bluuebunny/crossref_metadata_2025_split huggingface dataset:
A Semi‐Strong Form Evaluation of the Efficiency of the Hog Futures Market
Authors: Leuthold Raymond M. , Hartmann Peter A. 
Published: July 2006

AbstractForward pricing is a primary role of livestock futures markets. A semi‐strong form test of efficiency examines whether or not the prices in a market reflect all publicly available information. An econometric forecasting model is constructed to serve as a norm against which to test futures market forward‐pricing abilities. Utilizing alternative methods of evaluation, results demonstrate that the live‐hog futures market cannot be relied upon to reflect accurately and consistently subsequent cash prices; hence, it is inefficient.
Risk Preferences and Flood Insurance
Authors: Attanasi E. D. , Karlinger M. R. 
Published: July 2006

AbstractA detailed theoretical model characterizing the individual's decision to purchase flood insurance is specified and the magnitude of the risk parameter is estimated using data based on transactions of flood insurance purchases. Empirical results for several samples of this subset of the general population indicated that consumers exhibited a relatively uniform degree of risk aversion across various localities where different hydrologic and economic conditions prevailed. While the estimates presented should not be directly extrapolated to the entire population located in a flood prone area, they provide evidence that parameters determining an individual's and/or community's willingness to pay for flood protection can be measured.
Economic Welfare and Food Safety Regulation: The Case of Mechanically Deboned Meat
Authors: McNiel Douglas W. 
Published: July 2006

AbstractMechanical deboning is a technology that allows red meat packers and processors to recover fragments of meat that are left on the bones of carcasses after hand trimming. The economic impact of alternative public policies, ranging from a ban on the use of mechanically deboned meat to a free market approach, is analyzed with a simultaneous equations supply‐demand model of the markets for table and processed beef and pork. The results indicate that the loss in economic welfare to society, as well as the price and quantity effects associated with present restrictions, are not insignificant.
Evaluating the Effects of P.L. 480 Wheat Imports on Brazil's Grain Sector
Authors: Hall Lana L. 
Published: July 2006

AbstractEconometric analysis of the grain sector of Brazil shows that P.L. 480 wheat imports have had a positive impact on grain production. This was due primarily to government wheat import and domestic price support programs whereby revenues gained from wheat imports may be used to support domestic grain producers. The positive production impact must, however, be balanced against the negative effects of P.L. 480 on commercial wheat imports and the potential disruptions of world wheat markets.
Determinants of Public Services Provision in Rural Communities: Evidence from Voting on Hospital Referenda
Authors: Fort Rodney D. , Christianson Jon B. 
Published: July 2006

AbstractThere has been considerable recent research regarding the determinants of consumer demand for collectively provided goods, but relatively little of this research has focused on rural areas or issues that are particularly important to rural residents. In this paper, a public choice analytical framework is adopted to analyze voting behavior on rural hospital referenda. The results of the analysis aid in understanding support given by rural residents to low occupancy, rural hospitals and in predicting opposition to public sector efforts to close such facilities.
U.S. Agricultural Production Capacity
Authors: Yeh Chung J. , Quance C. Leroy , Tweeten Luther G. 
Published: July 2006

AbstractThis study examines production capacity based on measures of farmers' and consumers' behavioral responses to alternative assumed prices. Impacts of inflation on capacity are also examined. A conceptual framework is outlined, analyzed, and applied to alternative scenarios of projected supply‐demand conditions to 1985. Results indicated that long‐range U.S. farm production capacity is unlikely to be challenged by 1985. Farmers have substantial capacity to respond to challenges posed by unfavorable weather or other disturbances at home and abroad. Because demands are expected to remain less than supply potential, unutilized supply capacity is expected to remain high.
Agricultural Comparative Advantage under International Price Uncertainty: The Case of Senegal
Authors: Jabara Cathy L. , Thompson Robert L. 
Published: July 2006

