This paper develops a model to examine the impacts of uncertainty about crop production and irreversibility of program participation on determining land rental payments and least-cost land retirement targeting in the Conservation Reserve Enhancement Program. Results show that under risk aversion...

The purpose of this paper is to develop a water allocation and technology adoption model under the prior appropriation doctrine that recognizes informational asymmetry among water users and between water users and water authorities. We consider informational asymmetry about the agent's type,...