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...

Replaced with revised version of poster 07/20/10.

Food manufacturers use health claims to signal higher product quality and attract health oriented consumers. However, consumers’ willingness to pay for health-related attributes may not be large enough to repay firms of the high costs associated with developing, certifying, and marketing such...