bluuebunny/crossref_metadata_2025_split huggingface dataset:
Asset Pricing Theory and the Predictable Variation in Agricultural Asset Returns
Authors: Bjornson Bruce 
Published: July 2006

AbstractThis study focuses on the time‐series predictability of agricultural returns and evaluates the ability of conditional asset pricing models to capture such predictability. The models all have time‐varying conditional risk premia and constant betas, as opposed to the unconditional specifications in prior studies. Results indicate significant time‐varying predictability in agricultural asset returns. An Arbitrage Pricing model with prespecified economic factors, including a market portfolio, shows some ability to explain the predictability. The greater flexibility and information in conditional asset pricing models make them more suitable than unconditional models for many problems in agricultural finance.
A Cross‐Section Demand Analysis of Spanish Provincial Food Consumption
Authors: Chung Ching‐Fan 
Published: July 2006

AbstractI follow the differential approach in building three demand models of Spanish cross‐province food consumption patterns. The models include quadratic income terms for estimating the widely varying income responses one expects from cross‐section data. The proposed models are also flexible in permitting alternative levels of aggregation across goods. A nonnested testing procedure is used to identify the best model. Both the flexibility of the quadratic income term and the flexibility of alternative aggregation levels are important in the analysis of Spanish food consumption patterns.
Technology Transfer, Licensing Contracts, and Incentives for Further Innovation
Authors: Larson Bruce A. , Anderson Margot 
Published: July 2006

AbstractTechnology licensing is common in agricultural and natural resource sectors. An important characteristic of technology licenses is that they provide incentives for further innovation on the part of the buyer. This paper develops a risk‐sharing model to analyze how risk preferences and expectations about further innovation possibilities alter technology payments and the incentives for complementary local innovation. Higher buyer risk aversion, which is associated with lower fixed payments, reduces the technology buyer's level of innovation. Sellers are generally better off when innovation is anticipated, but buyers are generally better off when innovation is unanticipated, although less innovation may be realized.
A Nonparametric Approach to the von Liebig‐Paris Technology
Authors: Chambers Robert G. , Lichtenberg Erik 
Published: July 2006

AbstractWe develop the dual implications of the von Liebig‐Paris nutrient‐response technology and parametric and nonparametric tests for this technology. We discuss the nonparametric approach using two different representations corresponding to optimistic and pessimistic nonparametric approximations of the technology. Application of the nonparametric approach to two experimental data sets and to two data sets generated by Monte Carlo methods confirms the presence of yield plateaus, but provides mixed evidence regarding input nonsubstitution. The optimistic representation exhibits virtually no input substitution, while the pessimistic representation shows considerable substitutability.
Feedforward Backpropagation Neural Networks in Prediction of Farmer Risk Preferences
Authors: Kastens Terry L. , Featherstone Allen M. 
Published: July 2006

AbstractAn out‐of‐sample prediction of Kansas farmers' responses to five surveyed questions involving risk is used to compare ordered multinomial logistic regression models with feedforward backpropagation neural network models. Although the logistic models often predict more accurately than the neural network models in a mean‐squared error sense, the neural network models are shown to be more accommodating of loss functions associated with a desire to predict certain combinations of categorical responses more accurately than others.
Input Demand under Yield and Revenue Insurance
Authors: Babcock Bruce A. , Hennessy David A. 
Published: July 2006

AbstractPrevious studies disagree on the effects of insurance on fertilizer application rates. The effect of increased fertilizer on the probability of low yields primarily determines whether fertilizer and insurance are substitutes or complements. We estimate conditional distributions of corn yields to determine if the technical relationship between yields and fertilizer supports the hypothesis that insurance increases optimal application rates. Our results indicate no support for this hypothesis. At all nitrogen fertilizer rates and reasonable levels of risk aversion, nitrogen fertilizer and insurance are substitutes, suggesting that those who purchase insurance are likely to decrease nitrogen fertilizer applications.
Marketing Quotas and Random Yields: Marginal Effects of Inframarginal Subsidies on Peanut Supply
Authors: Borges Robert B. , Thurman Walter N. 
Published: July 2006

