bluuebunny/crossref_metadata_2025_split huggingface dataset:
The Effects of Decision Making on Futures Price Volatility
Authors: Hennessy David A. , Wahl Thomas I. 
Published: July 2006

AbstractExisting literature on commodity futures price volatility emphasizes time to expiration and the resolution of uncertainty. In this paper we stress the supply and demand inflexibilities arising from decision making. A decision made on the supply (demand) side makes future supply (demand) responses less elastic. Therefore, a shock arising after a decision is made is more effective in changing the futures price than a shock before the decision is made. The results support the time‐to‐maturity hypothesis, but do not conflict with the state variable hypotheses of futures price volatility. Evidence supporting the impacts of inflexibilities are presented for corn, soybean, and wheat contracts.
The Hot Air in R2 and Consistent Measures of Explained Variation
Authors: McGuirk Anya M. , Driscoll Paul 
Published: July 2006

AbstractThe size of R2 and R̅2 are poor specification indicators since correctly specified models can have “low” R2 values and misspecified models often have “high” R2 values. Further, R2 and R̅2, as typically calculated, are found to be inconsistent measures of goodness of fit whenever the mean of the dependent variable is not stationary. Consistent estimation methods are proposed.
Optimal Management of Game and Forage Resources in a Private Fee‐Hunting Enterprise
Authors: Huffaker Ray G. 
Published: July 2006

AbstractThe paper formulates a bioeconomic model of a private fee‐hunting enterprise to examine the optimal management of this agroecological system under a wide range of bioeconomic circumstances. An empirical application demonstrates that the economic viability of the enterprise (concerning managers) and the sustainability of the underlying biological resources (concerning public regulators) depend critically on the initial endowment of resources and on the existence of publicly‐mandated or self‐imposed restrictions on maximum allowable hunting rates. Perhaps surprising is the implication that in some circumstances regulators may be able to promote resource sustainability by relaxing hunting controls.
Moral Hazard Cycles in Individual‐Coverage Crop Insurance
Authors: Vercammen James , van Kooten G. Cornelis 
Published: July 2006

AbstractThis paper examines the moral hazard implications of individual‐coverage crop insurance contracts. Individual‐coverage contracts are informationally superior to standard contracts because the farmer's coverage is proportional to his average historical yield. Despite this apparent benefit, the steady‐state solution is shown to be characterized by moral hazard cycles, where moral hazard is practiced in alternative periods. The amplitude of the cycle and, thus, the variability in planned production is shown to be larger the lower the degree of production uncertainty, the fewer the number of years used in the averaging process, the higher the coverage threshold, and the lower the level of co‐insurance.
Acreage Response Under Canada's Western Grains Stabilization Program
Authors: Miranda Mario J. , Novak Frank , Lerohl Mel 
Published: July 2006

AbstractAn aggregate acreage supply model for the Canadian prairies is estimated assuming that farmers base short‐run acreage decisions on the ex ante rational expectation and variance of per‐hectare revenue. To account for the effects of government intervention, a structural model of the Western Grains Stabilization Program is incorporated into the estimation framework. Results indicate the Program contributed to modest increases in cropped acreage between 1976 and 1990.
Simple Econometrics of Pesticide Productivity
Authors: Chambers Robert G. , Lichtenberg Erik 
Published: July 2006

AbstractThis paper develops a multioutput generalization of the Lichtenberg‐Zilberman damage‐control technology. The dual representation of the technology is shown to be conditionally additive in the price of abatement activities and other prices. An econometric procedure for estimating the dual technology is developed and applied to an aggregate U.S. agricultural data set. The conditionally additive nature of the model allows estimation of pest damage from the dual technology. Our estimates of aggregate U.S. pest damage are much lower than previous estimates.
Estimating Intertemporal Supply Response in the Fed Beef Market
Authors: Marsh John M. 
Published: July 2006

AbstractA partial adjustment model with monthly lag structures on expected output and input prices is used to estimate intertemporal supply behavior of fed beef. Previous research has provided conflicting supply elasticities. The present work reconciles the conflicts by integrating different lengths of run into cattle marketing and placement decisions. For example, the model dynamics incorporate short‐run changes in cattle asset values and long‐run adjustments in resource use. Empirical results provide no evidence of short‐run supply fixity; supply elasticities switch from negative to positive over time.
Tests of Weak Separability in Disaggregated Meat Products
Authors: Nayga Rodolfo M. , Capps Oral 
Published: July 2006

