Agriculture has seen a steady movement toward the increased use of contracts. Agricultural contracts now guide the interrelationships of parties throughout the modern production system, extending well beyond the livestock sector. With this predominance come new issues that require us to...

We consider the problem of the optimal use of a good whose consumption can produce damages in the future. Potential damages are proportional to the accumulated lifetimeconsumption of the good. Scientific progress is made over time that provides information on the distribution of the intensity of...