bluuebunny/crossref_metadata_2025_split huggingface dataset:
Systematic and Nonsystematic Risk in Farm Portfolio Selection
Authors: Turvey Calum G. , Driver H. C. , Baker Timothy G. 
Published: July 2006

AbstractThe concepts of systematic and nonsystematic risk are evaluated as risk measures in farm planning models. A diagonal quadratic programming model based upon a single‐index model yields farm plans similar to the full variance‐covariance quadratic program with four of thirteen farm plans being identical. Surprisingly, a linear programming model using only systematic risk produces farm plans that are identical to the full variance‐covariance quadratic program for eleven of thirteen income levels. Accordingly, it is suggested that single‐index‐based programming models may prove to be practical alternatives for deriving mean‐variance‐efficient farm plans.
The Effects of the Dairy Termination Program on Live Cattle and Wholesale Beef Prices
Authors: Marsh John M. 
Published: July 2006

AbstractDistributed lags were used to estimate the beef price effects of the 1986‐87 Dairy Termination Program. The model estimated the direct effects of dairy slaughter and indirect effects of fed and nonfed supply response on the feeder, slaughter, and carcass markets. The results showed that, without offsetting U.S. Department of Agriculture red meat purchases, price reductions would have ranged from about $@@‐@@1.60 to $@@‐@@4.00 per hundredweight but were reduced by one‐half with the red meat purchases. If the Department of Agriculture had scheduled dairy slaughter more evenly over eighteen months, price reductions would have been 34% less.
Does the Law of One Price Really Hold for Commodity Prices?
Authors: Ardeni Pier Giorgio 
Published: July 2006

AbstractIn spite of the empirical failure of the “Law of One Price,” it is usually assumed that commodity prices are perfectly arbitraged, at least in the long run. This paper argues that this assumption is counterfactual and that much of the empirical evidence provided to support it is flawed and affected by econometric shortcomings (spurious regressions, nonstationarity in the data, inappropriate use of first differences). An alternative methodology (co‐integration), by which a long‐run relationship between nonstationary series can be tested, is proposed. Tests of nonstationarity and co‐integration for a group of commodities show quite uniformly that the “Law of One Price,” as a long‐run relationship, fails, and that deviations from the pattern are permanent.
Utilizing Scanner Data to Estimate Retail Demand Functions for Meat Products
Authors: Capps Oral 
Published: July 2006

AbstractRetail demand relationships for steak, ground beef, roast beef, chicken, pork chops, ham, and pork loin were examined using scanner data from a retail food firm located in Houston. Own‐price elasticities were negative, statistically significant, and—except for roast beef—in the inelastic range. With few exceptions, cross‐price elasticities were positive and statistically significant. Nearness to payday was not a key factor, but seasonal patterns were evident. Except for pork commodities, own‐advertisement elasticities were positive and statistically significant. Generally speaking, cross‐advertisement effects were marginal.
The Value of Ideal Contingency Markets in Agriculture
Authors: Myers Robert J. 
Published: July 2006

AbstractAn incomplete markets equilibrium, in which no contingency markets are available, is compared to a complete markets equilibrium formed by introducing a futures market and a crop insurance market. The two regimes are compared using comparative static and welfare analyses. Numerical examples highlight important characteristics of the model and illustrate how the effects of introducing contingency markets can be quantified. The main conclusions are that contingency markets in agriculture increase economic efficiency, but there is no guarantee that farmers and consumers both benefit. It is found that futures and crop insurance markets may reduce farmer welfare when the demand for farm products is price inelastic.
Ranking of Agricultural Economics Departments: Influence of Regional Journals, Joint Authorship, and Self‐Citations
Authors: Beilock Richard , Polopolus Leo 
Published: July 2006

AbstractCitations are increasingly used to indicate the quality of an academic unit's work. The set of literature or journals, however, becomes crucial to any ranking scheme. Citations from the broadly based Social Science Citations Index suggest a different ranking of departments than the ranking obtained from a somewhat narrowly focused set of North American journals of agricultural economics. The paper seeks to determine the influence of regional journals, joint authorship, and self‐citations on departmental rankings. Data bases of citations are developed for the faculty of seventy‐three departments of agricultural economics in the United States and Canada.
Expenditure Constraints and Profit Maximization in U.S. Agriculture
Authors: Lee Hyunok , Chambers Robert G. 
Published: July 2006