AbstractThis study draws upon recent theoretical contributions which have introduced uncertainty into trade theory to examine empirically the implications of international price uncertainty for agricultural comparative advantage in a small open economy assuming risk‐adverse policy makers. Utilizing a price endogenous, linear programming model developed for Senegal, it is shown that Senegal's comparative advantage in the production of peanuts and comparative disadvantage in the production of cereals is less clearcut when international price risk is considered. The results suggest a trade strategy of less specialization in peanuts and greater self‐sufficiency in cereals may be superior to free trade.
An Opportunity Cost View of Fixed Asset Theory and the Overproduction Trap
Authors: Johnson Marc A. , Pasour E. C. 
Published: July 2006

AbstractIn fixed asset and exit barrier theories, durable asset valuation is based upon acquisition prices, yielding downwardly biased rate‐of‐return estimates and erroneous implications that excess resources become trapped in production when product price expectations fall. Conventional asset valuation based on opportunity cost shows that excess resource applications are incompatible with rational producer behavior. Market failure conclusions of overproduction trap models are shown to be unfounded. A review of recently published agricultural economics texts illustrates how use of fixed asset theory in the college classroom obscures the concept of choice‐influencing cost and the rule of resource allocative efficiency.
A Pooled Cross‐Section Time Series Model of Coupon Promotions
Authors: Ward Ronald W. , Davis James E. 
Published: July 2006

AbstractCoupons influence consumption through both a price‐discounting and advertising effect. These effects have been measured using consumer panel data on the retail consumption of frozen orange juice. Two cross‐sectional time series models, estimated with a variance components procedure, show the effectiveness of coupons, assuming habit and nonhabit persistence along with consumer demographics. The response from coupons is shown to be conditioned by the container prices as well as with the characteristics of the redeemer.
Regional Differences in Agricultural Productivity in Selected Areas of India
Authors: Easter K. William , Abel Martin E. , Norton George 
Published: July 2006

AbstractProduction functions are used to measure the contribution to agricultural output of infrastructure and the quantity and quality of traditional inputs. Measuring the contributions of inputs over time together with an assessment of their supply provide insights into the direction that agricultural development efforts should take in two regions of India. In the wheat region, continued increases in the quantity and quality of irrigation and improved crop varieties are promising sources of output growth. For the rice region, the development of rural roads and markets, increases in irrigation quality, and improved rice varieties are important sources of output growth.
Linear Programming versus Positively Estimated Supply Functions: An Empirical and Methodological Critique
Authors: Shumway C. Richard , Chang Anne A. 
Published: July 2006

AbstractThis paper examines whether supply relations derived from a static profit‐maximizing linear programming model can be used as information to explain supply response with at least the same reliability as partial adjustment regression models. Programming estimates of direct supply elasticities of California commodities are compared with estimates from time‐series regressions. Differences on individual crops are considerable, but on average the elasticity estimates are comparable. Programming parameters are combined with time‐series data to test whether imposing such relative parameters on time‐series models need not significantly reduce their predictive ability. This imposition does not reduce predictive ability or significantly improve it.
Water Utilization and Reallocation in Chile: A Study of the Pirque Valley
Authors: Parks Loren L. , Hansen David E. 
Published: July 2006

AbstractThe 1967 Water Code requires equalization of water rights per hectare in each “homogeneous farming area.” Analysis of a typical area using linear programming models of representative farms indicates that equalization of water allocations per unit of land would result in regressive income redistribution, whereas the optimum economic reallocation would result in progressive income redistribution. Aggregate income gains in either case would not exceed 5%. Given the extreme inflexibility of the existing water distribution system, the transactions costs of changing water allocations would probably exceed benefits.
Retail Price Reporting Effects in Local Food Markets
Authors: Boynton Robert D. , Blake Brian F. , Uhl Joe N. 
Published: July 2006

