We analyze a dynamic and stochastic ecological-economic model of grazing management in semi-arid rangelands. The non-equilibrium ecosystem is driven by stochastic precipitation. A risk averse farmer chooses a grazing management strategy under uncertainty such as to maximize expected utility from...

We analyze a dynamic and stochastic ecological-economic model of grazing management in semi-arid range lands. The non-equilibrium ecosystem is driven by stochastic precipitation. A risk averse farmer chooses a grazing management strategy under uncertainty such as to maximize expected utility...

Strong sustainability, according to the common definition, requires that different natural and economic capital stocks be maintained as physical quantities separately. Yet, in a world of uncertainty this cannot be guaranteed. To therefore define strong sustainability under uncertainty in an...

Literature on farm productivity and efficiency was reviewed using a scoping review methodology, focusing on studies that have included risk and risk management tools within the stochastic frontier analysis in agricultural economics. This study contributes to investigating the methods used to...

Across western North America, invasive plant species and elevated levels of nitrogen are threatening the productivity of rangelands. A bioeconomic model of stocking cattle on these rangelands is used to show that optimal stocking depends on the competition between native grasses and the...

Based on economic methodology we model an ecosystem with two species in predator-prey relationship: mice feed on grain and grain feeds on a resource. With optimizing behavior of individual organismus a short-run ecosystem equilibrium is defined and characterized that depends on the farmer's use...