AbstractThis paper considers the effect of expenditure constraints on producer profit maximization. A theory of expenditure‐constrained profit maximization that provides restrictions for testing the competing null hypotheses of unconstrained and expenditure‐constrained profit maximization is developed. The resulting model is fitted to aggregate U.S. agricultural data. The hypothesis of unconstrained profit maximization is rejected, while expenditure‐constrained profit maximization cannot be rejected for U.S. agriculture. U.S. farmers apparently experience binding constraints in financing their variable production costs.
An Empirical Analysis of Intertemporal and Demographic Variations in Consumer Preferences
Authors: Kokoski Mary F. 
Published: July 2006

AbstractAnalysis of consumer demand behavior typically focusses on either the cross‐sectional dimension or takes a time‐series approach. The former ignores intertemporal changes in preferences, and the latter ignores differences in preferences among different groups of consumers. In this study two identically defined cross sections of expenditure data are used to estimate a nonhomothetic demand system for food at home for three demographic groups. The results indicate that both demographic and intertemporal differences in preferences are significant and that the method of incorporating demographic variables into the estimation is also important.
The Effect of the Value of Time on Food Consumption Patterns in Developing Countries: Evidence from Sri Lanka
Authors: Senauer Ben , Sahn David , Alderman Harold 
Published: July 2006

AbstractThis study shows that the opportunity cost of women's time can affect household food consumption patterns in developing countries. Demand equations for rice, bread, and the ratio of bread to total cereal consumption are estimated for urban Sri Lankan households. The demand specification, which is based on the “New Household Economics,” includes as explanatory variables the woman's estimated market wage and the household's “full income,” and alternatively “observed income.” Wages are estimated using the Heckman procedure to correct for sample selection bias.
The EEC's Wheat Price Policies and International Trade in Differentiated Products
Authors: de Gorter Harry , Meilke Karl D. 
Published: July 2006

AbstractSeveral features of the EC wheat market are analyzed including the imperfect substitutability between imports and domestic supplies, the simultaneous import and export of wheat, and the distinct impact of threshold versus intervention policy prices. In theory, the impact of EC price policies on wheat consumption and net trade are found to be indeterminate a priori. Empirical results show that intervention prices have a positive impact on EC net exports, while increases in threshold (import) prices have decreased EC net wheat exports. Competing wheat exporters would prefer the EC to lower the intervention price to world levels but maintain threshold prices.
Asymmetry in Farm‐Retail Price Transmission for Major Dairy Products
Authors: Kinnucan Henry W. , Forker Olan D. 
Published: July 2006

AbstractAn econometric model is used to estimate the net relationship between changes in the farm‐level price of milk and changes in the retail prices of four major dairy products—fluid milk, butter, cheese, and ice cream. Results indicate that the farm‐retail price transmission process in the dairy sector is asymmetric. Retail dairy product prices adjust more rapidly and more fully to increases in the farm price of milk than to decreases. The role in pricing asymmetry of retail demand versus farm supply shifts is tested via a Chow‐type test. Asymmetry is tested using the Houck procedure for estimating nonreversible functions.
Signals or Noise? Explaining the Variation in Recreation Benefit Estimates
Authors: Smith V. Kerry , Kaoru Yoshiaki 
Published: July 2006

AbstractThis paper uses meta analysis to summarize the benefit estimates derived from travel cost recreation demand models. After reviewing approximately 200 published and unpublished studies prepared from 1970 to 1986, 77 were found to report either consumer surplus estimates or sufficient information to derive them. Using these estimates of the consumer surplus per unit of use from each study, it was possible to evaluate the influence of variables describing the site characteristics, the activities undertaken at each site, the behavioral assumptions, and the specification decisions. The findings provide clear support for using econometric methods to summarize results from diverse empirical studies. They highlight the important research issues in model development and offer a consistency check to the procedures used in benefit transfer analyses for policy evaluations.
The Creation of Dominant Firm Market Power in the Coconut Oil Export Market
Authors: Buschena David E. , Perloff Jeffrey M. 
Published: July 2006

AbstractEconometric results show that prior to the 1970s the Philippine coconut oil export market was competitive but that legal and institutional changes in the early 1970s, which centralized control of the Philippine coconut oil‐refining and exporting industries, allowed the Philippines to exercise some of its potential dominant firm market power.
Dynamic Decisions under Risk: Application of Ito Stochastic Control in Agriculture
Authors: Hertzler Greg 
Published: July 2006

