A real options market model is developed, which derives the firms' optimal investment and disinvestment thresholds simultaneously in a competitive environment. It combines genetic algorithms and stochastic simulation, whereby vast modelling flexibility is gained. For example, different market...

The farm level effects of policy reforms in agriculture have been discussed in the literature for a long time. However, empirical studies based on field data are not yet available. In this paper, the effects of the EU agricultural reforms in the last two decades and the introduction of the...