Agricultural and Resource Economics Commons^™

A Bayesian Examination Of Information And Uncertainty In Contingent Valuation, David M. Aadland, Arthur J. Caplan, Owen R. Phillips

Applied Economics Faculty Publications

A theoretical framework is presented to explain how agents respond to information under uncertainty in contingent valuation surveys. Agents are provided with information signals and referendum prices as part of the elicitation process. Agents use Bayesian updating to revise prior distributions. An information prompt is presented to reduce hypothetical bias. However, we show the interaction between anchoring and the information prompt creates a systematic bias in willingness to pay. We test our hypotheses in an experimental setting where agents are asked to make a hypothetical, voluntary contribution to a public good. Experimental results are consistent with the model.

Science, Technology And The Garden Of Maine: Industrial Farming In Aroostook County, 1850-1900, Thomas J. H. Reznick

Senior Scholars Papers in Computer Science

In the mid-nineteenth century, northern Maine farmers existed amidst tension between capitalist and non-capitalist forces. This conflict is best described in terms of recent discourse on the question of rural capitalism, a topic debated by such scholars as Allan Kulikoff and Christopher Clark. This is an intricate and nuanced debate that this paper does not intend to treat with. Suffice to say, Maine farmers were caught between traditional social institutions associated with their trade that did not entail market production, and the rise of rural capitalism associated with burgeoning new markets. However, by the turn of the century, northern Maine …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2006, Central Bank Of Nigeria

CBN Annual Report

This Report reviews the operations of the Central Bank of Nigeria (CBN) and macroeconomic developments during the fiscal year 2006 and appraises the major economic policy outcomes during the period. The Bank reported a stable foreign exchange market in 2006, with an average effective official exchange rate of N 128.65 per U.S dollar, an increase of 2.6% over 2005. The stock of external reserves, valued at US$12.30 billion, was 49.6% higher than in 2005, driven by high crude oil prices and lower debt-service burden. The reserves were equivalent to 28.4 months of import cover, exceeding the 6 months requirement under …

Rural Women Entrepreneurship In South Dakota, Carol J. Cumber, Abbigail Meeder

Economics Commentator (1972- 2016)

No abstract provided.

Identifying Economic Indicators For Ecosystem-Based Management:, Scott Norris

Publications

In America and across the world, the use of ecosystem-based management is

increasing. One of the primary challenges faced in using this method of management is the integration of economic data and environmental information. This report explores the use of a new tool for integrating economic data, ecosystem-based economic indicators, in a case study of Elkhorn Slough National Estuarine Research Reserve, an estuarine environment located in Monterey County, CA. Research and literature reviews were used to detail the economic activities of the area, in order to identify possible indicators,criteria for evaluating the indicators, and potential sources of indicator data. After …

Agri-Environmental Policy Options For Working Lands In The Next United States Farm Bill, Thomas L. Dobbs

Economics Commentator (1972- 2016)

No abstract provided.

Perspectives Of Cow/Calf Producers In The Dakotas - Marketing Channel Selection, Martin Beutler, Scott Fausti, Bashir Qasmi

Economics Commentator (1972- 2016)

No abstract provided.

Crp In South Dakota: Potential Effects On South Dakota Agriculture, Gary Taylor, Larry Janssen

Economics Commentator (1972- 2016)

No abstract provided.

Winter Wheat Decisions, Jack Davis, Matthew Diersen, Alan May

Economics Commentator (1972- 2016)

No abstract provided.

Hurricane Damage To The Ocean, Charles S. Colgan, Jefferey Adkins

Publications

In 2005, insured losses from hurricanes and other catastrophes were greater than in any other year in U.S. history. NOAA’s National Hurricane Center estimates that $85 billion of total damages resulted from Hurricanes Katrina and Rita alone. One year later, the region affected by these two hurricanes still struggles to recover, both as a place to live and as a viable economy. Using data from the BLS Quarterly Census of Employment and Wages, the National Ocean Economics Program has developed a data series that allows the economic damage to coastal regions to be seen in a new light: what happens …

Economic Impacts Of Alternative Sized Dairies In South Dakota, Erik Gerlach, Larry Janssen, Gary Taylor, Alvaro Garcia

Economics Commentator (1972- 2016)

No abstract provided.

