000205778 001__ 205778
000205778 005__ 20180123001031.0
000205778 037__ $$a330-2016-13828
000205778 041__ $$aen_US
000205778 245__ $$aMultiple Choices, Strategic Interactions, and Market Effects in Livestock Disease Risk Management
000205778 260__ $$c2015
000205778 269__ $$a2015
000205778 270__ $$mchitchum@msu.edu$$pChitchumnong,   Piyayut
000205778 270__ $$mhoran@msu.edu$$pHoran,   Richard D.
000205778 300__ $$a39
000205778 336__ $$aConference Paper/ Presentation
000205778 520__ $$aOne of the main challenges in livestock production is to manage disease risks. Producers can implement preventive measures to reduce the likelihood of becoming infected; however, such efforts exhibit positive spillover effects that generate strategic behaviors. In this setting, prior work has shown that multiple equilibria could arise, particularly when one’s risk management choices and neighbors’ choices are strategic complements. We expand on prior work to examine how the availability of multiple risk management choices, as well as the role of market price responses, may affect the uniqueness and stability of strategic outcomes.
We find that modeling multiple choices is important because the presence of these choices can significantly alter the predicted strategic interactions and outcomes; for instance, we can identify conditions under which having multiple choices is more likely to yield unique and stable Nash equilibria.  We have found that appropriate policies are able to improve social welfare and to reduce the risk of coordination failure. In addition, our results show the importance of considering the role of market price responses, which can also facilitate risk management to promote stability and uniqueness.
000205778 542__ $$fLicense granted by Piyayut Chitchumnong (chitchum@msu.edu) on 2015-05-28T01:13:43Z (GMT):

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000205778 650__ $$aEnvironmental Economics and Policy
000205778 650__ $$aLivestock Production/Industries
000205778 650__ $$aResource /Energy Economics and Policy
000205778 6531_ $$aStrategic interactions
000205778 6531_ $$aSpillover effects
000205778 6531_ $$aMultiple Nash equilibria
000205778 6531_ $$aMultiple choices
000205778 6531_ $$aMarket effects
000205778 6531_ $$aBiosecurity
000205778 6531_ $$aLivestock disease management
000205778 700__ $$aChitchumnong, Piyayut
000205778 700__ $$aHoran, Richard D.
000205778 773__ $$d2015$$o39$$q2
000205778 8564_ $$s402021$$uhttps://ageconsearch.umn.edu/record/205778/files/chitchumnong_horan_AAEA_2015.pdf
000205778 887__ $$ahttp://purl.umn.edu/205778
000205778 909CO $$ooai:ageconsearch.umn.edu:205778$$pGLOBAL_SET
000205778 912__ $$nSubmitted by Piyayut Chitchumnong (chitchum@msu.edu) on 2015-05-28T01:42:25Z
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  Previous issue date: 2015
000205778 982__ $$gAgricultural and Applied Economics Association>2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California
000205778 980__ $$a330