This paper examines the consequences of using a static model of recreation trip-taking behavior when the underlying decision problem is dynamic. In particular, we examine the implications for trip forecasting and welfare estimation using a panel dataset of Lake Michigan salmon anglers for the...

The decision to adopt a potentially profitable but unfamiliar conservation technology is cast in a multi-period Bayesian framework. Specifically, dairy farmers who are both risk-averse and susceptible to peer group influence progressively learn about the true impact of adopting reduced...

For several decades, economists have been concerned with the problem of optimal resource use under uncertainty. In many studies, researchers assume that prices evolve according to an exogenous stochastic process and solve the corresponding dynamic optimization problem to yield an optimal...

The problem of when to optimally harvest trees when timber prices evolve according to an exogenous stochastic process has been studied extensively in recent decades. However, little attention has been given to the appropriate form of the stochastic process for timber prices, despite the fact...