bluuebunny/crossref_metadata_2025_split huggingface dataset:
A Nonparametric Approach to Expenditure‐Constrained Profit Maximization
Authors: Färe Rolf , Grosskopf Shawna , Lee Hyunok 
Published: July 2006

AbstractA nonparametric approach to expenditure‐constrained profit maximization is developed. A deterministic frontier profit function is constructed with and without expenditure constraints. Foregone profit is used as dual evidence for the existence of expenditure constraints. Individual evaluations on performance and expenditure constraints are produced. Empirical analysis is based on survey data for California rice farms. Seventeen of the eighty‐two surveyed farms experience profit loss as a result of expenditure constraints.
Optimal Strategies for Marketing Calves and Yearlings from Rangeland
Authors: Garoian Lee , Mjelde James W. , Conner J. Richard 
Published: July 2006

AbstractMany of the problems encountered in ranching stem from the uncertainty associated with forage availability and the relatively stable forage requirements of the traditional cow‐calf operation. This results in underutilization of forage during forage surpluses and costly overutilization during shortages. Smaller cow herds combined with the possibility of carrying calves over to the following spring and/or fall allows forage requirements to be manipulated in response to forage availability. Dynamic programming results suggest that smaller cow‐calf‐yearling operations have potential to increase expected net returns over a larger cow‐calf operation.
The Effects of State Farm Relief Legislation on Private Lenders and Borrowers: The Experience of the 1930s
Authors: Rucker Randal R. 
Published: July 2006

AbstractThe effects on private lenders and borrowers of farm relief programs that alter the enforceability of debt contracts are investigated. Evidence from the 1930s indicates that state relief legislation that altered debt contracts to the detriment of lenders substantially reduced the supply of loans and had different effects on different types of private lenders. This past experience suggests that, although such measures as moratoria on farm foreclosures and the recently enacted Chapter 12 bankruptcy law may provide relief for some farmers, they may also result in substantial reductions in the supply of agricultural credit.
Calibration of Option‐Based Probability Assessments in Agricultural Commodity Markets
Authors: Fackler Paul L. , King Robert P. 
Published: July 2006

AbstractA method for evaluating the reliability of option‐based price probability assessments is developed based on the calibration concept. Empirical tests using goodness‐of‐fit criteria are applied to four agricultural commodities. Results suggest that assessments in the corn and live cattle markets are reliable, but such assessments overstate the volatility of soybean prices and understate the location of hog prices.
Revenue‐Neutral Tax Policies under Price Uncertainty
Authors: Holloway Garth J. 
Published: July 2006

AbstractThe firm's response to revenue‐neutral taxation is investigated under price uncertainty. Revenue‐neutral policies adjust simultaneously the marginal tax rate and the level of exemptions while keeping expected tax receipts constant. Nonincreasing absolute risk aversion is sufficient to sign the firm's response: a reduction in the marginal rate causes the firm to contract output. Implications are established for the equilibrium level of treasury receipts.
Oligopsony Potential in Agriculture: Residual Supply Estimation in California's Processing Tomato Market
Authors: Durham Catherine A. , Sexton Richard J. 
Published: July 2006

AbstractFarmers' selling opportunities are often limited because of few processor/handlers and costly‐to‐transport raw products. This paper develops an empirical model to analyze the potential for exercise of monopsony power in these food markets. The approach is based on estimation of residual supply functions facing a processor or group of processors. Residual supply is the raw product supply facing a processor or group of processors after rivals' demands for the product have been accounted for. The model is applied to the processing tomato industry in California. Estimation results suggest that the oligopsony potential in this market is limited.
Trading‐Day Variation: Theory and Implications for Monthly Meat Demand
Authors: McNulty Mark S. , Huffman Wallace E. 
Published: July 2006

