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Implications of the Air Compliance Agreement for Livestock Producers

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  • Hadrich, Joleen C.
  • Wolf, Christopher A.

Abstract

Nutrient management and air emissions continue to be an area of increased management control on all livestock operations as environmental regulations become more stringent. Agricultural producers must consider uncertainty surrounding the timing of and potential increases of environmental policy controls, such as emission taxes, when making future investment decisions. An optimal control theory framework was applied to a dairy farm facing an uncertain increase in emission taxes and an unknown date at which emission taxes will take effect. The optimal investment path considering these uncertainties was solved implicitly and compared to a full certainty case.

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Bibliographic Info

Paper provided by Agricultural and Applied Economics Association in its series 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin with number 49316.

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Date of creation: 2009
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Handle: RePEc:ags:aaea09:49316

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Keywords: air emissions; environmental regulations; irreversible investment; uncertainty; Environmental Economics and Policy; Livestock Production/Industries;

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  1. Hartl, R.F. & Kort, P.M., 1995. "Capital accumulation of a firm facing an emissions tax," Discussion Paper 1995-78, Tilburg University, Center for Economic Research.
  2. Kort, P.M., 1996. "Pollution control and the dynamics of the firm: The effects of market based instruments on optimal firm investments," Open Access publications from Tilburg University urn:nbn:nl:ui:12-72142, Tilburg University.
  3. Farzin, Y H & Kort, P M, 2000. " Pollution Abatement Investment When Environmental Regulation Is Uncertain," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 2(2), pages 183-212.
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