The <italic>Lake Wobegon Effect</italic> (LWE) describes the potential measurement-error bias introduced into survey-based analyses of education issues. Although this effect potentially applies to any student-report variable, the systematic overreporting of academic achievements such as grade point average is...

We construct a model of rent-maximizing behaviour by a single seller of timber in the absence of a formal market, deriving the stochastic implications of rent maximization for timber prices (stumpage rates) when other input and output (lumber) prices are random. Subsequently, we examine the...

This article adapts a modern shortfall-based portfolio selection rule developed by Stutzer (2000) and Haley and Whiteman (2008) to the farm manager's land allocation problem. The approach provides a useful normative model of land allocation that obviates distributional assumptions and expected...

Using data from 39 first-price, sealed-bid auctions from three Wisconsin State forests, we examine the fragility of the sealed-bid auction portion of Athey and Levin's (2001) study of skewed bidding behaviour in US forest service auctions. The results of our analysis compare favourably with...