At the beginning of the transition, the economic decline of agriculture partially relaxed the pressure on the wildlife. However, the policy continued to concentrate on regulating the intensity of production rather then creating incentives to produce environmental qualities. The structural...

The paper focuses on changes in property rights and policies regarding interactions between agriculture and nature in the Czech Republic. In the first part the recent situation is reviewed. The institutional and organisational features and their development during the transition and recent years...

Linking to a growing literature in behavioral economics, this study combines neuroscience, psychology, and behavioral economics to empirically analyze the extent to which academic achievement, the relative weight of rationality vs. fairness in decision-making, and life satisfaction are affected...

The paper aims at modelling adoption and diffusion decisions of farmers towards genetically modified crops under a real option framework. Modern GM crops help farmers to resolve two main sources of uncertainty: output uncertainty and input uncertainty. Those crops represent a revolutionary form...

The paper illustrates a theoretical model of real option value applied to the problem of land development. Making use of the 1998-2001 Kyrgyz Household Budget Survey, we show that when the hypothesis of decreasing return to scale holds, the relation between the threshold value of revenue per...