DR. MYLES J. WATTS


Watts and Associates, Inc.
4331 Hillcrest Road
Billings, MT 59101
Phone: 1-406-252-7776; FAX: 1-406-252-9753

Agricultural Economics & Economics Department
Montana State University
Bozeman, MT 59717-0292
(406) 994-5642

2801 Texas Way
Bozeman, MT 59718
(406) 586-1481

Professor Watts has more than 20 years experience providing actuarial/econometric/statistical services for crop insurance. Dr. Watts has qualified as a Lead Actuary in the U.S. system for providing consulting services for RMA. His actuarial analysis is in use in numerous programs at the USDA RMA. At W&A, he has served as the head of the rating department on all 40 projects totaling in excess of $18 million in consulting fees. He has also served as a lead actuary on all four development efforts for operating insurance programs. He is a principal architect of the actuarial approach for the Selected Crop Climate Insurance and for the index-based Area Grassland Index Insurance. In addition he has provided consultations to Zurich Re, Converium Re, Endurance Re, and Swiss Re on portfolio management issues. He, along with other members of the team, has been involved in seminal efforts in the U.S. with both index-based and indexing based development efforts. Dr. Watts not only teaches classes that include risk management at Montana State University; he has about 50 speaking/outreach educational engagements annually. Dr. Watts has been involved in development or analysis of crop insurance in Canada, Argentina, Mexico, and India, as well as the United States.

EDUCATION:
Ph.D., Agricultural Economics, University of Nebraska, Lincoln, (1978).
M.S., Applied Economics, Montana State University, Bozeman, (1975).
B.S., Agricultural Business, Montana State University, Bozeman, (1973).

EMPLOYMENT HISTORY:
Professor of Agricultural Economics, Department of Agricultural Economics and Economics, Montana State University, Bozeman (July 1990–present).

Department Head, Department of Agricultural Economics and Economics, Montana State University, Bozeman (January 1985–October 1991 and September 1995-July 2003 and July 2005 to Present).

Associate Professor of Agricultural Economics, Department of Agricultural Economics and Economics, Montana State University, Bozeman (July 1984–July 1990).

Assistant Professor of Agricultural Economics, Department of Agricultural Economics and Economics, Montana State University, Bozeman (July 1978–July 1984).

Instructor, Department of Agricultural Economics, University of Nebraska, Lincoln (September 1975–January 1976; September 1976–January 1977; September 1977–July 1978).

Graduate Research Assistant, Department of Agricultural Economics, University of Nebraska, Lincoln (February 1976–August 1976; February 1977–August 1977).

Rancher, Miles City, Montana –– Involved in a family ranch partnership (June 1973–August 1975).

Teaching Assistant, Department of Agricultural Economics and Economics, Montana State University, Bozeman (September 1972–June 1973).

PUBLICATIONS:
Refereed Journal Articles:
[With J. Vanek and G. Brester]. "Genetic Selection in the Beef Industry: Are Feeder Cattle Producers Compensated for Improving Carcass Quality?" Journal of Agricultural and Resource Economics, submitted.

[With J. Schumacker, V. Smith, and J. Atwood]. "Redlining in Montana: Is Racial and Rural Discrimination at Issue?" Journal of Money, Credit, and Banking, submitted.

[With J.A. Atwood, B. Beattie]. "Perverse Incentive for Irrigated Agriculture." Land Economics, submitted.

[With J. LaFrance]. "Federal Grazing Contracts and Environmental Incentives." Journal of Environmental and Economic Management, submitted.

[With J.A. Atwood, and S. Shaik]. "Are Crop Yields Normally Distributed?: A Reexamination." American Journal of Agricultural Economics Vol. 85, no. 4 (Nov. 2003): 888-901.

[With B.R. Beattie, and M.T. Holt]. "On the Function Coefficient, Eulers Theorem, and Homogeneity in Production Theory." Review of Agricultural Economics Vol. 24, no. 1 (Spring/Summer 2002): 240-249.

[With J.A. Atwood and, S. Shaik]. "Can Normality of Yields Be Assumed for Crop Insurance?" Canadian Journal of Agricultural Economics Vol. 50, no. 2 (July 2002): 171-184.

