Howitt, Richard E.; Msangi, Siwa; Reynaud, Arnaud; … - In: American Journal of Agricultural Economics 87 (2005) 4, pp. 969-983
In this article, we show how the degree of risk aversion, discounting, and preference for intertemporal substitution for a natural resource manager can be structurally estimated within a recursive utility framework. We focus on the management of a reservoir in California, and test the data for...
