This paper presents a framework to determine optimal resource allocation over time for the production of a good by heterogeneous producers who generate a stock externality. We analyze the optimal intertemporal and quality-specific combination of abatement strategies at the source given by a...

The estimation of allocative and technical inefficiency has grown to an enormous body of literature, both theoretical and empirical. Ideally, one would estimate time-varying firm and input-specific parameters describing allocative inefficiency in order to minimize aggregation bias. However, this...

Retailers use sales "price promotions" for a number of potential reasons. There is relatively little research, however, on their strategic role among frequently consumed perishable products. Using a two-stage, nested logit model of retail equilibrium, we show that promotion will be most...

In the paper, we use a panel data approach to study the threshold effects and nonlinearity in economic growth instead of the cross-sectional approach commonly used in previous studies. The methodologies developed by Hansen (2000) and Caner and Hansen (2004) are applied to identify threshold...

This article focuses on the modeling of agricultural yield data using hierarchical Bayesian models. In recovering the generating process of these data, we consider the temporal, spatial and spatio-temporal relationships pertinent to the prediction and pricing of insurance contracts based on...

In this study, the structure of the South African wheat market is analysed using economic theory and econometric modelling techniques. The developed model is used to make baseline projections regarding the supply and use of wheat in South Africa and to analyse the impacts of various policy...

A new turn in the research agenda of environmental valuation is under way. Rather than treating stated preference (SP) and revealed preference (RP) as competing valuation techniques, analysts have begun to view them as complementary, where the strengths of each approach can be used to provide...

A method for fitting regression models to data that exhibit spatial correlation and Heteroskedasticity is proposed. A combination of parametric and nonparametric regression techniques is used to iteratively estimate the various components of the model. The approach is demonstrated on a large...

The focal point of the revealed preference (RP) valuation literature, including recreation demand and random utility maximization (RUM) models, has been on eliciting the “use” value associated with environmental amenities; i.e., that portion of value associated with direct use of a resource....

It is very important to work with data, information and knowledge correctly, when a decision model is used as a support for managerial decision-making. Unfortunately, these terms are understood differently in various branches; particularly, the definitions of knowledge are very different. It...