The assumption in standard expected utility model formulations that the coefficient of risk aversion is a constant is potentially unrealistic. This study takes the standard linear expected meanvariance problem and replaces the coefficient of risk aversion with a function of risk aversion,...

To test for preference heterogeneity in dichotomous choice contingent valuation responses, a random parameter logit (RPL) specification is used in this analysis. The RPL model confirms heterogeneity in respondents' preferences for protection of public open space, as reflected in statistically...

The relative importance of income earning potential versus consumptive values in setting ranchland prices is examined using a truncated hedonic model. The market value of New Mexico ranches is related to annual income earning potential and other ranch characteristics including ranch size,...

Although it is common to alternate between till and no-till practices, past research has considered farmers’ tillage options to be limited to the dichotomous choice of whether or not to switch to a long-term no-till regime. This paper expands farmers’ options and models their...

It is important to understand tradeoffs in preferences for natural and constructed green space in semi-arid urban areas because these lands compete for scarce water resources. We perform a hedonic study using high resolution, remotely-sensed vegetation indices and house sales records. We find...

Debates over protecting public land reveal two views. Some argue protection reduces commodity production, reducing local employment and increasing out-migration. Others contend protection produces amenities that support job growth and attract migrants. We test these competing views for the...

Groundwater management is conducted in spatial aquifers where well pumping results in localized cones of depression. This is in contrast to the single-cell aquifer used in most economic analyses that assumes groundwater depletion occurs uniformly over a study area. We address two aspects of the...

Recent econometric studies indicate that the effect of government farm subsidies on farmland rental rates may be smaller than once thought. This literature has corrected for bias due to expectation error in measured subsidy payments. We suggest two additional sources of bias—inertia and...

This study estimates the impact of changes in market returns and government payments on farmland values across Canada using data from 1959 to 2009. A recursive simultaneous equation model is estimated to account for the counter-cyclical relationship between market returns and government...

A 2009 survey of cotton farmers in twelve states collected information about the use of georeferenced precision soil testing (PST). Adoption of PST technology and the interval until retesting were examined with a Poisson hurdle regression. Survey data were calibrated using a post-stratification...