Optimal trade policy in an uncertain world is examined. Decision-maker attitudes toward uncertainty are represented in terms of the Gilboa-Schmeidler (1989) maximin expected-utility (MMEU) model. The central result is that in a two-country, general-equilibrium setting with both trading partners...

Optimal trade policy in an uncertain world is examined. Decision-maker attitudes toward uncertainty are represented in terms of the <link rid="b16">Gilboa-Schmeidler (1989)</link> maximin expected-utility (MMEU) model. The central result is that in a two-country, general-equilibrium setting with both trading partners...

We develop a model explaining the consolidation patterns in the agricultural biotechnology industry. Among different consolidation and cooperation mechanisms, we consider collaborative and licensing agreements, joint ventures, acquisitions, and exchanges of ownership and spin-offs. The key...

We develop a model explaining the consolidation patterns in the agricultural biotechnology industry. Among different consolidation and cooperation mechanisms, we consider collaborative and licensing agreements, joint ventures, acquisitions, and exchanges of ownership and spin-offs. The key...

Using the Lichtenberg-Zilberman-Fox-Weersink damage specification, we develop a short-run, supply-response framework based on rational producer behavior in the presence of damage agents. We show how representation can be used to measure and decompose the economic damage associated with the...

Optimal producer behavior in the presence of area-yield insurance is studied. The producer's optimal production and insurance choices are characterized. The effect of the provision of area-yield insurance on production patterns is studied, and sufficient conditions for the provision of...

This paper proposes a method for estimating a farmer's stochastic discount factor that is independent of his or her risk preferences, and shows that that stochastic discount factor is appropriate for calculating a farmer's willingness to pay for a crop insurance product. An empirical example...