About Us: Publications

Our Author(s):
In stark contrast to financial markets, relatively little attention has been given to modeling agricultural commodity price volatility. In recent years, numerous methodologies with various strengths have been proposed for modeling price volatility in financial markets. We propose using a mixture of normals with unique GARCH processes in each component for modeling agricultural commodity prices. While a normal mixture model is quite flexible and allows for time varying skewness and kurtosis, its biggest strength is that each component can be viewed as a different market regime and thus...
Small businesses and entrepreneurs have long been recognized for the important role they play in our economy. As recently as the first quarter of 2015, small businesses with fewer than 50 employees accounted for more than a quarter of total employment in Ohio, while nearly one in ten jobs were in businesses five years old and younger. Yet, even more important than the total job numbers, small businesses and entrepreneurs play a critical role in the dynamic evolution of the economy through job creation and job destruction. Simply, small business and new business development is a lot like a...
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A large number of Ohio farmers hire machinery operations and other farm related work to be completed by others. This is often due to lack of proper equipment, lack of time or lack of expertise for a particular operation. Many farm business owners do not own equipment for every possible job that they may encounter in the course of operating a farm and may, instead of purchasing the equipment needed, seek out someone with the proper tools necessary to complete the job. This farm work completed by others is often referred to as “custom farm work” or more simply “custom work”. A “custom rate” is...
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This paper provides a review and synthesis of geo-economic models that are used to analyze coastal erosion management and shoreline change. We outline a generic framework for analyzing risk-mitigating and/or recreation-enhancing policy interventions within a dynamic framework, and we review literature that informs the nature and extent of net benefit flows associated with coastal management. Using stated preference analysis, we present new estimates on household preferences for shoreline erosion management, including costs associated with ecological impacts of management. Lastly, we offer...
Growing concerns over climate change and the potential for large damages due to non-linear processes underscore the need for meaningful sustainability assessment of an economy. Economists have developed rigorous approaches to conceptualizing sustainability based on the paradigm of weak sustainability, which relies on extensive substitution among reproducible capital, renewable resources and exhaustible natural resources. In contrast, strong sustainability emphasizes physical limits to this substitution and the importance of maintaining the resilience of normally functioning biophysical...
Unconventional shale gas activity has presented both challenges and opportunities for conservation. The unique nature of horizontal drilling used in shale exploration allows for a reduction in the footprint of shale-related activity in the landscape. However, existing policies regulating shale activity across the Northeast, particularly in Pennsylvania, largely miss an opportunity to encourage such consolidation, which would result in substantial ecosystem conservation. Using satellite land cover data for the years 2006 and 2011 combined with data on shale drilling activity in Pennsylvania,...
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Coastal climate adaptation unites approaches within environmental and resource economics and other disciplines. Sea-level rise, ocean warming and acidification, and increased storminess are press and pulse disturbances that threaten to alter or intensify bio-physical coastal changes. Communities respond in ways that neither maximize total economic value nor apply the appropriate spatial scale of response. We synthesize multiple strains of modeling and empirical work that inform coastal adaptation, focusing on coastline change. North Carolina illustrates broad themes of coastal adaptation,...
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The “Western Ohio Cropland Values and Cash Rents” study was conducted from February through April in 2016. The study is an opinion based survey used to poll professionals with a knowledge of Ohio’s cropland values and rental rates. Surveyed groups include professional farm managers, rural appraisers, agricultural lenders, OSU Extension educators, and Farm Service Agency personnel. Landowners and farmers are represented, but as a minority of the survey respondents. Ohio cropland values and cash rental rates are projected to decrease in 2016. According to the Ohio Cropland Values and Cash Rents...
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Climate change threatens to alter coastline erosion patterns in space and time and coastal communities adapt to these threats with decentralized shoreline stabilization measures. We model strategic interaction between two neighboring towns, and explore welfare implications of spatial-dynamic feedbacks in the coastal zone. When communities are adjacent, the seaward community loses sand to the landward community through alongshore sediment transport. Strategic interactions create incentives for both communities nourish less, resulting in lower long-run beach width and lower property values in...
Our Author(s):
Presentation at Capitol Hill Briefing organized by The Council on Food, Agricultural, and Resource Economics in collaboration with Agricutlural and Applied Economics Association, Washington, DC, February 11, 2016. This presentation was also given as a C-FARE Webinar: listen to the Webinar presentation here .

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