Simple Financial Economic Models of Fremont Maize Storage and an Assessment of External Threat
This paper presents a pair of models of the storage of maize. One is directly based on standard financial models of portfolio choice. Rather than optimally balancing a financial portfolio by choosing from a variety of financial instruments, our agents optimize holdings of maize by choosing from a variety of storage locations. Agents face a tradeoff between the effort of transporting maize to high elevation granaries versus the safety they offer from theft. The second model uses a multi-period framework to look at the costs and benefits of building a granary in the first place. We use our models to extract a perceived probability of maize theft by outsiders among the Fremont Indians that lived in Eastern Utah roughly 1000 - 700 years ago. We base our estimates on the caloric content of maize, the caloric cost of transporting it to granaries high above the valley floor where the maize was grown, and the costs of building and maintaining them. Our calculations show that a fairly low level of risk, on the order of 5% to 20%, could easily rationalize the use of cliffside granaries.
|Date of creation:||May 2010|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hans P. Binswanger, 1980.
"Attitudes Toward Risk: Experimental Measurement in Rural India,"
American Journal of Agricultural Economics,
Agricultural and Applied Economics Association, vol. 62(3), pages 395-407.
- Hans Binswanger, 1980. "Attitudes toward risk: Experimental measurement in rural india," Artefactual Field Experiments 00009, The Field Experiments Website.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:23502. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.