This chapter uses a new ecological-economic approach to analyze the role of time in range management in a dynamic and stochastic setting. We first construct a theoretical model of a parcel of rangeland in which time restrictions are used to manage the land. We then show how the dynamic and the...

Books reviewed: Brack, Duncan, Michael Grubb and Craig Windram, International Trade and Climate Change Policies Challen, Ray, Institutions, Transaction Costs and Environmental Policy: Institutional Reform for Water Resources Dragun, Andrew K. and Clem Tisdell, (eds.) Sustainable Agriculture and...

The concept of a reservation value is a key feature of most contemporary dynamic and probabilistic models of land development. It is clear that the magnitude of the reservation value has a fundamental bearing on the decision to develop or preserve land. This notwithstanding, many articles that...

This study investigates the effects of monetary changes on the U.S. economy. The emphasis is on establishing a causal flow from the money supply (nominal variable) to the two components of nominal output--the price level and real output (real variable). Test results indicate that the impact of...

While tests of producer rationality defined as conformity to the rules of profit maximization (or a similar postulate) for less developed countries are numerous, such tests for high-income countries are rare. This study investigates the extent of rationality observed in the production behavior...

A long standing question in range management concerns the relative importance of the stocking rate versus the length of time during which animals graze a particular rangeland. We address this question by analyzing the problem faced by a private rancher who wishes to minimize the long run...

A long standing question in range management concerns the relative importance of the stocking rate versus the length oftime during which animals graze a particular rangeland. Weaddress this question by analyzing the problem faced by a privaterancher who wishes to minimize the long run expected...

This paper is an empirical investigation of the feasibility of an optimum currency area (OCA) in South Asia. Countries are good candidates for forming an OCA if their economies are similarly structured and if their economies share similar responses to exogenous shocks. That is, among other...