Understanding the allocation of labor between collective and private activities within cooperatives has been an issue of interest for economists and policy makers. This paper extends existing literature by incorporating income uncertainty from both private and collective activities, and by...

We propose procedures for testing statistically the significance of violations of nonparametric tests of optimization axioms when observed behavior is measured with error. The tests are robust against parametric specification of the error distribution, thus are nonparametric in both the...

The economic value of energy storage to meet peak electricity demand is analyzed with an emphasis on the role of demand uncertainty. The concept of the stabilization value, which measures that part of the benefit of the storage project which is due solely to the stochastic demand components, is...

We propose a simple and tractable procedure for evaluating producer welfare under price uncertainty. These properties are achieved at the cost of assuming constant absolute risk aversion, where risk attitude depends on the stock of wealth but not on the flow of income. Numerical examples...

Irrigation water (including rainfall) that infiltrates the subsurface carries salts, pesticide and fertilizer residues, and other trace elements, thus causing a contamination of aquifers and soils. A similar situation occurs when irrigating with saline groundwater (aquifers containing saline...

Producer welfare indices under price uncertainty are derived using the concept of certainty equivalent prices. In this approach the marginal cost function is used instead of the ex-ante supply function; the effects of uncertainty and risk preference are captured by certainty equivalent prices....