Applied Welfare Economics, Trade, and Agricultural Policy Analysis / G. Cornelis van Kooten.

Format:

Book

Author/Creator:

Van Kooten, G. C. (Gerrit Cornelis), author.

Language:

English

Subjects (All):

Agriculture--Economic aspects.

Agriculture.

Agriculture and state.

International trade.

Welfare economics.

Physical Description:

1 online resource (327 pages)

Edition:

First edition.

Place of Publication:

Toronto, Ontario : University of Toronto Press, [2021]

Summary:

Providing a broad-based background for analysing economic policies, this textbook brings economic rationality to political decision making.

Contents:

Cover

Half Title Page

Title Page

Copyright Page

Contents

List of Tables

List of Figures

Acronyms

Acknowledgments

1 Introduction

1.1 Setting the Agricultural Stage

1.1.1 Top Agricultural Commodity Producers

1.1.2 Food Security: Green Revolution and Crop Yields

1.2 Structure of the Book

Guide to Literature

2 Project Evaluation Criteria

2.1 Private Financial Analysis

2.1.1 Financial Ranking Criteria

2.1.2 Conclusion

2.2 Society's Perspective: Social Cost-Benefit Analysis

2.2.1 Benefits and Costs as Rent and Surplus

2.2.2 The Fundamental Equation of Applied Welfare Economics

2.2.3 Total Economic Value

2.2.4 Total (Average) Value versus Marginal Value

2.2.5 Conclusion

2.3 Multiple Accounts and Alternative Criteria

2.3.1 Environmental Quality

2.3.2 Regional Economic Development and Employment: Indirect Benefits

2.3.3 Other Social Effects

2.3.4 Concluding Observations about Multiple Accounts

2.4 Alternative Methods for Evaluating Projects

2.4.1 Cost-Effectiveness Analysis

2.4.2 Multiple Criteria Decision-Making

2.4.3 Life-Cycle Assessment

2.4.4 Cumulative Effects Analysis

2.5 Extreme Events and Irreversibility

2.6 Discounting and Choice of Discount Rate

2.6.1 Dilemmas in Choosing a Discount Rate in Cost-Benefit Analysis (CBA)

2.6.2 Risk Adjusted Discount Rates

2.6.3 Discounting in an Intergenerational Context

Food for Thought

3 Externalities and Nonmarket Valuation

3.1 Cost Function Approach

3.2 Expenditure Function

3.2.1 Hedonic Pricing

3.2.2 Recreation Demand and the Travel Cost Method

3.3 Contingent Methods or Direct Approaches

3.3.1 Contingent Valuation Method

3.3.2 Choice Experiments/Stated Preferences

3.3.3 Constructed Preferences/Stakeholder Method.

3.3.4 Fuzzy and ad hoc Methods for Determining Nonmarket Values

3.4 Benefit Transfer

3.5 Concluding Discussion

4 International Trade and Applied Welfare Analysis

4.1 Spatial Price Equilibrium Trade Modeling

4.2 Unrestricted Free Trade

4.3 Trade and the Measurement of Well-Being in Multiple Markets

4.3.1 Vertical Chains

4.3.2 Vertical and Horizontal Chains

4.4 Economic Policy and Trade: Examples

4.4.1 EU Import Restrictions on Canadian Durum Wheat

4.4.2 Incentivizing Antidumping and Countervailing Duty Complaints: Byrd Amendment

4.4.3 Restricting Log Exports

4.5 Concluding Discussion

Appendix 4.A: Mathematics of Supply Restrictions

Appendix 4.B: Calculation of Objective Function in SPE Models

5 Governance, Rent-Seeking, Global Trade, and the Agreement on Agriculture

5.1 Institutions and Governance

5.1.1 Models of Government

5.1.2 Takings

5.1.3 Institutions

5.1.4 Financing Government and Public Projects

5.2 Land Use and the Principal-Agent Problem

5.3 International Trade Negotiations and Agriculture

5.3.1 Agreement on Agriculture

5.3.2 Agreement on Subsidies and Countervailing Measures

5.4 Tariff Rate Quota

5.5 Concluding Discussion

6 Analysis of Agricultural Policy: Theory

6.1 Background to Analysis of Agricultural Policy

6.2 Stock-Holding Buffer Fund Stabilization

6.3 Quotas and Supply-Restricting Marketing Boards