AbstractParametric tests of weak separability are conducted among twenty‐one disaggregate meat products, using scanner data and the absolute price version of the Rotterdam model. The tests indicate that consumers neither select among various cuts or qualities of a particular meat type nor select among meat types of like quality. Four partitions of the meat products are examined; in each case, the hypothesis of weak separability is rejected.
Vessel Entry‐Exit Behavior in the Gulf of Mexico Shrimp Fishery
Authors: Ward John M. , Sutinen Jon G. 
Published: July 2006

AbstractGiven the heterogeneous nature of the fishing fleet and complex vessel behavior, traditional marginalist supply models are not well suited for modeling vessel mobility. A discrete choice model is utilized here to predict the probability that a vessel will enter, exit, or remain in the Gulf of Mexico shrimp fishery based on a myopic profit maximization criterion. The multinomial logit model indicates that fisherman behavior is not influenced by stock variability. The crowding externality as represented by size of fishing fleet exhibits a strong negative impact on the probability of entry, independent of changes in abundance, exvessel prices, or harvest costs. The Gulf of Mexico shrimp fishery was not an autonomous system of fishing vessels as initially believed.
Rice Trade Liberalization and Implications for U.S. Policy
Authors: Song JooHo , Carter Colin A. 
Published: July 2006

AbstractThe U.S. government's rice program treats rice as a homogeneous commodity, even though rice's two primary subspecies, indica and japonica, are differentiated commodities in world markets. Trade liberalization under the Uruguay round of GATT is expected to increase demand for japonica more than for indica. We develop a U.S. rice model which treats rice as a differentiated product. U.S. government programs are modeled and trade liberalization scenarios are analyzed under alternative policies. Compared to the current policy, a more flexible U.S. policy that treats rice as a differentiated commodity could result in both higher farm incomes and lower government expenditures after trade liberalization.
Changing Time Attitudes in Intertemporal Analysis
Authors: Barry Peter J. , Robison Lindon J. , Nartea Gilbert V. 
Published: July 2006

AbstractIntertemporal analysis is extended by generalizing the time weight function of an investor's utility function to account for changes in time attitudes. The resulting measures of decreasing, constant, and increasing time attitudes are comparable to the Arrow‐Pratt measures of risk attitudes. They help to enrich intertemporal theory, provide meaningful hypotheses for testing, and broaden the scope for decision analysis over time. Effects of the time attitude measures are illustrated in a model of an agricultural firm.
The Effect of Futures Markets and Corners on Storage and Spot Price Variability
Authors: Netz Janet S. 
Published: July 2006

AbstractWhen a futures market is introduced, the volume of storage should become more sensitive to changes in the return to storage. The increase in storage sensitivity means that storage will absorb a larger proportion of demand and supply shocks than it did previously, reducing spot price volatility. Data from the Chicago Board of Trade support the hypotheses of increased storage sensitivity and reduced spot price volatility. The effect of futures on spot price volatility is sensitive to the competitive structure of the futures market. Futures market manipulation causes spot price variance to increase. Despite manipulation, the development of the wheat futures market caused the coefficient of variation of spot price to decline significantly.
The Value of Pest Information in a Dynamic Setting: The Case of Weed Control
Authors: Swinton Scott M. , King Robert P. 
Published: July 2006

AbstractThe value of weed scouting information for soil‐applied and post‐emergence weed management is estimated using a dynamic, whole‐farm, stochastic simulation model. The model simulates outcomes of four expected utility functions from management strategies using three levels of weed information. Results from a representative Minnesota corn and soybean farm indicate high value of weed seedling counts (for post‐emergence control) but relatively low value of weed seed counts (for soil‐applied control). While herbicide use is often reduced under information based management, this is not always the case.
Finished Product Inventories and Price Expectations in the Softwood Lumber Industry
Authors: Lewandrowski Jan K. , Wohlgenant Michael K. , Grennes Thomas J. 
Published: July 2006

