There is a large literature on the estimation of frontier production functions, much of it applied to low-income agriculture. However, much of this literature largely ignores nature's role in agricultural production. Because exogenous, natural production conditions (e.g., rainfall, soil quality,...

This paper considers the effects of real exchange rate depreciation on stochastic agricultural producer prices in low-income agriculture. Conventional wisdom, that real depreciation achieved through nominal currency devaluation stimulates tradables production, does not universally hold in the...

Previous studies have found underestimation of risk, or overconfidence, to be a key factor in entrepreneurship. We use a simple model of competitive equilibrium to show that an irrational under-estimation of risk provides a competitive advantage leading to a greater chance of survival under...