Changing Maine, 1960-2010: Teaching Guide, Richard Barringer, New England Environmental Finance Center

Maine History & Policy Development

Unlike forty years ago, none of us is now certain what the future holds for Maine – except that it will be different. Maine has been transformed by the events of the recent decades. We have come into a new world, a new time – a new historical era, if you will. This new era, like previous eras in Maine history, will require of us new ways of thinking, new ways of understanding, new ways of organizing ourselves as a community of people, if the values and culture we share and cherish are to endure and flourish.

Phase I Florida's Ocean And Coastal Economies Report, Judith T. Kildow Dr

Publications

This report was prepared for and funded by the Florida State Department of Environmental Protection with the encouragement of members from the Florida Ocean Alliance, Florida Oceans and Coastal Resources Council and other groups with deep interests in the future of Florida’s coast. It is a preliminary study of Florida’s Ocean and Coastal Economies based only on information currently found within the datasets of the National Ocean Economics Program (NOEP). It reflects only a portion of the value of Florida’s coastal-related economy and should not be considered comprehensive. A more customized study based on the unique coastal and ocean-dependent economic …

Empirical Analysis Of Cost And Returns To Commercial Table Egg Production In Lagos State., G. O. Evbuomwan

Economic and Financial Review

The paper seek to establish that commercial table egg production in Lagos State is profitable. This was based on the fact that there was an increase in the per capita income of the populace and also increase in the awareness of the health implication of intake of protein from eggs.

Green Revolutions And Miracle Economies: Agricultural Innovation, Trade And Growth, Brishti Guha

Research Collection School Of Economics

The purpose of this paper is to develop a simple model of an economy in which growth is driven by a combination of exogenous technical change in agriculture and a rising world demand for labor-intensive manufactured exports. We explore the relative roles of an exogenous agricultural productivity shock and rising export demand in a model with two traded industrial goods and a non-traded agricultural good, food. When the non-traded sector uses a specific factor, we show that technical change in agriculture may be the key to factor migration into industry, in particular driving intersectoral labor migration. A key assumption is …

South Dakota Agricultural Land Values And Cash Rental Rates: 2006, Burton Pflueger, Larry Janssen

Economics Commentator (1972- 2016)

No abstract provided.

Spring Cattle Market Review, Matthew Diersen

Economics Commentator (1972- 2016)

No abstract provided.

Capm And Home Bias; Prospective Plantings Analysis, Ding Du, Alan May

Economics Commentator (1972- 2016)

No abstract provided.

Los Impactos Socio-Económicos Del Proyecto De Desarrollo Sostenible En La Entrada Norte Del Canal De Panamá En La Comunidad De Cativá, Carey Pulverman

Independent Study Project (ISP) Collection

El Proyecto desarrollo sostenible en la entrada Norte del Canal de Panamá ha sido desarrollado por la Doctora Gloria Batista de Vega desde 1992, con el apoyo de ChevronTexaco como parte de su Plan de Manejo Costera de la Costa Caribe en el distrito de Colón, provincia de Colón. Gracilarias de Panamá, S.A., Acelerador Tecnológico fue establecido en el Tecnoparque de la Ciudad del Saber para desarrollar una innovadora industria de biotecnología no contaminante cuya materia prima es renovable y que utiliza como fuente de energía la luz solar. Gracilarias de Panamá, S.A. es la manifestación comercial del Proyecto desarrollo …

Viviendo Sin Bosques: Perspectivas En Disputa Sobre El Desarrollo Y Su Impacto En El Pueblo Mbya Guaraní, Maya Politis

Independent Study Project (ISP) Collection

The indigenous populations all over the world have been and continue to experience drastic transformations in these past decades, each at its own pace and in its own form. Although throughout history all cultures and societies experience transformations, for the most part the recent transformations have been forced on these communities to a degree more brutal than ever. The powerful effects of the modern capitalistic system are quickly displacing and endangering indigenous populations. Practically every square foot of land and air has been privatized, sold to big corporations and exploited to benefit productivity without even the consideration of sustainability. This …

Farm Income Outlook 2006, Burton Pflueger, Jack Davis

Economics Commentator (1972- 2016)

No abstract provided.