AbstractA monthly model is presented of the U.S. softwood lumber sector. Price expectations and beginning‐period inventories have important roles in producers' production, sales, and inventory decisions. Cross‐price effects among domestic producing regions are minimal. However, there is substantial competition between U.S. and Canadian producers. Our model produces supply elasticities, demand elasticities, and inventory response parameters that are different from and more comprehensive than those obtained in previous work.
Teaching Evaluation in Agricultural Economics and Related Departments
Authors: Broder Josef M. , Taylor William J. 
Published: July 2006

AbstractDepartments use student evaluations of teaching (SETs) with little evidence that evaluation forms and procedures measure or contribute to teaching quality. SETs in agricultural economics and related departments in the United States and Canada are examined here in a resource allocation framework. Empirical models are estimated which characterize faculty reliance on SETs and faculty satisfaction with SET forms. We find that departmental reliance on SETs increases with faculty participation, that faculty have specific preferences for SET form and content, and that improvements in SETs are more likely to result from increasing the quality rather than the quantity of SET questions.
Land Development and Pigouvian Taxes: The Case of Peatland
Authors: Goetz Renan U. 
Published: July 2006

AbstractIn this paper the determination of an optimal Pigouvian tax for a competitive firm when a negative production externality is present concurrent with the development of land for production purposes is analyzed within a dynamic framework. Conditions are established for a convex social net return function where a Pigouvian tax is not required or where the imposition of a Pigouvian tax leads to the decision not to develop the land at all. In the case of a concave social net return function the Pigouvian tax is either a linear or a nonlinear tax on the private net returns.
A Joint‐Product Analysis of the Adoption of Modern Cereal Varieties in Developing Countries
Authors: Traxler Greg , Byerlee Derek 
Published: July 2006

AbstractSemi‐dwarf wheat varieties have been slow to diffuse in some regions despite their superior grain yield. We analyze varietal differences in yields of the joint products of grain and straw, the decision to adopt new varieties, and nitrogen demand. The low straw yield of semi‐dwarf varieties under low input conditions is shown to be a plausible explanation for their slow adoption in some regions. First generation modern varieties induced a large increase in the derived demand for nitrogen, but subsequent varietal development appears to have had little impact on nitrogen demand.
Pleasures of Cockaigne: Quality Gaps, Market Structure, and the Amount of Grading
Authors: Hollander Abraham , Monier‐Dilhan Sylvette , Ossard Hervé 
Published: July 2006

AbstractThe article explores under what circumstances high‐quality producers would not voluntarily submit to grading when low‐quality firms would readily do so and under what conditions high‐quality firms would have a lesser proportion of their output graded than would their low‐quality counterparts. It also investigates how market structure affects the decison to grade, establishing that a competitive industry carries out the optimal amount of grading. When some firms have finite market shares, the industry engages in excessive grading.
Assessing Efficiency Gains from Individual Transferable Quotas: An Application to the Mid‐Atlantic Surf Clam and Ocean Quahog Fishery
Authors: Weninger Quinn 
Published: July 2006

AbstractDelayed fishing fleet restructuring complicates the assessment of efficiency gains from individual transferable quota (ITQ) fisheries management programs. This article presents a methodology to estimate harvest sector efficiency gains in lieu of incomplete fleet restructuring. The methodology is applied to assess the efficiency gains in the Mid‐Atlantic surf clam and ocean quahog fishery ITQ program. While roughly 128 vessels harvested clams under the previous management regime, the analysis suggests that 21–25 vessels will remain under lTQs. The efficiency gains are estimated to be between $@@‐@@11.1 million and $@@‐@@12.8 million annually (1990 dollars).
The Effect of Supply Management on Herd Size in Alberta Dairy
Authors: Richards Timothy J. , Jeffrey Scott R. 
Published: July 2006

AbstractA supply management program limits the aggregate supply of a commodity, often through the use of marketable quota licenses. The static, aggregate welfare effects of supply controls are well known, but the farm‐level, dynamic effects on dairy investment are not. A theoretical cost‐of‐adjustment model is used to show that supply management reduces the rate of quasi‐fixed input adjustment at the farm level. In fact, when a quasi‐fixed input is complementary to quota licenses, investment or disinvestment can be impaired to such an extent that the input moves away from the long‐run equilibrium. As a result, overinvestment in this input can significantly reduce productivity growth.
Reforms, the Weather, and Productivity Growth in China's Grain Sector
Authors: Zhang Bin , Carter Colin A. 
Published: July 2006