AbstractWe consider the problem of fitting regression models with data containing trading‐day variation. Multiplicative and additive expressions for trading‐day variation are presented. Multiplicative adjustment is more reasonable than the additive but is also more complex. Expressions are derived for biases which trading‐day variation introduces into least squares estimators. Estimated retail demands for beef, pork, and chicken show the biases are large and in the directions predicted when monthly data are used, but are small when quarterly data are used. Multiplicative adjustment is statistically superior to additive adjustment, although practical differences are small.
The Impacts of Business Cycles on Returns to Farmland Investments
Authors: Bjornson Bruce 
Published: July 2006

AbstractExpected performance and valuation of investments in farmland are examined in relation to prevailing business cycle conditions over a period that includes both the 1970s farm boom and 1980s farm recession. Information on risk premia in debt, equity, and land markets are shown to significantly affect conditional expected returns to farmland and, consequently, farmland values. Further, conditional expected land returns diverge significantly in some years from returns conditionally required on the basis of systematic risk. Overall implications are that expected land returns are dependent not only on local sector conditions but also on time‐varying macroeconomic conditions related to business cycles.
In‐Kind Export Subsidies for Processed and Bulk Goods
Authors: Paarlberg Philip L. 
Published: July 2006

AbstractThis research analyzes the interaction between a bulk commodity and a processed good under in‐kind export subsidies. An in‐kind export subsidy lowers the export price of the good on which it is paid. The other price changes are ambiguous. A numerical model for U.S. wheat and flour illustrates these conditions. Given the parameters of the model, an in‐kind payment using wheat lowers flour prices and the export price of wheat. The U.S. domestic wheat price rises. When flour is used for the payment, U.S. wheat and flour prices rise, while the foreign flour price falls.
Positive Mathematical Programming
Authors: Howitt Richard E. 
Published: July 2006

AbstractA method for calibrating models of agricultural production and resource use using nonlinear yield or cost functions is developed. The nonlinear parameters are shown to be implicit in the observed land allocation decisions at a regional or farm level. The method is implemented in three stages and initiated by a constrained linear program. The procedure automatically calibrates the model in terms of output, input use, objective function values and dual values on model constraints. The resulting nonlinear models show smooth responses to parameterization and satisfy the Hicksian conditions for competitive firms.
Capital Market Segmentation and U.S. Farm Real Estate Pricing
Authors: Shiha Amr N. , Chavas Jean‐Paul 
Published: July 2006

AbstractIn this paper we present and test a segmented capital market equilibrium. We extend the traditional CAPM by explicitly considering barriers to the flow of external equity capital into farm real estate markets. The empirical results provide a plausible explanation as to why the traditional arbitrage‐based pricing models fail to explain equity pricing in farmland markets.
Markdown Pricing and Cattle Supply in the Beef Packing Industry
Authors: Stiegert Kyle W. , Azzam Azzeddine , Brorsen B. Wade 
Published: July 2006

AbstractWe determine the effect of anticipated and unanticipated cattle supply on the departure of fed cattle price from cattle's marginal value product. Results indicate fed cattle were priced significantly below their marginal value during 31 of the 59 quarters between 1972II and 1986IV. When unanticipated supply shocks are small, markdown behavior is consistent with the hypothesis that packers follow an average processing cost (APC) pricing rule. One implication of our results is that reducing industry concentration is not likely to lead to changes in cattle prices predicted by SCP‐based studies of the industry.
Informational Content of Government Hogs and Pigs Reports
Authors: Carter Colin A. , Galopin Carl A. 
Published: July 2006

AbstractWe examine the value of the informational content of quarterly government reports which estimate forthcoming supplies of hogs and pigs. It is assumed that a hypothetical futures trader obtains the government reports one day in advance of their release. A futures market trading rule is established which uses early access to the reports together with a priori expectations of the reports' contents. We find the market information in the government reports is of little or no value to a futures trader in advance of the release date because this information is already incorporated in the futures price.
Demand Elasticities from a Discrete Choice Model: The Natural Christmas Tree Market
Authors: Davis George C. , Wohlgenant Michael K. 
Published: July 2006

