The purpose of this study was to determine the economic risk efficiency of implementing a boll weevil (Anthonomus grandis [Boheman]) eradication (BWE) program in cotton (Gossypium hirsutum L.) producing regions of the Mississippi Delta. Alternative producer pest management practices and program cost sharing were incorporated into a biophysical cotton simulation model. Participation in a BWE program along with strict adherence to Cooperative Extension Service pest management guidelines proved to be the risk efficient practice.

The importance of timeliness is investigated in the selection of machinery complements for double-crop wheat and soybean production in the southeastern coastal plain. An intertemporal stochastic simulation model was developed to generate probability distributions that were evaluated with stochastic dominance analysis. This research investigated the importance of intertemporal production linkages and inadequate soil moisture on machinery selection. Failure to include these dimensions can result in erroneous machinery choices.

Considering pest management in terms of a set of technology characteristics allows an investigation of various pest-management characteristics and how they relate to a total pest-management package. Employing restricted and unrestricted least squares in this investigation indicates the unique impact individual pest-management characteristics exert on net returns. A Stein-rule estimator is also employed in assessing this impact.

The judiciary has relied on a firm's market share to evaluate the presence of monopoly power for a Sherman Act monopolization violation. However, an allegation that a firm's market share constitutes monopoly power may be refuted by evidence that there exists a contestable market. Contestable market theory shows that there is no monopoly power where there exists a threat of entry of other firms. This theory thereby offers agricultural cooperatives, which may have a large market share by reasons of the antitrust immunity provided by the Capper-Volstead Act, an argument to overcome allegations of a Sherman Act monopolization violation.

Integrated pest management (IPM) programs vary from employing field scouts to planting trap crops, as inputs in production, to control crop losses. Scouts provide pest information, helping to determine the need for pesticide applications. This increased information may indicate a reduction of periodic application, which would diminish the negative external effects that such treatments have on environmental quality.

Recent research in this area has determined the need for pest information (Regev et al.) and the rationale for established information markets (Feder). Currently, such sources exist throughout the United States, and both public and private consultants supply information to agricultural producers.

An adaptive regression model is employed for estimating pre- and post-boll weevil eradication cotton-acreage response. Results indicate cotton acreage becoming more inelastic to own- and cross-price changes. As a result of this shift in acreage response and yield increases from eradication, net producer benefits on average are $88.73 per acre.

The objective of the research presented in this paper is the development of a stochastic adoption threshold. The option pricing approach for modeling investment under uncertainty is extended for the case of comparing two stochastic input prices associated with inputs that are perfect substitutes in a production process. Based on this methodology, a threshold decision rule influenced by the drift and volatility of these two input prices is developed. Theoretical results establish an empirical link for measuring the tradeoff of a relatively more expensive input (biodiesel) with lower price drift and volatility compared with a lower but more volatile priced input (petroleum diesel).

Southeast drought conditions have accentuated the demand for irrigation in the face of restricted water supply. For allocating this supply, Georgia held an auction for withdrawing irrigated acreage. This auction withdrew 33,000 acres from irrigation, resulting in a physical estimate of a 399 acre-feet daily increase in water flow. The actual reduction is driven by crop distributional changes on the basis of economic substitution and expansion effects. In contrast to the physical estimates, an econometric model that considers these effects is developed. The differences between the physical and econometric models result in an increase in the estimate of water savings of around 19% to 24%.

Researchers as well as planners have been concerned with the impact of augmenting an existing recreation system with new recreational areas. That is, they are concerned with the substitution or duplication of services stemming from additional numbers of recreational areas.