AbstractThe U.S. peanut program restricts domestic sales with poundage quota but allows surplus production to be exported or crushed. Empirical analysis of North Carolina peanut production reveals that the marginal (and lower) price received by production above quota, that is the world price, is far more important in determining acreage than is the inframarginal subsidy of the quota support price.
A Multilevel, Multiobjective Policy Model: The Case of Marine Aquaculture Development
Authors: Sylvia Gilbert , Anderson James L. , Cai Deqin 
Published: July 2006

AbstractMarine aquaculture development is often constrained due to the difficulty in accommodating the industry within the evolving framework of coastal zone regulatory policy. One contributing problem is the dearth of socioeconomic, environmental, and institutional knowledge. To address this issue, a dynamic multiobjective, multilevel policy model is formulated for net‐pen aquaculture development using effluent taxes as a policy instrument. Dynamic policy frontiers are generated by solving the aquacultural sector's problem, embedding the producer's dynamic response within the policy maker's problem, and then parameterizing on policy goals. The frontiers represent economic policy information consistent with the needs of a policy bargaining process.
The Implications of Model Specification for Welfare Estimation in Nested Logit Models
Authors: Kling Catherine L. , Thomson Cynthia J. 
Published: July 2006

AbstractNested logit models are increasingly being used to value environmental amenities. The implications of nesting structure, choice of estimator (FIML or sequential), and restrictions on parameters across nested groups on welfare estimates are examined. These issues have received little previous attention. Model selection criteria that can be used to distinguish among the models are extended and applied. Additionally, a simulation procedure is implemented to construct standard errors for the welfare measures.
System Theoretic Time‐Series Forecasts of Weekly Live Cattle Prices
Authors: Foster Kenneth A. , Havenner Arthur M. , Walburger Allan M. 
Published: July 2006

AbstractMultivariate time‐series forecasts of weekly live cattle prices in six different geographic markets are developed using a procedure based on the principles of linear systems theory. These forecasts were found to be informative and superior to those obtained from an alternative model. Following the approach developed for stock prices by Cerchi and Havenner, arbitrage portfolios were constructed from the model parameters. A simulation exercise based on 208 weekly observations withheld from model specification and estimation suggests that these arbitrage activities would have been profitable in practice.
The Impact of Policies and Land Characteristics on Potential Groundwater Pollution in Wisconsin
Authors: Wu JunJie , Segerson Kathleen 
Published: July 2006

AbstractIn this paper we present an empirical framework for quantifying the extensive margin effects of commodity programs and chemical‐use taxes on potential groundwater pollution in Wisconsin. The approach emphasizes the role of the joint distribution of crops and site characteristics in determining policy impacts on groundwater contamination. The results indicate that for a given reduction in total polluting acreage an increase in the Acreage Reduction Program rate for corn is well targeted and would reduce high‐polluting acreage more than a chemical‐use tax or a target price policy in the areas where it might be needed most.
A Model of Price Determination for Fresh Produce with Application to California Iceberg Lettuce
Authors: Sexton Richard J. , Zhang Mingxia 
Published: July 2006

AbstractMost fresh produce commodities are highly perishable. Thus, supply at any time is fixed at prices above marginal harvest costs. In this paper we develop a model of short‐run farm price determination for produce commodities that incorporates this key structural feature and also allows for imperfect competition in price determination. The model is empirically manifest in a switching regression framework and applied to California iceberg lettuce. Results support the general model relative to a model restricted to competitive behavior and suggest that retailer/buyers capture most of the rents from lettuce production and sale.
Valuing Target Price Support Programs with Average Option Pricing
Authors: Kang Taehoon , Brorsen B. Wade 
Published: July 2006