AbstractA procedure is demonstrated for estimating market‐level demand elasticities from household data suffering from sample selectivity problems. The procedure uses McFadden's nested multinomial logit model and is applied to the natural Christmas tree market. Results indicate that the own‐price elasticity of natural Christmas trees is −0.674 and the cross price elasticity of natural Christmas trees with respect to artificial Christmas trees is 0.188. These are the first known demand elasticity estimates for the natural Christmas tree market.
Cow Culling Decisions Adapted for Management with CART
Authors: Tronstad Russell , Gum Russell 
Published: July 2006

AbstractA stochastic dynamic programming (DP) model of range cow culling decisions incorporating market price uncertainties and dynamics of biological productivity was solved for biannual and annual calving systems. Decision trees were generated from the DP solutions using the Classification and Regression Trees (CART) methodology. The decision trees captured over 99% of the optimal DP returns from both biannual and spring‐only calving. CART culling criteria in conjunction with dual‐season calving increased wealth by 7% compared to optimal DP culling decisions with spring‐only calving, and by 10% compared to a more traditional strategy of culling all open cows.
Cost Pooling in Australian Grain Handling: A Common Property Analysis
Authors: Quiggin John , Fisher Brian S. , Peterson Deborah C. 
Published: July 2006

AbstractThe common property analysis of Rausser, Zusman, and Foster is expanded and applied to Australian grain transportation systems. With a conservative decision rule, a statically inefficient cost pooling system may lead to optimal investment decisions as benefits become pooled. With Ramsey pricing in contrast, losers may veto many investment decisions, so that allocations become ‘equitable’ but technically inefficient. Efficiency gains from price policy reform may not be achieved unless accompanied by property right reallocation.
A Further Look at Flexibilities and Elasticities
Authors: Huang Kuo S. 
Published: July 2006

AbstractRelationships between price elasticities and price flexibilities are examined, with emphasis on comparing sizes of difference between a directly estimated demand matrix and an inverted demand matrix. Results show that by using inverted elasticities to represent flexibilities or vice versa, sizable measurement errors may be committed. In agricultural policy and program analysis, a directly estimated demand matrix should be used.
Economic Factors that Influence Educational Performance in Rural Schools
Authors: Broomhall David E. , Johnson Thomas G. 
Published: July 2006

AbstractThis paper examines the value that young people in rural areas place on education. It employs survey data of over 700 youths in four central Appalachian school districts, OLS regression techniques, and an ordered probit model in a human capital framework. Students who are less willing to move and who have less positive perceptions of local employment opportunities will have less positive attitudes toward education and will perform more poorly in school. Those who are more willing to move place a higher value on education and perceive education as a means of leaving the rural community.
A Decomposition of Total Factor Productivity Growth: The Case of Chinese Agricultural Growth before and after Reforms
Authors: Kalirajan K.P. , Obwona M.B. , Zhao S. 
Published: July 2006

AbstractOur objective in this paper is to explain a method to decompose the sources of total factor productivity (TFP) growth into technological progress and changes in technical efficiency within the framework of the varying coefficients frontier production function. An empirical application is demonstrated using the Chinese provincial‐level agricultural data covering the period 1970–87. The results indicate that TFP growth in the prereform period was negative in twenty out of twenty‐eight provinces and that it was positive in almost all provinces during the reform periods, while negative in sixteen out of twenty‐eight provinces in the postreform periods of 1984–87.
Import Quota Licenses and Market Power
Authors: McCorriston Steve 
Published: July 2006

AbstractAnalyses of import quota regimes typically ignore institutional features under which the quota licenses are administered. However, distributing the bulk of import licenses to a small number of firms can create oligopsony power and hence affect the level of quota rent and the potential success of auctioning licenses. In this paper I test formally for this phenomenon in the U.S. dairy import quota regime. Results suggest that the administration of import licenses for cheese creates oligopsony power for U.S. cheese importing firms.
Land Tenure and Allocative Efficiency in Niger
Authors: Gavian Sarah , Fafchamps Marcel 
Published: July 2006