[With J. Chvosta, and R.R. Rucker]. "Transaction Costs and Cattle Marketing: The Information Content of Seller-Provided Data at Bull Auctions." American Journal of Agricultural Economics Vol. 83, no. 2 (May 2001): 286-301.

[With D. Buschena]. "(How) Do Prerequisites Matter? Analysis of Intermediate Microeconomics and Agricultural Economics Grades." Review of Agricultural Economics Vol. 23, no. 1 (Spring/Summer 2001): 203-213.

[With L. Egan]. "Some Costs of Incomplete Property Rights with Regard to Grazing Permits." Land Economics Vol. 74, no. 2 (May 1998): 171-185.

[With G. Haynes]. "Finance Companies and Small Business Borrowers: Does the Pawn Shop Label Fit?" Entrepreneurship and Small Business Finance Vol. 5, no. 1 (February 1996).

[With J.A. Atwood and A. E. Baquet]. "An Examination of the Effects of Price Supports and Federal Crop Insurance Upon the Economic Growth, Capital Structure, and Financial Survival of Wheat Growers in the Northern High Plains." American Journal of Agricultural Economics Vol. 78, no. 1 (February 1996): 212-224.

[With C.L. Wambolt]. "Long Term Recovery of Wyoming Big Sagebrush." Journal of Environmental Management Vol. 46, no. 1 (February 1996): 95-102.

[With J.T. LaFrance] "Public Grazing in the West and 'Rangeland Reform '94.'" American Journal of Agricultural Economics Vol. 77, no. 3 (August 1995): 447-461.

[With J.T. LaFrance]. "Guidelines for Western Journal of Agricultural Economics Authors." Western Journal of Agricultural Economics Vol. 16, no. 2 (December 1991), ("Soft" Review).

[With C. Wambolt]. "Economic Evaluation of Wyoming Big Sagebrush (Artemisia tridentata) Control Methods." Weed Technology Vol. 3, no. 4 (October/December 1989).

[With R.N. Johnson]. "Contractual Stipulations, Resource Use and Interest Groups: Implications from Federal Grazing Contracts." Journal of Environmental Economics and Management Vol. 16, no. 1 (1989): 87–96.

[With J.A. Atwood, G.A. Helmers, and L.J. Held]. "Incorporating Safety-First Constraints in Linear Programming Production Models." Western Journal of Agricultural Economics Vol. 13, no. 1 (July 1988): 29–36.

[With J.A. Atwood and G.A. Helmers]. "Chance-Constrained Financing as a Response to Financial Risk." American Journal of Agricultural Economics Vol. 70, no. 1 (February 1988): 79–89.

[With B.R. Beattie]. "The Proper Preeminent Role of Central Disciplines and Learned Societies in Setting the Agenda at Land Grant Universities." Western Journal of Agricultural Economics Vol. 12, no. 2 (December 1987): 95–103.

[With J.A. Atwood, L.J. Held, and G.A. Helmers]. "Performance of Risk Income Models Outside of the Original Data." Southern Journal of Agricultural Economics Vol. 18, no. 2 (December 1986): 113-123.

[With J.T. LaFrance]. "The Value of Protein in Feed Barley for Beef, Dairy and Swine Feeding." Western Journal of Agricultural Economics Vol. 11, no. 1 (July 1986): 76-81.

[With G.A. Helmers and J.A. Atwood]. "Relevancy of Cash Flow in Firm Financial Management." Agribusiness: An International Journal (Winter 1985).

[With G.A. Helmers, L.J. Held, and J.A. Atwood]. "Deviation Constrained Programming: The Impact on Risk–Income Frontiers." North Central Journal of Agricultural Economics Vol. 6, no. 2 (July 1984): 142-150.

[With L.J. Held and G.A. Helmers]. "A Comparison of Target MOTAD to MOTAD." Canadian Journal of Agricultural Economics Vol. 32 (March 1984): 175-186.

[With L.J. Held]. "Comparing Acceleration of New ACRS Versus Prior Law Double Declining Balance Depreciation: A Present Value Approach." North Central Journal of Agricultural Economics Vol. 5, no. 2 (July 1983): 11-17.

