This paper discusses some of the failings of expected utility including the Allais paradox and expected utility's inadequate one dimensional characterization of risk. Three alternatives to expected utility are discussed at length; weighted expected utility, rank dependent utility, and cumulative...

Replaced with revised version of paper 06/18/08. Former title: Non-Linearity in Belief and Environmental Risk Dynamics

This paper assesses the impacts of decoupled government transfers on production decisions of a sample of Kansas farms observed from 1996 to 2001. Our model allows for risk, risk attitudes and the intertemporal investment decisions. We also allow for different adjustments of the decision...

The following paper outlines a new econometric model designed to capture both the temporal and spatial dynamics of housing prices. The paper combines existing spatial econometric techniques with a model that allows parameters to evolve over time. In addition, we provide an empirical application...

Using county level data we study if weather and climate variables or variables used as proxies for rent-seeking behavior determine disaster payment in the Southeast. We do not find evidence of rent-seeking but find that, in addition to weather, long term climate variables affect disaster payments.

This study proposed a theoretical framework for analyzing farm capital structure choice. The theoretical model recognizes that the costs of debt are endogenously determined which in turn reflect the degree of credit constraint faced by individual borrowers. Based on the proposed model, we...

We report results from preliminary analysis of the recently constructed dataset from the Farm Service Agency, FSA 1614. FSA 1614 provides the location of the farm and the farm payment recipient for all Title I payments. This makes it possible to analyze the spatial dispersion between landowner...

This paper assesses the potential for function based benefit transfer to inform farmland preservation policy, with emphasis on distinctions between welfare estimation and policy prioritization. Data are drawn from a parallel choice experiments implemented in six communities and statewide in...

According to Ricardian rent theory, the value of farm assets is equal to the discounted present value of future expected net rents from farm returns, and the discounted expected value of the land if converted to nonfarm development. Some recent research has considered modifying this standard...

Replaced with revised version of paper 10/17/08.