Mounting evidence indicates climate change will adversely influence agricultural crop yields and cause greater year-to-year variability. This paper considers how a rational, forward-looking and competitive commodity market would account for these anticipated changes and thereby influence time...

We link farmland values to climatic, soil, and socioeconomic variables for counties east of the 100th meridian, the historic boundary of agriculture not primarily dependent on irrigation. Degree days, a non-linear transformation of the climatic variables suggested by agronomic experiments as...

Many natural systems have the potential to switch between alternative dynamic behaviors. We consider a system with two distinct equations of motion that are separated by a threshold value of the state variable. We show that utility maximization will give a decision making rule that is consistent...