AbstractIn agricultural economics, most studies of dynamic decisions under risk have been empirical with less emphasis on theory. In finance, resource economics, and general economics, however, Ito stochastic control is popular for theoretical work. Optimal decisions can be characterized using the powerful Ito stochastic calculus. This paper describes the assumptions and methods of Ito control, constructs a dynamic model of agricultural decisions under risk, and illustrates with four examples.
Quality Variation and Quantity Aggregation in Consumer Demand for Food
Authors: Nelson Julie A. 
Published: July 2006

AbstractViewing the problem of “quality” variation in consumer demand for food asa problem of valid aggregation over goods leads to new insights. The simple sum of physical quantities, used as the measure of demand in the “quality” literature, is found to be a theoretically arbitrary and potentially misleading measure of demand when goods are heterogenous. Alternative measures of demand derived from restrictions on quality variation, consumer preferences, or relative prices, are investigated. A hypothetical example illustrates the use of a Hicksian composite commodity assumption. The empirical as well as conceptual merits of the various measures are discussed.
Measuring the Degree of Market Power Exerted by Government Trade Agencies
Authors: Love H. Alan , Murniningtyas Endah 
Published: July 2006

AbstractThe principle of profit maximization is used to derive an equilibrium condition for noncompetitive markets and to provide explicit parametric tests for market power exerted in both domestic and foreign markets by a government trade agency. Our study goes beyond previous work by considering simultaneous exertion of market power in both domestic and foreign markets and by jointly estimating market power parameters with cost and demand parameters. These innovations allow nested tests of market power as opposed to prevailing nonnested tests based on simulation models or conditional tests based on prior estimates of demand and cost parameters. Japan is found to exert a high degree of monopsony power in the world wheat market and no monopoly power in the domestic market.
Nonlinear Dynamics of Daily Cash Prices
Authors: Yang Seung‐Ryong , Brorsen B. Wade 
Published: July 2006

AbstractDaily cash price changes are not normally distributed. Their empirical distributions have fat tails and most are skewed. In addition, they are not independent. Among the diffusion‐jump, extended generalized autoregressive conditional heteroskedasticity (GARCH), and deterministic chaos processes, a GARCH process with residuals following a student distribution is the most likely. Our GARCH model reduces leptokurtosis, removes nonlinear dependence, and provides a considerable improvement over the i.i.d. normal model. The GARCH process is not well calibrated because it cannot explain all the observed nonnormality, but it does yield asymptotically valid hypothesis tests.
Macroeconomic Imbalances: A Multiregional General Equilibrium Analysis
Authors: Kraybill David S. , Johnson Thomas G. , Orden David 
Published: July 2006

AbstractThis article analyzes regional and sectoral consequences of recent federal budget and trade deficits. A multiregional computable general equilibrium (MCGE) model is developed in which regions differ in technology, factor endowments, tax rates, government expenditure patterns, and trade relationships. An application to Virginia and the rest‐of‐the‐United States indicates that traditional sectors (agriculture, forestry, basic wood products, mining, textiles, and apparel) bear a greater burden of adjustment to macroeconomic imbalances than do other sectors. The analysis demonstrates that seemingly aspatial national policies may shift the geographic distribution of national output and income.
Reconciling the von Liebig and Differentiable Crop Production Functions
Authors: Berck Peter , Helfand Gloria 
Published: July 2006

AbstractTwo commonly used forms for crop response to inputs are a smooth, differentiable production function and a linear response and plateau (LRP) model. This paper reconciles these two views by showing that smooth functions can be derived by aggregating the effects of heterogenous inputs on LRP functions. Data on corn growth are used to test two specific aggregations.
Factors Influencing the Adoption of Insect Management Technology
Authors: Harper Jayson K. , Rister M. Edward , Mjelde James W. , Drees Bastiaan M. , Way Michael O. 
Published: July 2006

AbstractLogit analyses are used in evaluating survey data concerning rice stink bug [Oebalus pugnax (Fabricius)] management by Texas rice producers. Effects of rice production attributes on the adoption of insect sweep nets in conjunction with treatment thresholds, and the spraying of insecticides for the management of the rice stink bug, are investigated. The proportion of neighboring land use in pasture, the proportion of rice acreage planted to semidwarf varieties, and producers' attendance at specific field days significantly affect the probability of adopting sweep nets and treatment thresholds. Adoption of sweep nets and treatment thresholds increase the probability of spraying by 11.3%.
Confidence Intervals for Elasticities and Flexibilities: Reevaluating the Ratios of Normals Case
Authors: Dorfman Jeffrey H. , Kling Catherine L. , Sexton Richard J. 
Published: July 2006