Investor Reluctance To Invest In Foreign Equities, John A. Sondey, Sarah L. Thompson

Economics Commentator (1972- 2016)

No abstract provided.

Theses & Papers By Master's Degree Students In The Department Of Economics: 2005, Matthew Diersen, Larry Janssen

Economics Commentator (1972- 2016)

No abstract provided.

A Comparison Of Emissions Taxes And Permit Markets For Controlling Correlated Externalities, Arthur J. Caplan

Applied Economics Faculty Publications

This paper provides an answer to the question, are emission taxes an efficient and self-enforcing mechanism to control correlated externality problems? By “correlated externalities” we mean multiple pollutants that are jointly produced by a single source but which cause differentiated regional and global externalities. By “self-enforcing” we mean a mechanism that accounts for the endogeneity that exists between competing jurisdictions in the setting of environmental policy within a federation of regions. This mechanism incorporates sequential decision making among the jurisdictions and therefore determines an equilibrium based on the concept of subgame perfection. We find that, unlike joint domestic and international …

Interactive Geometry For Surplus Sharing In Cooperative Games, Arthur J. Caplan, Yuya Sasaki

Applied Economics Faculty Publications

The need to understand surplus-sharing rules in cooperative game theory occurs at both the undergraduate and graduate levels. The rules are generally depicted as mathematical problems that entail the calculation of a vector of allocations. This Web page provides a downloadable program that enables users to interactively generate geometrical depictions of the rules for an unlimited number of three-player games. The program (1) demonstrates graphically how the simplex (i.e., area of potential cooperation) is shrunk to its corresponding core on the basis of the game’s characteristic function (i.e., the specification of the payoffs for each of the seven possible coalitions, …

Interactive Scenario Analysis Of Exhaustible Resource Problems, Arthur J. Caplan, John Gilbert

Applied Economics Faculty Publications

We provide several interactive models that can be used in an intermediate- or graduate-level, natural-resource economics course to numerically solve a host of exhaustible-resource problems, and thereby help to verify the intuition and symbolic solutions typically provided in textbooks. Examples are drawn from Tietenberg (2006).

Cheap Talk Reconsidered: New Evidence From Cvm, David M. Aadland, Arthur J. Caplan

Applied Economics Faculty Publications

Two recent studies have shown that “cheap talk” is an effective means of eliminating positive hypothetical bias in experimental and field-auction settings. We further investigate the ability of cheap talk to mitigate positive hypothetical bias in a contingent-valuation phone survey administered to over 4,000 households. Positive hypothetical bias is detected in our data by contrasting revealed and stated preference information. However, a short, neutral cheap-talk script appears to exacerbate rather than mitigate the bias. Based on this and mixed evidence from earlier studies, we suggest caution in using cheap talk as an ex ante control for hypothetical bias.

Curbside Recycling: Waste Resource Or Waste Of Resources?, David M. Aadland, Arthur J. Caplan

Applied Economics Faculty Publications

In this paper, we address the often contentious debate over state and local recycling policy by carefully estimating the social net benefit of curbside recycling. Benefits are estimated using household survey data from over 4,000 households across 40 western U.S. cities. We calibrate household willingness-to-pay for hypothetical bias using an innovative experimental design that contrasts stated and revealed preferences. Cost estimates are compiled from previous studies by the U.S. Environmental Protection Agency and the Institute for Local Self Reliance, and from in-depth interviews with recycling coordinators in our sampled cities. Across our sample of cities, we find that the estimated …

South Dakota's International Trade, Evert Van Der Sluis, Benno Wymar

Economics Commentator (1972- 2016)

No abstract provided.

Insuring Major Spring Crops In South Dakota, Matthew A. Diersen

Economics Commentator (1972- 2016)

No abstract provided.