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Nutrient management and air emissions continue to be an area of increased managementcontrol on all livestock operations as environmental regulations become more stringent.Agricultural producers must consider uncertainty surrounding the timing of and potentialincreases of environmental policy controls, such as emission taxes, when making futureinvestment decisions. An optimal control theory framework was applied to a dairy farmfacing an uncertain increase in emission taxes and an unknown date at which emissiontaxes will take effect. The optimal investment path considering these uncertainties wassolved implicitly and compared to a full certainty case.

Keywords: air emissions ; environmental regulations ; irreversible investment ; uncertainty

Subject(s): Environmental Economics and Policy

Livestock Production/Industries

Issue Date: 2009

Publication Type: Conference Paper/ Presentation

PURL Identifier: http://purl.umn.edu/49316

Total Pages: 30

Series Statement: Selected Paper

613206

Record appears in: Agricultural and Applied Economics Association (AAEA) > 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin





Autor: Hadrich, Joleen C. ; Wolf, Christopher A.

Fuente: http://ageconsearch.umn.edu/record/49316?ln=en



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