bluuebunny/crossref_metadata_2025_split huggingface dataset:
The Expected Utility Hypothesis and Demand‐Supply Restrictions
Authors: Pope Rulon D. 
Published: July 2006

AbstractThe implications of expected utility theory are examined in order to determine restrictions relevant to reduced form econometric models. In general, Hicksian certainty restrictions do not hold under risk aversion. However, under output price uncertainty, the qualitative nature of the Hicksian restrictions are generally preserved for a commonly used class of polynomial utility functions. These and additional restrictions are considered in the context of a linear model amenable to econometric analysis.
Efficiency and Equity in the Producer Levy of India
Authors: Hayami Yujiro , Otsuka Keijiro , Subbarao K. 
Published: July 2006

AbstractIndia's producer levy scheme has been considered a prime example of government market intervention to depress price incentives for farm producers. Analysis in this study shows that the scheme increases the average producer price for the short run with inelastic supply. In this case, significant improvements in income distribution can be obtained with little loss of economic efficiency if the scheme is implemented effectively. However, if the scheme is applied for the long run, it might result in market instability. More critically, the scheme is likely to have an adverse effect on income distribution in the absence of effective implementation.
The Adjustment of Product and Factor Markets: An Application to the Pacific Northwest Forest Products Industry
Authors: Merrifield David E. , Haynes Richard W. 
Published: July 2006

AbstractAn equilibrium model of output and factor markets is used to calculate comparative static effects of demand and factor supply shifts on output and factor prices and employment in the Pacific Northwest forest products industry. The technological link between output and factor levels is provided through a three‐input production function. Results over the 1950–76 sample period suggest that changes in product‐to‐factor price ratios and factor employment are a consequence of differing factor supply elasticities and that factor supply shifts have limited effect on output price and employment levels because of substitution possibilities occurring in the production process and marketplace.
Distributional Constraints on Acceptance of Nonpoint Pollution Controls
Authors: Park William M. , Shabman Leonard A. 
Published: July 2006

AbstractAn economically efficient, nonpoint pollution control strategy for a multijurisdictional 208 area may result in a benefit‐cost distribution that will prohibit its acceptance. Vesting financial authorities in a regional water quality management agency would allow for implementation of a local compensation scheme designed to facilitate acceptance. Such a scheme would involve raising revenues from water quality beneficiaries that would, in turn, be paid as inducements for implementation of nonpoint control practices. These propositions are first defended with a theoretical argument. Then a linear programming model is applied for an empirical case analysis.
Forecasting and Hedging: An Illustration of Risk Reduction in the Hog Industry
Authors: Brandt Jon A. 
Published: July 2006

AbstractHog producers and first handlers can reduce the risk of unfavorable price fluctuations by combining the information from forecasting models with a selective hedging strategy. Six quarterly price‐forecasting approaches (econometric, ARIMA, expert, naive, and two composites) were evaluated over the 1976–82 period using a simple yet pragmatic hedging decision rule. The results indicate that relatively modest improvements in prices received by producers or paid by first‐handlers relative to cash marketing were possible. Statistically significant reductions in short‐term risk exposure were achieved by both groups through most of the approaches evaluated.
An Analysis of Reconstituted Fluid Milk Pricing Policy
Authors: Whipple Glen D. 
Published: July 2006

AbstractThis analysis suggests that alteration of the reconstituted fluid milk pricing provisions of federal and state milk market orders would have a substantial impact on market equilibrium. A reactive programming model of the U.S. milk market was used to simulate the effects of altered reconstituted fluid milk pricing policy. The solutions indicate that reconstituted fluid milk, as a lower cost alternative to fresh fluid milk, would make up a substantial portion of the fluid milk consumption in some markets.
The Structure of U.S. Agricultural Technology, 1910–78
Authors: Antle John M. 
Published: July 2006

