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In this article we specify a model of millet prices in the three West African countries of Burkina Faso, Mali, and Niger. Using data obtained from USAID’s Famine Early Warning Systems Network (FEWS NET) we present a unique regional millet price forecasting model that takes advantage of the panel nature of our data and accounts for the distance of rural markets from capital cities. Another novel aspect...
We observe that identification of the discount rate from experimental data requires an assumption about the consumption period, the length of time over which a payment will be turned into utility-providing consumption. We show that the optimal consumption period is substantially longer than assumed in previous studies. When the consumption period is allowed to take on more reasonable values, the discount...
Fisheries managers use buybacks to reduce fleet capacity, conserve fish stocks, and accomplish other goals. In 2009, Maryland and Virginia conducted auctions to buy back commercial fishing licenses. The auctions in both States had similar timing, objectives, and target populations. The divergent designs of the auctions, however, provide a case study with which to investigate effective buyback practices...
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