Journal of Agricultural and Resource Economics
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Large-scale brush-control programs are being proposed in Texas to increase off-site water yields. Biophysical and economic simulation models are combined to estimate the effects of brush control on representative ranches in four ecological regions of the Edwards Plateau area of Texas. Net present values of representative ranches in three of four regions decrease with brush control. Cost shares necessary for ranches from the three regions to break even range from 7% to 31% of total brush-control costs. Any large-scale brush-control program will therefore require a substantial investment by the state of Texas.
Concepts associated with stochastic process containing multiple transition matricies are discussed. It is proved that under certain conditions, a process with m transition matrices has m unique limiting probability vectors. This result extends the notion of discrete Markov processes to problems with intrayear and interyear dynamics. An example using a large DP model illustrates the usefulness of the concepts developed to applied problems.
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