AbstractThis paper utilizes 1910–78 time‐series data and a single product aggregate translog profit function to measure the structure of U.S. agricultural technology. Duality relations are used to devise a multifactor measure of biased technical change. A measure of nonhomotheticity is introduced which indicates the effects scale change has had on aggregate cost shares. The empirical analysis finds that different, nonhomothetic technologies characterized the prewar and postwar periods. Differing technical change biases are consistent with relative price trends during the two periods, showing that the long‐run structure of U.S. agricultural technology has been consistent with the Hayami‐Ruttan induced innovation theory.
Farm Size and Community Quality: Arvin and Dinuba Revisited
Authors: Hayes Michael N. , Olmstead Alan L. 
Published: July 2006

AbstractA comparative analysis of Arvin and Dinuba. California, suggests that many factors besides differences in farm size contributed to Arvin's retarded community development. Rather than being closely matched communities, the two towns had developed within significantly different economic, demographic, and geographic settings. Goldschmidt's hypothesis that large farms accounted for differences in community quality may still be correct; but, because of methodological flaws, his study of Arvin and Dinuba offers little support for this assertion.
A Stochastic Dominance Comparison of Reduced Tillage Systems in Corn and Soybean Production under Risk
Authors: Klemme Richard M. 
Published: July 2006

AbstractReturns per acre of reduced tillage systems including conventional, chisel, till‐plant, and no‐till are examined under general assumptions concerning risk. These returns are calculated using com and soybean experimental plot yields. Stochastic dominance rankings indicate an advantage (second degree) of conventional and chisel over no‐till when soil loss costs are not assigned. Annual per acre soil loss costs of $@@‐@@5–15 shift rankings towards the reduced tillage systems. A $@@‐@@10 per acre cost results from corn yield losses of 0.06% per year (170 bushel per acre yield base) over fifty years with a 5% real discount rate.
Modeling Dynamic Agricultural Production Response: The Case of Swine Production
Authors: Chavas Jean‐Paul , Kliebenstein James , Crenshaw Thomas D. 
Published: July 2006

AbstractCrop and livestock production processes are typically dynamic and involve growing biological assets which are eventually marketed. This study presents a production model of biological growth based on a differential equation specification. Economic implications for optimal input use and optimal replacement policy are discussed in this context. The approach is applied to the growing‐finishing phase of a swine production enterprise. The results demonstrate that the knowledge of the growth function is crucial in evaluating dynamic production decisions.
Farm Real Estate Price Components, 1920–78
Authors: Castle Emery N. , Hoch Irving 
Published: July 2006

AbstractThe research reported demonstrates that farm real estate price involves important components in addition to the capitalized value of rent for the services of land and buildings in farm production, develops an expectations model for the farm real estate market, and compares predictions from the expectations model with farm real estate prices for the 1920–78 period. Capitalized rent explains only about half of real estate values both in the 1970s and over the longer 1920–78 period. The remainder can be explained by the capitalization of capital gains, including real gains or losses from price level changes.
Applying Theil's Multinomial Extension of the Linear Logit Model to Meat Expenditure Data
Authors: Bewley Ronald , Young Trevor 
Published: July 2006

AbstractOne of the chief drawbacks of the multinomial extension of the linear logit model is that, after the standard linearization, the parameters which are directly estimated have no obvious economic meaning. This paper presents alternative transformations which facilitate interpretation. In one linearization the estimated coefficients will be elasticities at a selected data point such as the mean. In another form, the coefficients will be Slutsky parameters. The latter version is chosen for an empirical analysis of the demand for meat in Great Britain. A number of issues concerning the model's error structure and dynamic specification are discussed.
Liquidation Bias in Futures Price Spreads
Authors: Paul Allen B. 
Published: July 2006

AbstractThis paper reports an unmistakable tendency during the final weeks of trading for the price of most commodity futures contracts to rise by a small but statistically significant amount relative to the price of the next maturity. Of four explanations examined, two squeeze theories are least plausible in the light of available evidence. The other two theories, one a variant of the Keynes‐Hicks hypothesis, the other a theory based on the overlap of trading and delivery, are more plausible. Yet they differ in character, generality, and in their implications for market efficiency. More data are needed to appraise them.
Bayesian Evaluation of a Specific Hypothesis
Authors: Fryar Edward O. , Arnold J. T. , Dunn James E. 
Published: July 2006

