Increasing use of Benefit-Cost Analysis (BCA) in ex ante research evaluation has not been accompanied by consensus on the increased returns flowing from the evaluation effort. There are likely to be a wide range of views held by researchers, agricultural economists and research managers on how...

Many explanations of agricultural technology adoption have either been based loosely on diffusion concepts and have ignored economic factors or have been static economic models that ignore dynamic and spatial aspects of adoption. In this paper we propose a model of adoption which incorporates...

An optimal stochastic control model of grazing that incorporates both pasture and livestock dynamics is presented. The model is solved numerically using Markov chain approximation methods. Markov chain approximation methods have a number of advantages as a means of solving stochastic optimal...

The addition of commodities to financial portfolios and resulting weight adjustments may create volatility linkages between commodity and financial markets, especially during financial crises. Also, biofuel mandates are suspected to integrate agricultural and energy markets. We calculate...

Harold Hotelling proposed the first method for non-market valuation. Most of us believe this is the Travel Cost Method. In this paper I argue that the first method is from Hotelling's seminal study on the extraction of exhaustible resources. The first method is dynamic optimisation as applied to...