Standard economic models of groundwater management impose restrictive assumptions regarding perfect transmissivity (i.e., the aquifer behaves as a bathtub), no external effects of groundwater stocks, observability of individual extraction rates, and/or homogenous agents. In this article, we...

Standard economic models of groundwater management assume perfect transmissivity (i.e., the aquifer behaves as a bathtub), no external effects of groundwater stocks, and/or homogenous agents. In this article, we develop a model relaxing these assumptions. Although our model generalizes to an...

This paper analyzes border protection policies for managing risk of unintended imports of invasive species. Previous work typically assumes invasive species risk to be exogenous and commonly known. Here, we examine cases in which endogenous actions (exporter abatement) affect risk and allow for...

Characteristics of farm level yield and revenue loss that is systemic with yield and revenue loss at the county, state, and U.S. level are examined using farm yields from the Illinois and Kansas farm business management associations. The data begins with 1972. Share of yield and revenue loss...

Recent changes in federal farm programs and contemporary farm program proposals highlight an evolving shift in farm policy from income support to risk management. A mix of price- and revenue-based commodity programs as well as yield- and revenue-based insurance products provide crop producers a...

Although significant research has been done on managing farmers’ financial risk through federal programs such as federal crop insurance, to date, little attention has been paid to the ability of on-farm management’s potential to mitigate agricultural risk. Federal crop insurance could...

Research has highlighted a growing gap between public perceptions of farming and the realities of modern agriculture and the food industry. A number of food scandals have exacerbated consumers’ critical perceptions of the agribusiness sector. This can threaten the reputation and legitimacy of...