AbstractThe U.S. government deficiency payment program supplements farm income by transferring income from taxpayers to farmers. When revenue lost due to the acreage restriction exceeds revenue gained from participating in the program, farmers lose money by participating. Therefore, measuring expected revenue from the government program is important so that farmers can decide whether to participate in the program. This study uses a GARCH average‐option pricing model and the Black average‐option pricing model to predict the implicit premium of the U.S. government deficiency payment program. The average‐option pricing model considers the average price of the underlying asset over a fixed period. A regression model based on the simulation results is provided so that the average‐option models can be easily used to project deficiency payments. The results can be used by extension economists to help producers decide whether to participate in the program.
A Virtually Ideal Production System: Specifying and Estimating the VIPS Model
Authors: Chambers Robert G. , Pope Rulon D. 
Published: July 2006

AbstractWe characterize the class of profit functions termed VIPS for “virtually ideal production system.” VIPS is consistent with all derived demands being linear in numeric functions of output prices. A flexible but parsimonious version of the VIPS profit function is specified and the implied supply‐response system is estimated using aggregate U.S. agricultural data.
Substitution between Goods and Leisure in a Developing Country
Authors: Alderman Harold , Sahn David E. 
Published: July 2006

AbstractThe paper explores the substitutability between goods, female leisure, and male leisure. We find that goods and leisure are not separable. We then adapt the Almost Ideal Demand System (AIDS) to include leisure in the system in the same manner as commodities. The model is not sensitive to variations in the assumption of total time available for each individual's work and leisure. Results from Sri Lanka indicate the marginal propensity to consume leisure is quite high, especially in rural areas. This finding has important implications for transfer programs designed to raise food consumption. A somewhat surprising complementarity between male and female leisure was also observed. A number of goods were found to be complements to both male and female leisure.
A Dynamic Minimum Variance Hedge
Authors: Lence Sergio H. , Kimle Kevin L. , Hayenga Marvin L. 
Published: July 2006

AbstractThe study presents an operational dynamic minimum variance hedge ratio (DMV) that allows for updates of both cash and futures positions. It is shown that DMV is more general than other operational models in the hedging literature. including the traditional static minimum‐variance hedge ratio (SMV). Estimation of DMV is illustrated with a corn storage problem. The example reveals relatively noticeable differences among the magnitudes of DMV and alternative operational hedge ratios. However, gains in hedging effectiveness from using DMV instead of the simpler SMV are negligible.
Asymmetry and Rigidity in Farm‐Retail Price Transmission
Authors: Azzam Azzeddine M. 
Published: July 2006

AbstractThis article demonstrates how retail‐price transmission asymmetry can arise from intertemporal optimizing behavior among spatially competitive retailers facing concave spatial demand and shows that vigorous competition among retailers may not necessarily result in the larger retail‐price declines farmers expect during periods of declining farm prices. It also shows that, when this particular class of retailers incurs repricing costs, retail prices can be rigid over a range of upward and downward movements in the farm price. This suggests that the rigidity of retail prices, during periods of declining farm prices, could be due to repricing costs. It also suggests that the appropriate econometric model of price‐transmission is the model of friction, where Tobit analysis is the proper method of estimation rather than nonreversible functions.
Do Farm Workers Earn Less? An Analysis of the Farm Labor Problem
Authors: Gisser Micha , Dávila Alberto 
Published: July 2006

AbstractDuring the four decades extending from 1950 to 1960, the ratio of the farm to nonfarm wage fluctuated between 0.45 and 0.55. We employ the Oaxaca technique and the Public Use Microdata Sample of the 1990 Census to decompose the farm/nonfarm wage differential. We also use the American Chamber of Commerce Research Association (ACCRA) cost‐of‐living data to measure the impact of the farm/nonfarm cost‐of‐living index on the wage gap. First, we find that the observed wage gap is reduced by half when nominal wages are deflated by the (ACCRA) cost‐of‐living index. Second, by applying the Oaxaca method separately to a subsample of young employees and a subsample of old employees we find that while for the subsample of employees younger than thirty‐five years the real wage gap practically vanishes, the gap for the subsample of employees who are thirty‐five years of age and over is higher than that of the total sample. This finding lends strong support to the hypothesis that between 1950 and 1970 the process of farm out‐migration was positively selective.
The Structure of Multiplant Technologies
Authors: Chambers Robert G. 
Published: July 2006