AbstractUsing field‐level data, we investigate whether traditional land tenure systems are an impediment to allocative efficiency in Niger. We find that yields are strongly influenced by the manpower available to farming households, an indication that marginal returns to labor and land are not equalized across households. We uncover no relationship between manuring and whether or not local customs allow land sales. But manuring is influenced by tenure security: farmers who cultivate both borrowed and owned fields divert manure toward the latter. Our findings do not imply that a change in land tenure system is called for.
Contingent Valuation and Social Choice
Authors: McFadden Daniel 
Published: July 2006

AbstractThe contingent valuation method for estimating the existence value of natural resources is examined for psychophysical robustness, statistical reliability, and economic sensibility. Extensions of standard models for willingness‐to‐pay, and suitable econometric techniques for analyzing these models, are developed. The analysis is applied to a series of experiments on the value of preserving wilderness areas in the western United States. The results call into question the reliability of the CV method for estimating existence values.
The Impact of Food Aid on Food Subsidies in Recipient Countries
Authors: Hoffman Wendy L. , Gardner Bruce L. , Just Richard E. , Hueth Brent M. 
Published: July 2006

AbstractA model in which policy makers maximize a weighted welfare function of producer, consumer, and taxpayer groups is applied to explain the effects of food aid receipts on food policies in the countries receiving food aid. Consumer subsidies for wheat in nine countries receiving food aid are examined during the 1955–83 period. Econometric results indicate food aid increases domestic food subsidies in the recipient countries, but that other factors (development, country‐specific factors) are more important in determining subsidy level.
Evaluating the Linearized Almost Ideal Demand System
Authors: Buse Adolf 
Published: July 2006

AbstractLinearizing the Almost Ideal Demand System (LAIDS) by recourse to the Stone share weighted price index is common practice. Two issues are addressed here. First, scrutiny of the errors‐in‐variables implications of the linearization reveals that, not only is the SUR estimator inconsistent, but a consistent IV estimator cannot be constructed. Second, some alternatives to the Green‐Alston elasticities specifically designed for the LAIDS model are developed, but neither these nor the Green‐Alston elasticities are found to have any advantages over the conventional elasticity formulae. Some errors in the Green‐Alston (1990) paper are corrected. The inconsistency and elasticity issues are documented by a Monte Carlo investigation.
Environmental Stress and Grain Yields in China
Authors: Huang Jikun , Rozelle Scott 
Published: July 2006

AbstractAfter 1984 China's grain production began to stagnate, slowing during a time of continuing expansion of chemical inputs, irrigated area, and high‐yielding rice, wheat, and maize varieties. In this paper we explore the hypothesis that the accumulation of environmental pressures, including erosion, salinization, soil exhaustion, and degradation of the local environment, may be partially responsible for the recent slowdown of grain yields. Using provincial production data from 1975 to 1990, the analysis shows that environmental factors, especially the breakdown of the environment, did contribute to the decline in the rate of increase of yields in China during the late 1980s. Erosion and salinization had a small, negative effect on yields.
Methodology for Agricultural Economists: An Instrumentalist Perspective
Authors: Smith Eldon D. 
Published: July 2006

AbstractAs an instrument for refining judgments of the adequacy of hypothesis validation procedures, neo‐falsificationist methodology has important value. Appeals to principles of rhetoric, metaphysics, and literary criticism obfuscate the logical foundation for judging the evidential basis for validity. Falsificationist and positivist methodology are insufficient to facilitate the processes of systematic critique of theoretical systems in their proper role as functioning means for directing the hypothecation and testing processes. Instrumentalist methodology makes such criticism integral to an ongoing, problem‐focused scientific inquiry process, thereby fostering theoretical and empirical research progressiveness.
Consumer Preferences for Fresh Food Items with Multiple Quality Attributes: Evidence from an Experimental Auction of Pork Chops
Authors: Melton Bryan E. , Huffman Wallace E. , Shogren Jason F. , Fox John A. 
Published: July 2006

