Richard E. Just

Rulon D. Pope

After all the research on agricultural risk to date, the treatment of risk in agricultural research is far from harmonious. Many competing risk models have been proposed. Some new methodologies are largely untested. Some of the leading empirical methodologies in agricultural economic research are poorly suited for problems with aggregate data where risk averse behavior is less likely to be important. This book is intended to (i) define the current state of the literature on agricultural risk research, (ii) provide a critical evaluation of economic risk research on agriculture to date and (iii) set a research agenda that will meet future needs and prospects. This type of research promises to become of increasing importance because agricultural policy in the United States and elsewhere has decidedly shifted from explicit income support objectives to risk-related motivations of helping farmers deal with risk. Beginning with the 1996 Farm Bill, the primary set of policy instruments from U.S. agriculture has shifted from target prices and set aside acreage to agricultural crop insurance. Because this book is intended to have specific implications for U.S. agricultural policy, it has a decidedly domestic scope, but clearly many of the issues have application abroad. For each of the papers and topics included in this volume, individuals have been selected to give the strongest and broadest possible treatment of each facet of the problem. The result is this comprehensive reference book on the economics of agricultural risk.

A Comprehensive Assessment of the Role of Risk in U.S. Agriculture

Andrew Schmitz

J. Bruce Bullock

John Fred Stollsteimer

Eithan Hochman

Jurg Bieri

Pinchas Zussman

Poykayil Simon George

Uri Regev

An Application to Pear Packing in the Lake County Pear District, California

Regional Efficiency in the Organization of Agricultural Processing Facilities

Sinaia Netanyahu

This book demonstrates what the discipline of economics has to offer as support for analyzing cooperation on management of trans-boundary water resources. It also considers what the discipline of economics has to acquire to become a more effective contributor to trans-boundary water resource management given political, legal, social, physical, scientific, and ecological realities. This book has its genesis in a symposium of the International Water and Resource Economics Consortium held at Annapolis, Maryland, April 13-16, 1997. The symposium was organized by the editors and the book contains papers presented at the symposium with subsequent revisions. The symposium brought together both economists and agency management personnel for the purpose of discussing not only how economic tools apply to trans-boundary water management, but also of identifying the obstacles to making such tools useful and informative to politicians and negotiators in public decision making roles. INTERNATIONAL VERSUS DOMESTIC TRANS-BOUNDARY PROBLEMS Trans-boundary water problems arise in many dimensions. The two most important types of problems emphasized in this book are international and domestic interstate or interregional problems. Cooperation on international problems is especially difficult because enforcement must be voluntary given the sovereignty of nations and the absence of an effective legal enforcement mechanism. Agreements must be sustainable and self-enforced if they are to have lasting benefits. Every negotiating country must be convinced it will receive benefits before it gives its consent to cooperation. In the absence of enforceable agreements, trans-boundary (i. e.

Conflict and Cooperation on Trans-Boundary Water Resources

Darrell L. Hueth

The Welfare Economics of Public Policy is a great book that should be of interest to all economists interested in applied welfare analysis. It is a good reference book for economists studying the effects of public policy. Finally, it should be a useful textbook for students studying economic policy and applied welfare economics. Jean-Paul Chavas, American Journal of Agricultural Economics . . . a very comprehensive overview of the state of the art in welfare economics. It can be used as a teaching book for advanced students as well as a reference volume for researchers. This duality of possible uses is supported by the fact that very complex issues are presented in an easily readable manner. More technical aspects are then outlined in the appendices of the relevant chapters, offering colleagues the option to study formal considerations in more detail. . . a welcome addition to and expression of the knowledge base of agricultural economics. Stefan Mann, Journal of Agricultural Economics I am absolutely delighted that the authors have revised and republished this text. I have used the previous version for years in my graduate environmental economics course; usually I had to share the one copy I have with students and I felt it was a shame that these students did not have the opportunity to purchase the book since every serious environmental economist should have this volume on their shelf. It has been a continuous reference volume for me over the years and I am sure this is true of many others in the discipline. In the field of applied welfare analysis (spanning environmental economics, international trade, agricultural policy, etc.) there is no need for further elaboration when Just, Hueth and Schmitz is referenced. Everyone knows the book that is being referred to: the bible of applied welfare economics. Catherine Kling, Iowa State University, US For the record, I am one of the people who requested that the authors revise and re-issue their textbook. It is an extremely valuable book for applied economists; as with the previous edition, I will use it extensively in two of my courses and consult it frequently in my own research endeavors. Richard Adams, Oregon State University, US The original book is very well known in our profession and is still used in many classes. It will be wonderful to have a revised edition of this classic book. Colin Carter, University of California, Davis, US This outstanding text, a follow-up to the authors award-winning 1982 text, provides a thorough treatment of economic welfare theory and develops a complete theoretical and empirical framework for applied project and policy evaluation. The authors illustrate how this theory can be used to develop policy analysis from both theory and estimation in a variety of areas including: international trade, the economics of technological change, agricultural economics, the economics of information, environmental economics, and the economics of extractive and renewable natural resources. Building on willingness-to-pay (WTP) measures as the foundation for applied welfare economics, the authors develop measures for firms and households where households are viewed as both consumers and owner/sellers of resources. Possibilities are presented for (1) approximating WTP with consumer surplus, (2) measuring WTP exactly subject to errors in existing econometric work, and (3) using duality theory to specify econometric equations consistent with theory. Later chapters cover specific areas of welfare measurement under imperfect competition, uncertainty, incomplete information, externalities, and dynamic considerations. Applications are considered explicitly for policy issues related to information, international trade, the environment, agriculture, and other natural resource issues. The Welfare Economics of Public Policy is ideal for graduate and undergraduate courses in applied welfare economics, public policy, agricultural policy, and environmental economi

A Practical Approach to Project and Policy Evaluation

The Welfare Economics of Public Policy

Richard E. Just

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