My dissertation, The Dynamics of Perennial Crop Production and Processing, focused on the economics of perennial crop production, with applications to Brazilian sugarcane and the expansion of the Brazilian biofuel industry.
Optimal Management of Orchards (with Leo Simon)
Abstract: A fundamental issue in perennial crop economics is finding the optimal time to replace trees in an orchard. Orchards have two key characteristics: they consist of trees of multiple vintages, and the trees have a non-monotonic yield curve. We present the first analysis of optimal tree replacement in an orchard that has both characteristics. Our results show that cyclical production is optimal in the long-run, and that optimally managed orchards converge uniformly to the long-run cycle. Our results have implications for orchard valuation, orchard planting, and orchard conversion. We are also the first to provide comparative statics on the long-run cycle radius.