AbstractThis study illustrates an application of experimental auction methods, using both experimental economics and experimental design, to evaluate consumer perceptions and willingness to pay (WTP) for fresh pork chops. We test and reject hypotheses that (a) market prices and consumers' WTP are unaffected by the level of attributes embodied in the pork chops, (b) appearance (based on photographs or actual product) and actual taste are equally good sources of consumer information, and (c) consumers are consistent in their preferences for fresh pork attributes. A major conclusion is that predicting consumer demand for fresh pork (or any fresh food) based on appearance without tasting is unproductive.
The Economics of a Public Fund for Environmental Amenities: A Study of CRP Contracts
Authors: Babcock Bruce A. , Lakshminarayan P.G. , Wu JunJie , Zilberman David 
Published: July 2006

AbstractThe problem of targeting CRP purchases to buy environmental amenities under productivity and environmental heterogeneity is considered. Gini coefficients and Lorenz curves are used to measure the effectiveness of spending under alternative targeting criteria. The environmental benefits considered are water erosion, wind erosion, surface water quality, and wildlife habitat. The three alternative targeting criteria examined include purchasing land according to (i) the benefit‐to‐cost ratio, (ii) the level of benefits, and (iii) the level of cost. Results indicate that the degree of variability and correlation determine the extent to which suboptimal targeting achieves a significant portion of available environmental benefits.
Commodity Price Dynamics and Anticipated Shocks
Authors: Lai Ching‐chong , Hu Shih‐wen , Wang Vey 
Published: July 2006

AbstractIn this paper we address the robustness of overshooting hypothesis in agricultural prices. We find that agricultural prices may undershoot their long‐run level if the economy experiences an anticipated monetary shock rather than an unanticipated monetary shock. We also find that agricultural prices definitely display undershooting if the price of manufactures adjusts instantaneously rather than sluggishly.
Dynamic Resource Management: Intertemporal Substitution and Risk Aversion
Authors: Knapp Keith C. , Olson Lars J. 
Published: July 2006

AbstractWe consider resource management with recursive preferences. These generalize expected utility while eliminating some well‐known difficulties. Monotonicity and convergence properties of optimal decision rules are established using lattice programming methods. Empirical applications are rangeland and groundwater management. Decreasing the intertemporal elasticity of substitution implies greater (lower) resource usage with limited (abundant) stocks. This moderates stock evolution and stabilizes consumption. Increasing risk aversion implies the same or reduced usage over the state space. Intertemporal substitution has a substantial effect on the optimal decision rule and a moderate effect on the limiting distribution, while risk aversion has a very small effect.
Farm‐Level Economic Analysis Incorporating Stochastic Environmental Risk Assessment
Authors: Teague Mark L. , Bernardo Daniel J. , Mapp Harry P. 
Published: July 2006

AbstractA farm‐level risk programming framework is presented which evaluates income/ environmental risk tradeoffs. This framework uses a time‐series of environmental risk indices to incorporate the stochastic, multiattribute characteristics of environmental outcomes associated with agricultural production practices. The model is applied to a representative farm in the Oklahoma Panhandle region of the Central High Plains. Results indicate that expected income is sensitive to nitrate loading restrictions, and relatively less sensitive to pesticide loading restrictions. Results also indicate that prescriptions derived using deterministic environmental risk measures may ignore significant probabilities of exceeding an environmental standard.
Agricultural Export Subsidies and Intermediate Goods Trade
Authors: Paarlberg Philip L. 
Published: July 2006

AbstractIn this paper I examine the effects of export subsidies when a bulk commodity is an intermediate good which is either exported or processed into a higher‐value agricultural good for domestic or export sale. The analysis shows that while the industry producing the subsidized good benefits, the industry producing the other good may not. A bulk commodity export subsidy may lower the price of the higher value agricultural commodity. An export subsidy on the higher‐value agricultural commodity may lower the bulk commodity's price. The outcome depends on the relative excess supply and excess demand elasticities and on the market structure.