Mean-variance efficient portfolio analysis is applied to situations where not all assets are perfectly price elastic in demand nor are asset moments known with certainty. Estimation and solution of such a model are based on an agricultural banking example. The distinction and advantages of a...

While issues in estimating nonmarket values continue to cause concern, resource economists have more reason now than ever before to be optimistic. More progress toward improved measurement has been made in the past six years than in the previous quarter century since development of the...