"Machinery Repair Functions and Depreciation." North Central Journal of Agricultural Economics Vol. 4, no. 1 (January 1982): 69-72.

[With G.A. Helmers]. "Machinery Cost and Inflation." Western Journal of Agricultural Economics Vol. 6, no. 2 (December 1981): 129-145.

[With G.A. Helmers]. "Inflation and Machinery Cost Budgeting." Southern Journal of Agricultural Economics Vol. 11, no. 2 (December 1979): 83-88.

GRANTS:
RMA-USDA, (through W&A), 2003-present, ($50,000/year).
RMA-USDA, (with J. Atwood), 2004-2005, ($15,000).
Economic Education (through MCEE) (with V. Smith), 2005. ($10,000).
Economic Issues Associated with Brucellosis Elimination in the GYA, APHIS-ERS/USDA (with D. Buschena), 2002-2003, ($50,000).
Risk Management Agency (through WEA) (with J. Atwood), 2002, $50,000.
USDA/CSREES (with J. Atwood), 2001, $92,000.
USDA/CSREES (with J. Atwood), 2001, $43,000.
USDA/CSREES (with J. Atwood), 1999-2001, $203,140.
USDA/CSREES (with J. Atwood), 1999-2000, $70,451.
USDA/CSREES (with B. Sowell), 1999-2000, $185,185.
FCIC (with J. Atwood): Three grants 1998-2000, $102,000, $96,000, $140,000.
NSF (with R. Rucker), 1998-2000, $102,039.
FCIC (with J. A. Atwood): Two grants 1997-1999, $34,000, $26,000.
CSREES/USDA (with R. Rucker): Information content of seller provided auction data, 1996-1998, $54,047.
FCIC (with J.A. Atwood and A.E. Baquet): Four grants, 1994–1996, $99,334, $96,831, $60,400, $48,000.
MSGH, Agricultural Taxation, 1992–1993, $3,000.
FCIC, Whole Farm Crop Insurance (partial funding; with A. Baquet and J. Atwood), 1993–1994, $33,000.
FCIC (with A. Baquet), Crop Insurance and Farm Structure, 1992–1993, $64,800.
FCIC (with A. Baquet): To analyze the relationship between farm viability and crop insurance, 1992, $40,000.
USDA (with C. Wambolt): To analyze high stocking rates to control sagebrush, 1990, $21,000.
USDA (with C. Wambolt): To analyze high stocking rates to control sagebrush, 1987, $9,800.
USDA (with C. Wambolt): To analyze various sagebrush treatments, 1985, $25,000.
Montana Wheat & Barley Committee (partial funding; with A. Baquet): Whole Farm Crop Insurance
1993–1994, $19,000
Montana Wheat and Barley Committee (with J. LaFrance): Economic potential of high-protein barley, 1984, $20,000.
Soil Conservation Service (with J. B. Johnson): To study tillage practices in northeastern Montana, 1982, $20,000.
U.S. Forest Service: To study the influence of Forest Service administered grazing on ranch income, 1979, $15,000.

PROFESSIONAL SOCIETIES AND RECOGNITIONS:
Outstanding Graduate Student, Department of Agricultural Economics, University of Nebraska (1977)
National Science Foundation Fellowship to pursue master's thesis research (September 1973–June 1975)
Gamma Sigma Delta
Omicron Delta Epsilon
American Agricultural Economics Association
Western Agricultural Economics Association
American Economic Association
Editor, Journal of Agricultural and Resource Economics, 1991–95.
Outstanding Journal Article Award, American Agricultural Economics Association, 1996 (Honorable mention with J.T. LaFrance).
Outstanding Masters Thesis Award (with Jan Chovosta, Graduate Student), Western Agricultural Economics Association, 1998 (Honorable Mention with Randy Rucker).
Distinguished Scholar – Western Agricultural Economics Association, 2006.

Storage

Goals for the Institute

Developing Countries:
To develop sustainable agricultural risk management programs for developing countries that result in economic stability and new sources of “risk capital” for their agriculture sectors.

Developed Countries:
To provide a training, succession planning, and “analytical research capability” environment for developed country governments and private companies engaged or expanding their work in agricultural risk management.




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Web Site Last Updated
April 15, 2010