Journal
JOURNAL OF ENVIRONMENTAL MANAGEMENT
Volume 145, Issue -, Pages 24-34Publisher
ACADEMIC PRESS LTD- ELSEVIER SCIENCE LTD
DOI: 10.1016/j.jenvman.2014.06.005
Keywords
Bush encroachment; Expected utility; Farm income; Intertemporal optissmization; Risk aversion; Risk management; Semi-arid rangeland
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Funding
- German Federal Ministry of Education and Research [01UN0607]
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We study the role of bush encroachment control for a farmer's income and income risk in a stochastic ecological-economic model of grazing management in semi-arid rangelands. In particular, we study debushing as an instrument of risk management that complements the choice of an adaptive grazing management strategy for that sake. We show that debushing, while being a good practice for increasing the mean pasture productivity and thus expected income, also increases the farmer's income risk. The optimal extent of debushing for a risk-averse farmer is thus determined from balancing the positive and negative consequences of debushing on intertemporal and stochastic farm income. (C) 2014 Elsevier Ltd. All rights reserved.
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