In this article, we show how the degree of risk aversion, discounting, and preference for intertemporal substitution for a natural resource manager can be structurally estimated within a recursive utility framework. We focus on the management of a reservoir in California, and test the data for...

This article presents a dynamic bioeconomic model of livestock disease control that is unique in its integration of disease dynamics, inter‐species interaction, control‐induced migration, and individual optimising behaviour. Examination of the first‐order conditions highlights why...

Production economics problems are often ill-posed. This means that the number of parameters to be estimated is greater than the number of observations. In this article we show how to recover flexible cost functions from very limited data sets using a maximum entropy approach. We also argue that...