AbstractA bayesian procedure is developed to compute the posterior probability that a set of parameter estimates is arbitrarily close to a specified set of values. This procedure allows researchers to directly measure the evidence favoring a specific hypothesis. Because of the current inability to measure this evidence directly, some researchers are confusing the inability to reject a null hypothesis with the justification for accepting it and are thus committing a null hypothesis error. To illustrate the applicability of this new procedure, it is used to evaluate the evidence supporting one version of the efficient market hypothesis. Contrary to the results of an earlier study, little support was found for the efficient market hypothesis.
Specification Tests for the Partial Adjustment and Adaptive Expectations Models
Authors: Doran Howard E. 
Published: July 2006

AbstractThe partial adjustment and adaptive expectations hypotheses give rise to simple dynamic models with a long history in empirical research. Tests of their adequacy, however, do not appear to figure prominently in the literature. Specification tests are derived by nesting these two models in the more general partial adjustment‐adaptive expectations model and deriving the likelihood ratio, Lagrange multiplier, and Wald tests. Monte‐carlo experiments are conducted to assess the power of these tests (together with other tests, including Durbin's h‐test) for small samples.
To Violate or Not Violate the Law: An Example from Egyptian Agriculture
Authors: Abdou Dyaa K. , Gardner B. Delworth , Green Richard 
Published: July 2006

AbstractEgyptian agriculture is heavily regulated by laws and administrative regulations. This paper explores some of the economic implications of two laws that are widely violated: the land allotment to cotton and the imposed quota for rice. Logit and probit models are utilized to assess factors which are associated with law violations in two villages. Violators of both laws tend to be poorer, have less owned land, have fewer number of land pieces, have fewer cattle, and are located nearer the free village markets than the nonviolators.
A Note on the Use of the Cobb‐Douglas Profit Function
Authors: Chand Ramesh , Kaul J. L. 
Published: July 2006

AbstractFactor demand and output supply functions formulated within the framework of the Cobb‐Douglas profit function have been widely used for the study of technological and production behavior of the farm firm. There are certain inbuilt rigidities in this function that have been very often construed as empirical findings by various authors. As such, a note of caution in the use of this function was thought necessary. An attempt is made to spell out the characteristics of this function with proofs.
ECOP's Futures Task Force Report: An Overview
Authors: Geasler Mitchell R. 
Published: July 2006

AbstractExtension currently is failing to keep up with societal changes. The primary problem of Extension appears to be, in my opinion, its present, functioning mindset, a mindset that seems to be one of survival rather than one of potential. We could say that the mindset of Extension appears to be more concerned with management than leadership; that is, more concerned with doing things right, rather than doing the right things. As a result, Extension seems to be missing much of the big picture and is beginning to slip in its role as a societal leader. To be successful in the future, Extension must decide to lead and then to do so with a vision and a boldness.
Linear Approximation Using MOTAD and Separable Programming: Should It Be Done?
Authors: McCarl Bruce A. , Önal Hayri 
Published: July 2006

AbstractLinear approximation techniques have often been applied to nonlinear mathematical programming models for computational efficiency reasons. Price‐endogenous agricultural sector models and risk models have found numerous applications. This article addresses the issue of approximation efficiency. Based on computational experience with a series of moderate and large‐scale sector and risk models, it is concluded that direct nonlinear solution is more efficient than using linear approximations for sector and risk models having objective function nonlinearities. On the other hand, the experimental results indicate that approximation should continue in case of models with nonlinearities in their constraints.
Performance of the Weekly Gulf‐Kansas City Hard‐Red Winter Wheat Basis
Authors: Tilley Daniel S. , Campbell Steven K. 
Published: July 2006