AbstractAn experiment involving weekly newspaper publication of comparative food store prices in four U.S. cities stimulated competitive pricing behavior without reinforcement from consumer patronage shifts. Costs of a fixed, 100‐item market basket fell, relative to control markets, an average of two percent during publication and recovered with termination of the reports. Responses varied among cities, stores, and product categories. Price dispersion was not affected. While consumers judged the information to be useful and accurate, it did not induce changes in their perceptions or shopping patterns. Grocer responses were attributed to the publicity value of the price reports.
Marketing Costs and Instability in the International Grain Trade
Authors: Binkley James K. 
Published: July 2006

AbstractFixed factors in the international grain‐marketing system reduce flexibility and make adjustment to variable trade volumes difficult. A theoretical model is used to show how this causes marketing costs with trade instability to exceed those occurring under stability. Also, it is demonstrated that the marketing system increases the adverse effects of price variation on importers and exporters. Supporting empirical evidence, primarily dealing with ocean shipping, is presented. The results suggest that stable trade volumes may reduce marketing costs significantly. Thus, the marketing system should be considered in questions dealing with instability in the international grain trade.
Farm Size Evaluation in the El Paso Valley: A Survival/Success Approach
Authors: Richardson James W. , Condra Gary D. 
Published: July 2006

AbstractPolicy makers and agricultural economists in the United States have long been interested in the effects of size on farm survival and success. Most farm size studies to date have concentrated on economic efficiency and have failed to incorporate the effects of uncertainty, time, income taxes, financial considerations, and variation in year‐to‐year net cash flows on the survival/success of different size farms. A dynamic Monte‐Carlo simulation‐programming model was developed and used to analyze the projected survival/success of four alternative farm sizes for the El Paso Valley. For farms in the El Paso Valley, the projected chances of survival and success increase as farm size increases from 160 to 960 acres and/or beginning equity level increases from 25% to 100%.
A Damage Function to Evaluate Erosion Control Economics
Authors: Walker David J. 
Published: July 2006

AbstractAn erosion damage function is developed to measure on‐site damage from agricultural soil loss. This method compares conventional farming and a conservation practice within a dynamic analysis treating conservation adoption year as a variable. Incremental damage from erosion, or marginal user cost, is evaluated annually and includes any cost to remedy plus lost future revenue from reduced yield. The damage function is applied to evaluate reduced tillage for wheat in the Idaho/Washington Palouse area. On shallower soils erosion damage provides conservation incentive, while on some deep soils erosion is economically rational. Properties of the damage function are explored through sensitivity analysis.
Decomposing the Induced Income Changes in Input‐Output Models
Authors: Boisvert Richard N. 
Published: July 2006

AbstractThis paper demonstrates formally that type I and type II income multipliers are proportional across all sectors and that in any input‐output model, the difference between the multipliers can range from zero to a maximum of the reciprocal of one less the propensity to consume locally. The conditions which lead to these two extreme values are discussed. For intermediate situations, the difference is decomposed into proportions attributable to final payments and imports.
Government Intervention in Poultry Industries: A Cross‐Country Comparison
Authors: Harling Kenneth F. , Thompson Robert L. 
Published: July 2006

AbstractGovernment intervention affects agricultural industries both in the prices received for products and the prices paid for inputs. This paper attempts to demonstrate that analysis of the impact of government intervention on these industries should consider both sets of distortions. The concept of effective protection is used to determine the net price distortion. The Canadian, German, and British poultry industries during 1975–77 are analyzed to show the value of such an approach. Results show that consumers have paid higher product prices in each country, but producers have not necessarily benefitted. Moreover, social costs of intervention have been high.
Dominant Enterprise Size in the Swine Production Industry
Authors: Wilson Paul N. , Eidman Vernon R. 
Published: July 2006

