In a two-period model, economists such as K.J. Arrow, A.C. Fisher, and C. Henry, have shown that when development is both indivisible and irreversible, a developer who ignores the possibility of obtaining new information about the outcome of such development will invariably underestimate the...

This paper builds a dynamic forward-looking model describing the approximate ten-year cattle cycle. The theoretical model improves on existing models by (1) keeping track of the age distribution of the capital stock, (2) allowing for heterogeneous expectations, and (3) recognizing that cow-calf...

Forecasts of the regional economic impacts of changes in the demand for recreation occasioned by regulatory changes, changes in the quality of the recreation experience, or changes in average trip costs require a model that links changes in these trip attributes to individual participation...

A model for measurement error is developed, based on the assumption that measurement error is random, multiplicative, and independent of the level of actual income. Thus, measured income is defined as the product of actual income and measurement error. Flexible parametric forms are utilized to...

This paper investigates the response of beef cattle producers to changes in the price of cattle. Previous research has suggested that there may be a negative short-run supply response to a permanent increase in the price of cattle. We build a dynamic, rational expectations model that predicts...

Changes in sportfishing trip attributes such as cost, harvest regulations, environmental quality, and resource abundance, affect both the expected net benefits associated with a fishing trip and participation decisions. The ability to estimate both of these is important for various types of...

Auction experiments at locations in the U.S. and Canada are used to determine consumers’ willingness to pay for red-meat traceability and other enhanced food characteristics. Consumers in both countries are found to be willing to pay a positive amount for traceability, but would pay even more...

This article reports the results from a series of laboratory auction markets in which consumers bid on meat characteristics. The characteristics examined include meat traceability (i.e., the ability to trace the retail meat back to the farm or animal or origin), transparency (e.g., knowing that...

Multi-plant organizations have trouble including both local and global information in their decisions. Outlets know local conditions but headquarters is able to coordinate outlets. In allocating decision-making power, firms must balance coordination and flexibility. I model this tradeoff, and...