6.3.1 Quota and General Equilibrium Welfare Measurement

6.3.2 Quota Buyouts

6.3.3 Designing and Dismantling a Multi-Region Quota Program

6.4 Price Discrimination

6.5 Agricultural Technology: Genetically Modified Organisms

6.5.1 Agricultural Research and Development

6.5.2 Genetically Modified Organisms.

6.6 Measuring Externalities in Agriculture

6.7 Concluding Discussion

7 Agricultural Policies in the United States and Canada

7.1 Agricultural Support: A Brief Overview

7.2 US Agricultural Policy

7.2.1 Analysis of US Price Support Programs

7.2.2 Reducing Production and Disposing of Excess Grain

7.2.3 Decoupling

7.2.4 Moving Forward

7.3 Canadian Agricultural Policy

7.3.1 State Trading: The Canadian Wheat Board (1935-2012)

7.3.2 Crop Insurance

7.3.3 Western Grain Stabilization Act (1976)

7.3.4 Transportation Programs and Subsidies

7.3.5 Supply Management

7.4 Concluding Discussion

8 Agricultural Policy in Europe and Asia

8.1 Agricultural Policy Reform in the European Union

8.1.1 Background to the European Union

8.1.2 High and Increasing Costs of Agricultural Programs

8.1.3 Integration of New Members

8.1.4 Reform of the CAP and Increasing Environmental Concerns

8.1.5 Further Analysis of Sector-Level Programs

8.1.6 Brexit

8.2 Agriculture in Developing Countries

8.2.1 Economy-wide Economic Reform and Chinese Agriculture

8.2.2 India and the Rice Economy

9 Agricultural Business Risk Management

9.1 Privatizing Agricultural Hedges: Financial Products versus Insurance

9.1.1 Index Insurance and Derivatives

9.1.2 Futures Trading and Options

9.2 Agricultural Business Risk Management in the United States

9.2.1 Deep Loss Protection: The Federal Crop Insurance Program

9.2.2 Agricultural Business Risk Management Programs in the 2008 Farm Bill

9.2.3 Agricultural Business Risk Programs in the 2014 and 2018 Farm Bills

9.2.4 Dairy

9.2.5 Trade Issues

9.3 Agricultural Business Risk Management in Canada.

9.3.1 The Shift from Price Support to Risk Management

9.3.2 Enter Growing Forward

9.3.3 Shift from Growing Forward to Growing Forward 2

9.3.4 Evaluation of Canada's Agricultural Business Risk Programs

9.3.5 Going Forward: Canadian Agricultural Partnership

9.4 Concluding Discussion: Lessons for Agricultural Business Risk Management

9.4.1 Do Agricultural BRM Programs Distort Production?

9.4.2 Comparison of US and Canadian Approaches to Risk Management

Appendix 9.A: A Brief Look at the Economics of Risk and Risk Aversion

9.A.1 Systemic versus Idiosyncratic Risk

9.A.2 Expected Income Maximization and the Risk Aversion Coefficient

10 Climate Change and Applied Welfare Economics

10.1 Anthropogenic Climate Change and Its Impact

10.1.1 Climate Sensitivity

10.1.2 Damages

10.2 Economic Evaluation: The Role of Integrated Assessment Models

10.2.1 Climate Models and Policy Models

10.2.2 Carbon Price as a Policy Variable

10.3 Economic Impacts of Climate Change on Agriculture

10.3.1 Land Rents and the Regression Approach

10.3.2 Mathematical Representation of Landowner Decisions

10.4 Climate Change and Food Security

10.5 Discounting and Climate Urgency

10.5.1 Discounting Carbon

10.5.2 Economics of Wood Biomass Energy: Climate Urgency and Discounting

10.6 Mitigating Climate Change

10.6.1 International Action to Mitigate Climate Change

10.6.2 Agricultural Role in Mitigating Climate Change

10.6.3 Managing for Carbon: Carbon Pools and Fossil Fuel Substitution

10.7 Discussion

References

Index.

Notes:

Includes bibliographical references and index.

Description based on publisher supplied metadata and other sources.

Description based on print version record.

ISBN:

1-4875-3324-1

1-4875-3323-3

OCLC:

1237815631