Barlow, Renee and Phillips, Kerk L. (2010): Simple Financial Economic Models of Fremont Maize Storage and an Assessment of External Threat.
Download (176Kb) | Preview
This paper presents a pair of models of the storage of maize. One is directly based on standard financial models of portfolio choice. Rather than optimally balancing a financial portfolio by choosing from a variety of financial instruments, our agents optimize holdings of maize by choosing from a variety of storage locations. Agents face a tradeoff between the effort of transporting maize to high elevation granaries versus the safety they offer from theft. The second model uses a multi-period framework to look at the costs and benefits of building a granary in the first place. We use our models to extract a perceived probability of maize theft by outsiders among the Fremont Indians that lived in Eastern Utah roughly 1000 - 700 years ago. We base our estimates on the caloric content of maize, the caloric cost of transporting it to granaries high above the valley floor where the maize was grown, and the costs of building and maintaining them. Our calculations show that a fairly low level of risk, on the order of 5% to 20%, could easily rationalize the use of cliffside granaries.
|Item Type:||MPRA Paper|
|Original Title:||Simple Financial Economic Models of Fremont Maize Storage and an Assessment of External Threat|
|Keywords:||Fremont; grain; maize; storage; external threat; financial models|
|Subjects:||N - Economic History > N2 - Financial Markets and Institutions > N20 - General, International, or Comparative
G - Financial Economics > G2 - Financial Institutions and Services > G29 - Other
N - Economic History > N0 - General > N00 - General
|Depositing User:||Kerk Phillips|
|Date Deposited:||26. Jun 2010 17:58|
|Last Modified:||18. Feb 2013 07:48|
Barlow, K. Renee. (2002) “Predicting Maize Agriculture among the Fremont: An Economic Comparison of Farming and Foraging in the American Southwest.” American Antiquity, Vol. 67, No. 1 (Jan., 2002), pp. 65-88.
Barlow, K. Renee. (2006) “A Formal Model for Predicting Agriculture among the Fremont” in Foraging Theory and the Transition to Agriculture, Douglas J. Kennett and Bruce Winterhalder, editors. University of California Press.
Binswanger, Hans P. (1980) “Attitudes toward Risk: Experimental Measurement in Rural India.” American Journal of Agricultural Economics, Vol. 62, No. 3, pp. 395-407.
Moscardi , Edgardo and Alain de Janvry. (1977) “Attitudes toward Risk among Peasants: An Econometric Approach” American Journal of Agricultural Economics, Vol. 59, No. 4 pp. 710-716.
Simms, Steven R. (1987) “Behavioral Ecology and Hunter-Gatherer Foraging” BAR International Series 381, Oxford.
Available Versions of this Item
- Simple Financial Economic Models of Fremont Maize Storage and an Assessment of External Threat. (deposited 26. Jun 2010 17:58) [Currently Displayed]