Methyl parathion or Penncap M (an encapsulated methyl parathion) are used extensively throughout the United States for controlling stink bug pests in soybeans, Glycine Max (L.) Merrill. However, this insecticide is highly toxic to mammals, birds, and non-target arthropods, and thus is less environmentally sound than other insecticides. For environmental and human health considerations, investigating alternative insecticides for control is desired. For this investigation, research based on field experimental data from Florida, Georgia, and Louisiana during the 1988 and 1989 growing seasons were employed. Results indicate that alternative, currently available, and less toxic insecticides may reduce producer costs, increase yield, and improve soybean quality. These alternative insecticides include Scout (tralomethrin), Karate (lambda-cyhalothrin), Orthene (acephate), and Baythroid (cyfluthrin). In terms of improved profits these alternative insecticides may dominate methyl parathion or encapsulated methyl parathion.

Student evaluation of teaching (SET) is employed as an aid in improving instruction and determining faculty teaching effectiveness. However, economic theory indicates the existence of externalities in SET scores that directly influence their interpretation. As a test of this existence, a multinomial-choice, ordered data estimation procedure is employed to identify course externalities influencing SET. These externalities include student class standing, required courses, class size, days a class meets, class meeting time, classroom location, and classroom design. Results indicate that externalities have a significant impact on teaching evaluations. Thus, failure to internalize these externalities will lead to biases in SET and questionable use of SET as an aid in instruction improvement and determining faculty effectiveness.

The general method of moments procedure is used for estimating a soybean acreage response function assuming that producers hold rational expectations. Results indicate that soybean, corn, and wheat futures prices, lagged acreage, and government programs are significant factors for determining soybean plantings. Implications of the results are that crop acreage selection by Georgia producers is not very responsive to demand shocks. Thus, producers in other regions are more likely to absorb impacts from these shocks on crop acreage selection.

The economic viability of the Boll Weevil Eradication Program in Alabama, Florida, and Georgia is assessed based on a five-year survey of producers. Results indicate the program increases yield 100 pounds per acre. This implies a 19 percent internal rate of return for producers over a ten-year period.

A conceptual link among mean-variance (EV), stochastic dominance (SD), mean-risk (ET), and Gini mean difference (EG) is established for determining risk efficient decision sets. The theoretical relations among the various efficiency criteria are then empirically demonstrated with a soybean and wheat double-crop simulation model. Empirical results associated with extended Gini mean difference (EEG) and extended mean-absolute Gini (EEΓ) for risk analysis are encouraging.

Robinson and Colyer, Skees, and Zilberman offer a number of propositions for improving economists' impact on public policy. Unanswered is what the potential impact on policy would be if these propositions are fulfilled. Couching these propositions in economic theory provides some clues for answering this question. Thus, the main point of this discussion is outlining the role that theory can play in developing hypotheses on the potential impact of these alternative propositions.

The real advantage of receiving a Southern Agricultural Economics Association Lifetime Achievement award is the ability to make this presentation and have it published without having to deal with editors and referees. This provides a certain license of freedom to abstract outside the box without being constrained by your peers. So in this vein, consider the following myths and predictions concerning biofuels. These myths are generally consistent with the Grunwald's (2009) seven myths about alternative energy.

Using principal component analysis, a climate index is developed to estimate the linkage between climate and crop yields. The indices based on three climate projections are then applied to forecast future crop yield responses. We identify spatial heterogeneity of crop yield responses to future climate change across a number of U.S. northern and southern states. The results indicate that future hotter/drier weather conditions will likely have significant negative impacts on southern states, whereas only mild impacts are expected in most northern states.

Increased concern for the environmental effects of pesticides has led to considerable interest in optimal management strategies for controlling pest populations affecting agricultural production. This issue has been considered by a number of researchers (Feder and Regev; Hall and Norgaard; Hueth and Regev; Lazarus and Swanson; Marsolan and Rudd; and Talpaz and Frisbie). With the exception of Feder and Regev, these studies considered only one species. This approach involves serious limitations since a grower is generally confronted with multiple species during the production period For example, insect prey-predator relationships may exist in the field (Feder and Regev). Alternatively, as an insect pest develops through a number of growth stages, multiple pests in effect exist (Reichelderfer and Bender).