This work demonstrates the utility of sophisticated simulation tools in aiding agribusiness managers' decision making. The system dynamics model developed here provides insight into the use of such models to evaluate potential adoption rates and diffusion patterns of yield mapping and monitoring...

A well-known theorem by Herfindahl states that the low-cost nonrenewable resource must be exploited first. Consider resources that are differentiated only by their pollution content. For instance, both coal and natural gas are used to generate electricity, yet coal is more polluting. We show...

We study how environmental regulation in the form of a cap on aggregate emissions from a fossil fuel (e.g., coal) interacts with the arrival of a clean substitute (e.g., solar energy). The cost of the substitute is assumed to decrease with cumulative use because of learning-by-doing. We show...

In the context of ever-increasing petroleum prices combined with concerns about climate change, timing of adoption and rate of diffusion of land-based fuels and backstop technologies for transportation use are examined in this paper. A global model of land allocation joined with a Hotelling...

Many countries have adopted energy policies that promote biofuels as a substitute for gasoline in transportation. For instance, more than 40% of U.S. grain is now used for energy and this share is expected to rise under the current Renewable Fuels Mandate. This paper examines the distributional...