic, therefore, premium...
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A dynamic dual model of investment under uncertainty is applied to a panel of Finnish hog farms. Stochastic dynamic programming is used to characterize duality relations. The model accommodates irreversibility and/or asymmetric adjustment costs. Results have important implications for Finland's...
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This paper considers an agricultural production model of sequential nitrogen application under risk. Because of random shocks between successive production stages, optimal fertilization decisions depend on the magnitude of farmers' risk aversion (risk premium), and the possibility for farmers to...
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NAREA Outstanding Master's Thesis Award, NAREA Master's Thesis Award of Merit, NAREA Distinguished Member Awards, NAREA Award for Outstanding Public Service Through Economics, and NAREA's Journal Article of the Year for 2008
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