AbstractWeekly Gulf of Mexico cash price minus Kansas City futures price bases for hard‐red winter wheat are hypothesized to be related to export commitments and free stocks, grain embargoes, liquidity, and contract month used to calculate the basis. Regression results suggest that increased (decreased) exports or decreased free stocks cause the Gulf cash price to increase (decrease) relative to futures prices. The grain embargo caused Gulf cash prices to decrease relative to futures prices during the period of the embargo. Contract month was found to significantly affect the basis. Market liquidity issues are not resolved.
Agricultural Product Supplies and Input Demands: Regional Comparisons
Authors: Shumway C. Richard , Alexander William P. 
Published: July 2006

AbstractSupply equations for five output groups and demand equations for four input groups in ten regions of the United States are estimated and evaluated. The econometric estimation is conducted for complete regional product supply and input demand systems subject to competitive theory. The results document the extreme diversity of production relationships within the United States. They clearly indicate the unequal effects of changes in economic conditions and government policies on major production regions.
Landowner Characteristics: A Basis for Locational Decisions in the Urban Fringe
Authors: Barnard Charles H. , Butcher Walter R. 
Published: July 2006

AbstractDiscontiguous urban growth is explained more by landowner characteristics than by parcel characteristics. Discriminant analysis of the sell/hold decisions of owners of undeveloped parcels demonstrated the greater importance of landowner characteristics in determining urban fringe sales. Sales, in turn, exhibit a high degree of association with development in the near term. These results suggest that discontiguous patterns of urban growth arise largely from the scattered availability of sites owned by persons with reservation prices below market value. Institutional constraints on development that rely on rent changes induced by subsidies and penalties will be ineffective.
Analyzing Equity Capital Programs of Banks for Cooperatives
Authors: Ahmad Ismail , Duft Ken D. , Mittelhammer Ron C. 
Published: July 2006

AbstractCharacteristics of Banks for Cooperatives term loan and equity capital programs contribute toward complex intermittent exchanges of positive and negative cash flows between the cooperative lender and borrower and complicate the analysis of the net present value and effective interest of the financing project. A multiperiod linear program was developed to analyze the effect of variations in equity capital program components on the present value of the financing project. Furthermore, the concept of a “mixed financing project” was used to analyze the effective interest rate associated with such projects.
The Distribution of Gains from Technological Advance When Input Quality Varies
Authors: Offutt Susan E. , Garcia Philip , Pinar Musa 
Published: July 2006

AbstractEmpirical evidence about new corn production technology in Illinois supports the hypothesis that yield‐ and output‐enhancing effects vary depending on whether technology is input (here, land) quality‐dependent or independent. In turn, these differences affect the distribution of economic surplus from technology adoption across geographic regions with varying land quality. A competitive, market‐clearing model for a traded commodity is used to estimate the gains in economic surplus from technological advance.
Informational Efficiency of Markets for Stumpage
Authors: Washburn Courtland L. , Binkley Clark S. 
Published: July 2006

AbstractThis paper examines the weak‐form informational efficiency of markets for pine sawtimber stumpage in the U.S. South. Analyses of annual and quarterly rates of price change generally indicate that stumpage markets are efficient. When viewed over monthly intervals, stumpage markets do not pass the tests for weak‐form efficiency. This failure is attributed to friction in the market due to the time and cost involved in consumating timber sales. The results have implications for price‐responsive timber harvest scheduling, for the application of asset pricing models to forestry investments, and for policies governing sales of timber from public lands.
The Elasticity of Export Demand for U.S. Cotton
Authors: Duffy Patricia A. , Wohlgenant Michael K. , Richardson James W. 
Published: July 2006

AbstractThe conceptually relevant elasticity for policy analysis is the total export demand elasticity, which takes into account feedback effects of the U.S. price on other countries' prices. In this paper, a total export demand elasticity for U.S. cotton is estimated in an extended Armington framework. The results indicate that the export demand facing the United States is probably elastic; however, estimated total demand elasticities are considerably less elastic than the estimated direct demand elasticities, which do not account for feedback effects resulting from finite excess supply elasticities in the rest of the world.
Effects of Government Programs on Rice Acreage Decisions under Rational Expectations: The Case of Taiwan
Authors: Huang C‐H 
Published: July 2006