AbstractWe use disaggregate county‐level production data to study the effects of economic reform on China's grain production between 1980 and 1990. China's grain production area is divided into five regions based on geographic, agronomic, and meteorological criteria. Regional grain production functions are estimated, and weather is explicitly modeled. The institutional impact of economic reform was found to explain about 38% of the production growth from 1980 to 1985. This is lower than the estimates reported in many previous studies. Regional differences in efficiency gains from economic reform and in the effects of weather on grain production are found to be significant.
Evaluation of Price Policy in the Presence of Water Theft
Authors: Ray Isha , Williams Jeffrey 
Published: July 2006

AbstractMathematical programming models of “representative” farms are commonly used to evaluate policies such as input subsidies and output price supports. On canals in India, upstream farmers routinely use more irrigation water than allotted. In such circumstances, the programming model should encompass farmers' locational heterogeneity. Here, a representative watercourse with thirty farms is calibrated to the eight crops, fifteen irrigation turns, yield responses to water, and seepage in Maharashtra. Not only does water “theft” increase the social cost of price policies, but the policies' increased inducement to theft by upstream farmers leaves those downstream with less water and lower incomes.
Rural Manufacturing on the Crest of the Wave: A Count Data Analysis of Technology Use
Authors: Gale H. Frederick 
Published: July 2006

AbstractThis study compares the extent of technology use by rural and urban manufacturing plants. Count data regression models explain technology use as a function of rural‐urban indicator variables, plant characteristics, and location characteristics. The results show no difference in technology use due to rural‐urban location. Characteristics of nonmetro plants, including size, prevalency of branch plants, and nature of production process, tend to raise nonmetro manufacturing technology use. Lower nonmetro schooling levels, an older labor force, and mix of industries with low technology use tend to reduce technology use in nonmetro areas.
Transaction Costs and the Present Value Model of Farmland: Iowa, 1900–1994
Authors: Lence Sergio H. , Miller Douglas J. 
Published: July 2006

AbstractThe present study investigates whether the farmland “constant‐discount‐rate present‐value‐model (CDR‐PVM) puzzle” is due to transaction costs. The theoretical implications of transaction costs for the CDR‐PVM of farmland are discussed, and two bootstrap tests of such implications are introduced and applied to Iowa farmland prices and rents. Empirical results regarding the validity of the CDR‐PVM in the presence of typical transaction costs are ambiguous. Econometric tests indicate that the CDR‐PVM is consistent with typical transaction costs assuming a one‐period holding horizon, but not when an infinite‐holding horizon is hypothesized.
Jump Processes in Commodity Futures Prices and Options Pricing
Authors: Hilliard Jimmy E. , Reis Jorge A. 
Published: July 2006

AbstractEmpirical evidence shows that log‐return relatives on commodity futures prices are not normally distributed. This departure from normality seems to be caused by large price changes occurring in the commodity markets with the arrival of important new information. This suggests that a jump‐diffusion model may be a plausible choice for modeling the stochastic process underlying commodity option prices. Merton (1976a) develops a jump‐diffusion option pricing model assuming that jump risk is unsystematic. However, the jump‐diffusion model developed by Bates (1991) is more appropriate for commodity option pricing since it allows jump risk to be systematic. In this article, recent transactions data on futures and futures options are used to test out‐of‐sample options using American versions of Black's diffusion and Bates's jump‐diffusion models. The results show that Bates's model performs considerably better than Black's model. Jump‐diffusion Asian option prices are also shown to differ considerably from geometric Brownian motion Asian option prices.
U.S. Trade Threats: Rhetoric or War?
Authors: Kherallah Mylène , Beghin John 
Published: July 2006

AbstractWe present an empirical analysis of factors determining trade wars and agreements under U.S. trade law Section 301. A system of two probit equations is estimated using historical data on Section 301 cases to determine which economic and political factors increase the likelihood of trade frictions. The likelihood of trade war increases when the United States's export share in the world market declines, when the United States is less dependent on the market of the targeted country, when foreign policy makers are in an election year, and when negotiations relate to highly protected and unionized industries in the targeted country.
Total Synthesis of (±)‐Pallavicinin and (±)‐Neopallavicinin
Authors: Peng Xiao‐Shui , Wong Henry N. C. 
Published: July 2006

