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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.

Suggested Citation

  • Hadrich, Joleen C. & Wolf, Christopher A., 2009. "Implications of the Air Compliance Agreement for Livestock Producers," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49316, Agricultural and Applied Economics Association.
  • Handle: RePEc:ags:aaea09:49316
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    File URL: http://purl.umn.edu/49316
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    References listed on IDEAS

    as
    1. 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.
    2. Richard Hartl & Peter Kort, 1996. "Capital accumulation of a firm facing an emissions tax," Journal of Economics, Springer, vol. 63(1), pages 1-23, February.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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

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