AbstractThe effects of government programs on rice production in Taiwan are examined under the rational expectations hypothesis. Results suggest that a crop‐shifting program designed to divert rice production to other targeted crops was unsuccessful because of contradictory government programs. Under rational expectations, the marginal effects of a price‐support program on acreage decline as soon as targeted price is no longer increasing.
At‐Home Consumption of Cheese: A Purchase‐Infrequency Model
Authors: Gould Brian W. 
Published: July 2006

AbstractFor many commodities, zero purchases are recorded in household budget surveys even though positive consumption occurs. This may reflect a survey period that is shorter than the purchase cycle. The present study estimates a purchase‐infrequency model for cheese using the 1987 BLS Consumer Expenditure Survey. Appropriateness of the Tobit specification is examined along with the assumption of independence of the two‐stage expenditure decision process.
A Nonparametric Analysis of the Influence of Research on Agricultural Productivity
Authors: Chavas Jean‐Paul , Cox Thomas L. 
Published: July 2006

AbstractNonparametric productivity analysis is extended by modeling technical progress as a function of public and private research expenditures. Results indicate that 30‐year lags are required to fully capture the effects of public research expenditures on U.S. agricultural productivity. Compared to public research, private research has a stronger influence on farm productivity in the short term but a smaller influence in the longer term. The internal rate of return is 0.28 for public research and 0.17 for private research.
Regional and Temporal Impacts of Technical Change in the U.S. Dairy Sector
Authors: Weersink Alfons , Tauer Loren W. 
Published: July 2006

AbstractThe regional and temporal impacts of technical change in the U.S. dairy industry are assessed in terms of production and income distribution through a dynamic equilibrium model. Dynamic duality is used to obtain the production equations. The traditional milk‐producing regions of the Northeast and Lake states will maintain their base of national output, while the Pacific region increases its base at the expense of the remaining regions. Regional dairy income varies temporally.
Variance of Agricultural Prices, Industrial Prices, and Money
Authors: Han Doo Bong , Penson John B. , Jansen Dennis W. 
Published: July 2006

AbstractThe relative uncertainty of agricultural prices and industrial prices with respect to the uncertainty of growth in the money supply are investigated utilizing multivariate ARCH and GARCH analysis. The conditional variances of agricultural prices were shown to dwarf the variances of industrial prices and the money supply. The relatively greater sensitivity of the conditional variance of agricultural prices to changes in the variance of the money supply than industrial prices found in this analysis provides a further perspective on the uncertainty confronting farmers, including the impacts of the monetary policy shock that precipitated the farm financial crisis in the early 1980s.
Consistent Estimation of General Equilibrium Welfare Effects
Authors: Thurman Walter N. , Wohlgenant Michael K. 
Published: July 2006

AbstractA general equilibrium demand curve is appropriate for measuring the surplus changes in several markets induced by a policy intervention in one market. Guidelines for the identification and consistent estimation of such a demand curve are discussed. Specifically, conditions are stated under which the dropping of prices of related goods yields a consistent estimate of the slope of the general equilibrium demand curve. Also, a method similar to Leamer's is proposed to provide consistent bounds for the general equilibrium demand slope when the slope is underidentified.
Farmer Behavior under Risk of Failure
Authors: Foster William E. , Rausser Gordon C. 
Published: July 2006

AbstractWe analyze input decisions under risk of farm failure. Inputs with immediate cash outlays have greater effective than observed prices because their cost increases the probability of failure, and their optimal marginal products are higher than observed prices would warrant under strict profit maximizing without failure risk. An algebraic example illustrates the market equilibrium effects of failure risk. We apply the model to an analysis of Illinois corn production (1971–79). Results indicate that larger farms deviate less than smaller farms from strict profit maximization. Over the period studied, farmers moved further from setting marginal products equal to observed prices.