AbstractDominant swine enterprise size may be determined by the geographic location of the production unit and the risk attitudes of the producer. Distributions of after‐tax net revenues for thirteen swine production units in three subregions of the Corn Belt are generated from empirical data gathered from 1,181 swine enterprises. Stochastic dominance with respect to a function is used to rank these distributions for five Arrow‐Pratt intervals. Western swine production units stochastically dominate units in the eastern and southern subregions. Risk‐averse producers prefer smaller operations, while risk‐loving managers prefer relatively large‐scale swine enterprises.
An Alternative View of Pricing in Retail Food Markets
Authors: Benson Bruce L. , Faminow Merle D. 
Published: July 2006

AbstractThe pricing mechanism of intracity retail food markets has received the attention of agricultural economists who are interested in the competitive nature of food price determination. Attention has focused on the information‐theory paradigm and potential impact of publically available comparative price reports. In this paper, a spatial economic model is developed to describe and analyze consumer choice, seller behavior, and price determination in retail food markets. Empirical evidence is then used to test hypotheses developed from the spatial model. It is concluded that the spatial model offers added explanatory power of observed food market responses to retail price reporting.
Monthly Price Premiums and Discounts between Steer Calves and Yearlings
Authors: Marsh John M. 
Published: July 2006

AbstractDistributed lags are used to estimate monthly prices and price premiums and discounts between steer calves and steer yearlings. The statistical results show that premiums and discounts are not highly seasonal but are affected by expected changes in fed slaughter prices and cost of gain in the feedlot. The effects of these variables are sensitive to time, thus the latter should be taken into account for future marketing decisions. Also, price flexibility coefficients indicate that profitability risk in cattle finishing is shifted more to price‐weight differences of cattle placed on feed than to changes in the individual prices themselves.
Cross‐Compliance for Erosion Control: Anticipating Efficiency and Distributive Impacts
Authors: Ervin David E. , Heffernan William D. , Green Gary P. 
Published: July 2006

AbstractDespite increasing attention, the effects of using differential agricultural program benefits to achieve soil conservation are largely unexplored. Viewed in a conventional environmental economics framework, the popularly perceived cross‐compliance program may fall short on efficiency grounds. Analysis suggests that the greatest incentive to practice conservation may occur on land with little or no net social benefits forthcoming from erosion control. A by‐product of cross‐compliance worth consideration is that those likely to benefit most from the program are the highest equity and largest farm operators.
The Effects of Supply and Interest Rate Shocks in Commodity Futures Markets
Authors: Bond Gary E. 
Published: July 2006

AbstractThis paper extends previous studies of futures markets to highlight the role of expectations in the analysis of supply and interest rate shocks. Shocks which are expected to be permanent generally will create larger movements in spot and futures prices than shocks which are regarded as transitory. Further, the reactions of spot and futures prices may differ both qualitatively and quantitatively depending on whether new information refers to events in the current period or to likely developments in some future period. The results demonstrate the potential importance of capturing expectations effects in empirical studies of futures market behavior.
The Acquisition of Information and the Adoption of New Technology
Authors: Feder Gershon , Slade Roger 
Published: July 2006

AbstractThis paper presents a dynamic model of diffusion of a new technology involving a variable input. The model highlights the role of active information accumulation, which entails costs. It generates several hypotheses regarding the likely pattern of adoption and use of the variable input over time by farmers of differing holding sizes and different access to information. It provides a possible explanation to the often observed lag in adoption of innovations by smaller farmers. Analysis of data from India on knowledge and adoption of several practices yields results which are generally consistent with the hypotheses suggested by the theoretical framework.
Hedging Feedlot Cattle: A Canadian Perspective
Authors: Carter C. A. , Loyns R. M. A. 
Published: July 2006

AbstractEmpirical testing of alternative hedging strategies raises doubts about the usefulness of U.S. live cattle futures markets for cattle fed in Canada. Actual data from almost 100,000 head of custom fed cattle over a nine‐year period were analyzed to test profitability and risk reduction associated with fourteen specific hedging routines. Full cost and revenue data from cattle custom fed in the three prairie provinces were used in this paper. The strategies tested were typical of those a custom feeder could use to attempt to reduce output price risk. The results indicate that hedging cattle in Canada is more complex than previous literature suggests.
An Intercountry Comparison of Agricultural Production Efficiency
Authors: Kawagoe Toshihiko , Hayami Yujiro 
Published: July 2006

