When non-point source pollution is stochastic and the damage function is convex, intuition might suggest it is more important to control a non-point pollution source than a point source. Earlier research has provided sufficient conditions such that the permit price for a unit of ex-ante expected...

Two prominent features of recent changes in agriculture have been the advent of precision breeding techniques and an increase in the level of information netputs in production. This article identifies ways in which these features may complement in expanding the variety of processed products,...

Uncertainty and risk are quintessential features of agricultural production. After a brief overview of the main sources of agricultural risk, we provide an exposition of expected utility theory and of the notion of risk aversion. This is followed by a basic analysis of agricultural production...