Food risks may be caused by moral hazard, i.e. by opportunistic behaviour of upstream sellers who exploit the fact that many food product qualities remain uncertain to downstream buyers in the course of conventional market transactions (credence qualities). Due to this lack of market...

As a consequence of the negotiations for a new agricultural policy of the EU the multifunctionality of agricultural production has come into new prominence in the public. The philosophy that subsidies for the agricultural sector should be calculated not only by agricultural market production but...

The use of economic tools such as the benefit-cost analysis often requires determining non-market values of environmental goods. One of the appropriate measures to determine these values is the contingent valuation. As a stated preference technique it allows to measure non-use values as well as...

A number of economic models have been applied to analyse the Common Agricultural Policy. The partial equilibrium models CAPRI, ESIM, AGLINK, AGMEMOD and CAPSIM and the general equilibrium models GLOBE and GTAP are currently integrated in a modelling platform for Agro-Economic Policy Analysis in...

Investment decisions are, as a rule, characterized by uncertainty, irreversibility and flexibility. Simple net present value calculations will not account for these features. In many situations even flexible investment planning with decision trees, which represents the most advanced method of...

The AGMEMOD Partnership seeks to capture the inherent existing heterogeneity of agricultural systems by linking together individual EU Member State models, an aggregated EU model and several accession countries into one single model, while still maintaining analytical consistency. Although this...

More than a decade ago, path dependence turned out to become a promising research program for agricultural economics. This article reviews important trends in path dependence research and highlights its role in the economics of technology, institutional economics, agricultural economics, and...