AbstractMultiplant technologies are studied, with particular attention on the notion of reaggregation introduced by Sil and Buccola. A weaker, less restrictive notion of reaggregation is formulated. The relation of varying notions of nonjointness (plant, input) to reaggregation is also studied, and specific functional structures are identified.
On Market Equilibrium Analysis
Authors: Chavas Jean‐Paul , Cox Thomas L. 
Published: July 2006

AbstractIn this paper we develop the implications of competitive market equilibrium for production and household behavior when some prices are endogenously determined. The properties of market equilibrium functions are explored, including the effects of pricing policy. A Slutsky‐type equation relating compensated and uncompensated market equilibrium functions is derived. Implications for multimarket welfare analysis are presented, focusing on the effects of pricing policy and technical change.
Theory and Measurement of Exotic Options in U.S. Agricultural Support Programs
Authors: Tirupattur Viswanath , Hauser Robert J. , Boyle Phelim P. 
Published: July 2006

AbstractTheoretical models are derived for pricing derivative market instruments with payoff structures identical to those implied by the deficiency, Findley, and loan programs. Numerical approximation methods are used to obtain market premiums for the exotic contingent claims embedded in these types of programs. The application focuses on a comparison of the value of traditional support programs for corn to that of an exchange put offered under the Option Pilot Program. The comparison provides measures of expected cost to the government and of the value of the programs to the producer.
Functional Separability and Elasticities of Complementarity
Authors: Kim H. Youn 
Published: July 2006

AbstractThis paper presents an alternative characterization of separability based on elasticities of complementarity. Earlier studies have formulated separability restrictions in terms of the Allen elasticities of substitution. The Hicks and Antonelli elasticities of complementarity are presented to examine separability of production (utility) and distance functions. Whereas the Allen elasticities of substitution are valid under homothetic separability, the Hicks elasticities of complementarity are a universally relevant measure of separability for the production (utility) function. Separability of meat commodities is tested using the Antonelli elasticities with the consumer's preferences specified with the distance function.
Research and Productivity in Mexican Agriculture
Authors: Fernandez‐Cornejo Jorge , Shumway C. Richard 
Published: July 2006

AbstractPartial and total factor productivity (TFP) measures of Mexican agriculture are calculated for 1960–90. The long‐run effects of research and international transfer of technology on TFP are examined over the 1940‐90 period using cointegration procedures. TFP increased at an average annual rate of 2.5%, exceeding the corresponding growth in the United States (2.1%). TFP grew particularly fast in the 1960s and 1970s. A 1% rise in research investment increased TFP by 0.13%, and a 1% increase in U.S. TFP translated into a 1.11% increase in Mexican TFP. The average annual rate of return to research investment is about 64%.
State‐ and County‐Level Determinants of Food Manufacturing Establishment Growth: 1987–93
Authors: Goetz Stephan J. 
Published: July 2006

AbstractEmpirical models are developed and estimated to identify economic determinants of food manufacturing establishment growth between 1987 and 1993. Separate growth equations are estimated for states and counties at the three‐digit SIC level. Significant agglomeration diseconomies are found to exist for nearly all subindustries at the county level, but not at the state level. The ability of rural counties to attract food processors to create local employment opportunities and market outlets for farmers varies considerably across subindustries.
Intrinsic Fish Characteristics and Intraseason Production Efficiency: A Management‐Level Bioeconomic Analysis of a Commercial Fishery
Authors: Larkin Sherry L. , Sylvia Gilbert 
Published: July 2006

