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Sequential Investment In Site-Specific Crop Management Under Output Price Uncertainty: Implications For Nitrogen Pollution Control

  • Isik, Murat
  • Khanna, Madhu
  • Winter-Nelson, Alex

This paper develops an option value model to examine the extent to which output price uncertainty creates incentives to adopt two interrelated components of site-specific technologies sequentially. It analyzes how the impact of uncertainty on the sequential adoption decision differs across heterogeneous soil conditions, and examines the implications of adoption for nitrogen pollution generation and for the design of a cost-share subsidy policy.

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File URL: http://purl.umn.edu/21875
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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2000 Annual meeting, July 30-August 2, Tampa, FL with number 21875.

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Date of creation: 2000
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Handle: RePEc:ags:aaea00:21875
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  1. Watkins, K. Bradley & Lu, Yao-Chi & Huang, Wen-Yuan, 1998. "Economic And Environmental Feasibility Of Variable Rate Nitrogen Fertilizer Application With Carry-Over Effects," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 23(02), December.
  2. Babcock, Bruce A. & Carriquiry, Alicia L. & Stern, Hal S., 1996. "Evaluation of Soil Test Information in Agricultural Decision-Making," Staff General Research Papers 1139, Iowa State University, Department of Economics.
  3. Khanna, Madhu & Isik, Murat & Winter-Nelson, Alex, 2000. "Investment in site-specific crop management under uncertainty: implications for nitrogen pollution control and environmental policy," Agricultural Economics, Blackwell, vol. 24(1), pages 9-21, December.
  4. Bruce A. Babcock & Gregory R. Pautsch, 1997. "Moving from Uniform to Variable Fertilizer Rates on Iowa Corn: Effects on Rates and Returns," Center for Agricultural and Rural Development (CARD) Publications 97-wp182, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  5. Ray, Daryll E. & Richardson, James W. & Torre Ugarte, Daniel de la & Tiller, Kelly, 1998. "Estimating Price Variability In Agriculture: Implications For Decision Makers," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 30(01), July.
  6. Bar-Ilan, Avner & Strange, William C., 1998. "A model of sequential investment," Journal of Economic Dynamics and Control, Elsevier, vol. 22(3), pages 437-463, March.
  7. Bruce A. Babcock & Alicia L. Carriquiry & Hal S. Stern, 1996. "Evaluation of Soil Test Information in Agricultural Decision Making, An," Center for Agricultural and Rural Development (CARD) Publications 96-wp147, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  8. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June.
  9. repec:jaa:jagape:v:30:y:1998:i:1:p:21-33 is not listed on IDEAS
  10. Price, T. Jeffrey & Wetzstein, Michael E., 1999. "Irreversible Investment Decisions In Perennial Crops With Yield And Price Uncertainty," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 24(01), July.
  11. Gary Kachanoski, 1999. "Economic Feasibility of Variable-Rate Technology for Nitrogen on Corn," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(4), pages 914-927.
  12. Isik, Murat & Khanna, Madhu & Winter-Nelson, Alex, 1999. "Investment In Site Specific Crop Management Under Uncertainty," 1999 Annual meeting, August 8-11, Nashville, TN 21684, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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