This paper applies a semi-parametric approach to estimating a generalised model of investments in heating installations. The results suggest that marginal costs of investments in heating installations increase quickly at small investment levels, whereas the increase slows down at higher...

This paper estimates optimal hedging ratios for a Finnish spring wheat producer under price and yield risk. The forward contract available for hedging fixes the price and quantity at the time of sowing for a delivery at harvest. Autoregressive models are used to obtain point forecasts for the...

The ecosystem and the economic subsystem are interlinked. In fact, it is the overconsumption of scarce resources or the overproduction of bad outputs at economic system level that causes a great part of the imbalances at the ecosystem level. Some imbalances do not originate at the economic...

The goal of this study is to estimate how different price or quantity fixing contracts affect the value of pig space unit in pig fattening. The value of pig space unit is estimated with a stochastic dynamic programming algorithm. The model maximises the value of pig space unit by using four...

This paper aims to describe and highlight the key issues of farm capital structures, the dynamics of investments and accumulation of farm capital, and the financial leverage and borrowing rates on farms in selected European countries. Data collected from the Farm Account Data Network (FADN)...

A dynamic dual model of investment under uncertainty is applied to a panel of Finnish hog farms. Stochastic dynamic programming is used to characterize duality relations. The model accommodates irreversibility and/or asymmetric adjustment costs. Results have important implications for Finland's...