AbstractBiological changes in Pacific whiting (Merluccius productus) and corresponding production yields were used to model a vertically integrated fishery from harvest through processing. The seasonal bioeconomic programming model incorporated stock dynamics with the interactive economic effects of intrinsic fish quality, the harvest schedule, and quota allocation between heterogeneous user groups. The optimal management plan would maximize discounted net industry revenues (NPV) given a minimum spawning biomass. NPV was maximized when the intraseason timing of harvest coincided with the seasonal improvement in fish quality (e.g., following spawning and/or migration). NPV was only marginally affected, however, by the quota allocation between groups.
The Structure of Wages and Benefits in the U.S. Pork Industry
Authors: Hurley Terrance M. , Kliebenstein James , Orazem Peter F. 
Published: July 2006

AbstractPork production has evolved from relatively small, family‐run operations toward large‐scale operations with several employees. Important questions about the structure of compensation in this rapidly changing labor market are answered using probit and ordered probit models and data from a national survey of pork producers and their employees. The results suggest (i) the structure of wages in pork production is consistent with more developed labor markets; (ii) employees earn a wage premium for using advanced technology and working in larger operations; and (iii) employees are willing to accept lower wages in exchange for better benefits and working conditions.
Examining Quantity and Quality Effects of Restricting Nitrogen Applications to Feedgrains
Authors: Atwood Joseph A. , Helmers Glenn A. 
Published: July 2006

AbstractRestricting the timing and level of nitrogen applications has been proposed as a response to nitrate contamination in Nebraska. Agronomic research indicates that reducing available nitrogen reduces both the yield (quantity) and protein content (quality) of feedgrains. A differential system is developed to estimate the social costs of regulation while simultaneously considering both quantity and quality effects of a tax and/or a rationing policy. The results indicate that ignoring the quality effects of a proposed policy can lead to erroneous estimates of changes in factor use, output responses, and the social costs of regulation.
A Dynamic Economic Analysis of Nitrate Leaching in Corn Production under Nonuniform Irrigation Conditions
Authors: Vickner Steven S. , Hoag Dana L. , Frasier W. Marshall , Ascough James C. 
Published: July 2006

AbstractWe develop a dynamic economic model that includes control variables for both nitrogen fertilizer and irrigation water to analyze interseasonal corn production and nitrate leaching in the presence of irrigation system nonuniformity. The economic model is used to estimate profit‐maximizing nutrient management plans under varying levels of system uniformity. The model is also used to appraise several policy options that have been proposed in the nitrate leaching literature as a means of regulating water quality. Investments in technology are considered, as well as limits on nitrate leaching, nitrogen fertilizer, and irrigation water.
Political Action Committee Contributions and U.S. Congressional Voting on Sugar Legislation
Authors: Brooks Jonathan C. , Cameron A. Colin , Carter Colin A. 
Published: July 2006

AbstractThis study examines the simultaneous relationship between Political Action Committee (PAC) contributions and congressional votes on U.S. sugar legislation. We extend the conventional analysis by specifying a three‐equation system in which each congressman's vote depends on contributions received from pro‐sugar and anti‐sugar coalitions, while the propensity of each of these coalitions to contribute depends simultaneously on the congressman's anticipated voting decision and the contributions of the opposing coalition. Logrolling is also accommodated by considering the effect that contributions from other coalitions have had on voting decisions. We find evidence of a three‐way linkage between votes and competing campaign contributions and conclude that the effectiveness of PAC contributions reflects the dominance of political pressure over ideological concerns.
Knowledge Capital and Cost Structure in the U.S. Food and Fiber Industries
Authors: Morrison Catherine J. , Siegel Donald 
Published: July 2006

AbstractWe explore the existence and extent of scale economies arising from three different external “knowledge capital” factors—investments in R…D, high‐tech, and human capital. These relationships are evaluated for the (two‐ and three‐digit level) food and fiber processing industries from the 1960s through the 1980s. The results generate strong evidence of scale economies but also suggest that the three knowledge capital factors have tended to reduce input use (and thus costs) for all privately demanded factors. The impacts on private capital are particularly large, although human capital appears to have a relatively large impact on labor use in the textiles industry.