This paper demonstrates that the U.S. pork industry is lagging its principal international competitors and major international customers in terms of developing programs for traceability, transparency, and assurance (TTA). The primary areas of weakness in U.S. TTA programs are at the producer...

We develop a theory of valuation of payoff streams in infinite-horizon sequential markets and discuss implications of this theory for equilibrium under various portfolio constraints. We study the nature of asset price bubbles in light of this theory. We show that there cannot be equilibrium...

We comment on four aspects of Albers' [1] model of ecological constraints on tropical forest management. Albers structures her model in a highly asymmetric manner, with strong, uniform biases against development and in favor of preservation. Despite Albers' repeated claims that her model is...

The announcement on December 23, 2003 that a dairy cow in the state of Washington was diagnosed as having BSE sent shock waves through the US beef industry. This research uses auction experiments to determine the pre- and post-BSE effects of traceability and country-of-origin information on US...

I model the interaction between a regulator and polluting firms as a Stackelberg differential game in which the regulator leads. The firms create pollution, which results in a stock externality. I analyze the intertemporal effects of alternate pollution control measures in a competitive...

A survey of state veterinarians and leaders of state cattle producer associations was conducted in January 2004 to identify the determinants of support for animal ID programs in the United States. The results indicate strong support for implementing some form of animal ID program, but that only...

We prove there exists and analyze a strategy that minimizes the cost of hedging a liability stream in infinite-horizon incomplete security markets with a type of constraints that feasible portfolio strategies form a convex cone. We provide a theorem that extends Stiemke Lemma to over cone...

Atemporal and intertemporal use of public lands, the determination of optimal levels of wilderness designation and habitat preservation, and the appropriate regulation of natural resources have all been "hot button" issues in the American West for quite some time now. In this paper, I propose...

This paper provides examples of both parametric and non-parametric tests for economies of scale in the control of non-point pollution. Because field-level control costs and control effectiveness are uncertain from the regulator's perspective (due to the existence of asymmetric information), we...