AbstractIntercountry cross‐section comparison of total productivity in agriculture showed that differences in production efficiency were small relative to differences in labor productivity among countries at a same stage of economic development but very large among different stages of development. Moreover, the large differences in total productivity between the developed and the less developed countries widened further during the past two decades. The results suggest a hypothesis that agriculture in the less developed countries as a whole has not yet entered the phase of “modern economic growth” à la Kuznets.
Sequential Decision Making in Production Models
Authors: Antle John M. 
Published: July 2006

AbstractSingle equation estimates of production models usually are justified by the assumption that production inputs are chosen as part of a one‐period decision problem. Yet, most production decisions in agriculture are made sequentially. In this paper the farmer's optimal input choices are modeled as optimal controls in a stochastic control problem. A two‐period Cobb‐Douglas example is used to show that sequential solutions to production problems may yield models which require either single equation or simultaneous equation estimators. Functional separability, stochastic specification, and behavior under uncertainty are discussed in the context of dynamic production models.
Land Prices and Farm‐Based Returns
Authors: Phipps Tim T. 
Published: July 2006

AbstractThe theoretical and empirical relationship between farm‐based residual returns, the opportunity cost of farmland, and farmland prices is developed. Temporal hypotheses concerning the source of land price movements are tested using a variant of Granger causality. In the aggregate, farmland prices are found to be unidirectionally “caused” by residual farm‐based returns. The findings support the hypothesis that farmland prices are determined mainly within the farm sector and lend credence to the use of extrapolative expectations processes in structural farmland price models.
Anti‐Hoarding Laws: A Stock Condemnation Reconsidered
Authors: Wright Brian D. , Williams Jeffrey C. 
Published: July 2006

AbstractEconomists have regarded anti‐hoarding laws as irrational reactions to nonexistent monopoly in the storage of grain. This paper shows that anti‐hoarding laws cannot be rationally directed against a monopolistic storer, for he will always store less, not more, than would be stored under competition. But seemingly perverse competitive storage, in the form of excessive stockholding, can arise when a price ceiling distorts the market. Additional public storage exacerbates this perverse private behavior, and may even induce behavior that appears to be active market manipulation. Under such circumstances, anti‐hoarding laws can be desirable second‐best measures.
Basis Risk: Measurement and Analysis of Basis Fluctuations for Selected Livestock Markets
Authors: Garcia Philip , Leuthold Raymond M. , Sarhan Mohamed E. 
Published: July 2006

AbstractUnanticipated basis changes can reduce the ability of futures markets to transfer risk and can affect income levels of producers and market participants. This study examines short‐term basis risk, defined as the variance of the random component of the basis over time, for several Midwest livestock markets. Basis risk is related to several factors influencing the long‐term pattern in the time series and unexpected changes in price. Little evidence is found that basis risk changed as maturity approached or that risk varied across markets except for the Interior Iowa hog market.
An Economic Analysis of Soybean Integrated Pest Management
Authors: Greene Catherine R. , Kramer Randall A. , Norton George W. , Rajotte Edwin G. , Robert M. McPherson 
Published: July 2006

AbstractThe type ofpest management strategy a farmer chooses is influenced by the amount of risk associated with alternative strategies. This paper examines the attractiveness of alternative pest management strategies used on a representative Virginia soybean farm. Probability distfibutions of net revenue associated with alternative pest control options are simulated and then compared using generalized stochastic dominance criteria. Results suggest risk‐averse and, in some cases, risk‐preferring farmers would prefer strategies which incorporate an integrated pest management approach to pest control rather than one which relies completely on chemical pest control.