AbstractThrough a biomimetic pathway, (±)‐pallavicinin and (±)‐neopallavicinin were synthesized from (±)‐Wieland–Miescher ketone via Grob fragmentation, intramolecular aldol cyclization, and intramolecular Michael reaction. The synthesis was stereocontrolled efficiently and followed the stereochemistry of the Wieland–Miescher ketone, and could provide opportunities for access to analogues of pallavicinin, neopallavicinin, and other related bioactive diterpenoids.
Brachial loop: Transradial technique to overcome this rare anatomic variation
Authors: Wang Huang‐Joe , Lee Kung‐Wei , Hsieh Dong‐Jim 
Published: July 2006

AbstractA brachial loop is a rare anatomic variation and can result in the failure of transradial coronary procedures. We report a brachial loop encountered in a patient undergoing a coronary angiogram. During this angiogram, a 0.035″ J‐tipped Teflon‐coated guidewire met with resistance in the brachial artery because of this rare vascular loop. In this case report, we discuss the technique we used to manage this rare condition. Interventional cardiologists should keep in mind that resistance of the guidewire can result in major vessel complications during the transradial approach. © 2006 Wiley‐Liss, Inc.
Stenting of stenosed shunts in patients after a Norwood‐Sano operation
Authors: Eicken Andreas , Genz Thomas , Sebening Walter 
Published: July 2006

AbstractEarly shunt stenosis may occur after a Norwood‐Sano operation. We report our experience with three patients who were treated successfully by stent implantation into the Sano shunt. Hence, a surgical shunt revision could be avoided. © 2006 Wiley‐Liss, Inc.
Substituted Prolines: Syntheses and Applications in Structure—Activity Relationship Studies of Biologically Active Peptides
Authors: Karoyan Philippe , Sagan Sandrine , Lequin Olivier , Quancard Jean , Lavielle Solange , Chassaing Gerard 
Published: July 2006

AbstractChemInform is a weekly Abstracting Service, delivering concise information at a glance that was extracted from about 200 leading journals. To access a ChemInform Abstract, please click on HTML or PDF.
Novel Core—Shell‐Structured Li[(Ni0.8Co0.2)0.8 (Ni0.5Mn0.5)0.2]O2 via Coprecipitation as Positive Electrode Material for Lithium Secondary Batteries.
Authors: Sun Yang‐Kook , Myung Seung‐Taek , Shin Ho‐Suk , Bae Young Chan , Yoon Chong Seung 
Published: July 2006

AbstractChemInform is a weekly Abstracting Service, delivering concise information at a glance that was extracted from about 200 leading journals. To access a ChemInform Abstract, please click on HTML or PDF.
Synthesis of Complex Carbohydrates and Glyconjugates: Enzymatic Synthesis of Globotetraose Using β‐1,3‐N‐Acetylgalactosaminyltransferase LgtD from Haemophilus Influenzae Strain Rd
Authors: Ryu Kang , Lin Steven , Shao Jun , Song Jing , Chen Min , Wang Wei , Li Hanfen , Yi Wen , Wang Peng George 
Published: July 2006

AbstractChemInform is a weekly Abstracting Service, delivering concise information at a glance that was extracted from about 200 leading journals. To access a ChemInform Abstract, please click on HTML or PDF.
Toward Improved Catalytic Low‐Temperature NOx Removal in Diesel‐Powered Vehicles
Authors: Klingstedt Frederik , Arve Kalle , Eraenen Kari , Murzin Dmitry Yu. 
Published: July 2006

AbstractChemInform is a weekly Abstracting Service, delivering concise information at a glance that was extracted from about 200 leading journals. To access a ChemInform Abstract, please click on HTML or PDF.
A Broensted Acid and Lewis Base Organocatalyst for the Aza‐Morita—Baylis—Hillman Reaction.
Authors: Matsui Katsuya , Takizawa Shinobu , Sasai Hiroaki 
Published: July 2006

AbstractChemInform is a weekly Abstracting Service, delivering concise information at a glance that was extracted from about 200 leading journals. To access a ChemInform Abstract, please click on HTML or PDF.