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A simple model is developed relating the debt and asset portfolio of the farm to the production decision, which leads to a small non-linear system of equations. The system is estimated with time-series cross-sectional data from Australian broadacre agriculture using non-linear three-stage least...
Persistent link: https://www.econbiz.de/10009443384
Persistent link: https://www.econbiz.de/10005220691
A simple model is developed relating the debt and asset portfolio of the farm to the production decision, which leads to a small non-linear system of equations. The system is estimated with time-series cross-sectional data from Australian broadacre agriculture using non-linear three-stage least...
Persistent link: https://www.econbiz.de/10005220729
Persistent link: https://www.econbiz.de/10005493284
Increasing use of Benefit-Cost Analysis (BCA) in ex ante research evaluation has not been accompanied by consensus on the increased returns flowing from the evaluation effort. There are likely to be a wide range of views held by researchers, agricultural economists and research managers on how...
Persistent link: https://www.econbiz.de/10010878608
Many explanations of agricultural technology adoption have either been based loosely on diffusion concepts and have ignored economic factors or have been static economic models that ignore dynamic and spatial aspects of adoption. In this paper we propose a model of adoption which incorporates...
Persistent link: https://www.econbiz.de/10010879982
An optimal stochastic control model of grazing that incorporates both pasture and livestock dynamics is presented. The model is solved numerically using Markov chain approximation methods. Markov chain approximation methods have a number of advantages as a means of solving stochastic optimal...
Persistent link: https://www.econbiz.de/10010879985
Persistent link: https://www.econbiz.de/10010880378
Persistent link: https://www.econbiz.de/10010880472
Harold Hotelling proposed the first method for non-market valuation. Most of us believe this is the Travel Cost Method. In this paper I argue that the first method is from Hotelling's seminal study on the extraction of exhaustible resources. The first method is dynamic optimisation as applied to...
Persistent link: https://www.econbiz.de/10010880588