AbstractMany important hypotheses in applied economics depend upon the magnitude of estimated elasticities or flexibilities. However, their statistical properties are unknown for many popular models, making standard statistical inference impossible. This problem is addressed in the present paper which analyzes and evaluates alternative methods of constructing confidence intervals for elasticities and flexibilities. The methods studied include three bootstrap‐based approaches, an approximation based on a Taylor's series expansion, and approaches proposed by Fieller and Scheffé. Results show that all method's except Scheffé's worked reasonably well, but the simpler Fieller and Taylor's series methods modestly outperformed the various bootstrapped‐generated intervals.
Technology Adoption and Agricultural Price Policy
Authors: Miller Tracy , Tolley George 
Published: July 2006

AbstractMarket interventions such as price supports or fertilizer subsidies can lead to gains from speeding up adoption of new technologies, but the policies distort resource allocation. A framework is developed for optimizing policies in light of the adoption‐allocation trade off. Based on adoption coefficients and production parameters from third world agriculture, levels and duration of policies are estimated. Sensitivity analyses are performed. Gains are small at best and may be zero or negative in view of farmer costs of adjustment and deadweight losses from taxes.
Food Consumption Changes of Adult Women between 1977 and 1985
Authors: Popkin Barry M. , Guilkey David K. , Haines Pamela S. 
Published: July 2006

AbstractNationally representative samples of U.S. women aged nineteen to fifty are used to examine comparable food group consumption data collected in 1977 and 1985. Changes in the proportion of women consuming each food group, quantities consumed by users, and the determinants of consumption changes over time are identified. Significant shifts in consumption of food groups defined by fat and dietary fiber criteria are measured in this research. While standard demographic and socioeconomic factors explain significant amounts of cross‐section food group consumption variation, the effects of these factors vary considerably between 1977 and 1985 and explain most of the food group consumption trends.
The Welfare Effects of Targeted Export Subsidies: A General Equilibrium Approach
Authors: Bohman Mary , Carter Colin A. , Dorfman Jeffrey H. 
Published: July 2006

AbstractA three‐country model of export subsidies is developed with an exporter, an importer, and a neutral country which can act on either side of the market. When the neutral country is an exporter, the country offering a targeted export subsidy always suffers a welfare loss. However, when the neutral country is an importer, the possibility of a paradoxical result—that the subsidizing country can gain and the subsidized country can lose—is shown to exist, and the conditions under which this result occurs are derived. The model fails to provide justification (on national welfare grounds) for widespread use of targeted export subsidies such as the export enhancement program.
A Bayesian Approach to Explaining Sequential Adoption of Components of a Technological Package
Authors: Leathers Howard D. , Smale Melinda 
Published: July 2006

AbstractAgricultural innovations are often promoted as a package—a new seed variety, a recommended fertilizer application, and other recommended cultivation practices. Nevertheless, many farmers adopt pieces of the package rather than the whole, in a sequential fashion. This paper presents a behavioral model which explains sequential adoption as a consequence of learning by adopting farmers. In order to learn more about the entire technological package, the farmer may adopt a part of the package. The model is shown to be consistent with observed patterns of sequential adoption.
Interactions between Agricultural and Resource Policy: The Importance of Attitudes toward Risk
Authors: Leathers Howard D. , Quiggin John C. 
Published: July 2006

AbstractUsing a method proposed by Meyer for deriving comparative statics results in the presence of risk, this paper analyzes the effects of various agricultural and environmental policy alternatives on the choices of a risk‐averse producer with a Just and Pope production function. Many commonly held beliefs about policy effects are not supported unambiguously by economic theory. For example, a tax on pesticides will not necessarily reduce pesticide use or average output, and a reduction in price of agricultural output will not necessarily lead to a reduction in use of water or agricultural chemicals.
Joint Risk Preference‐Technology Estimation with a Primal System
Authors: Love H. Alan , Buccola Steven T. 
Published: July 2006

AbstractApplied studies of the firm in a risky environment have concentrated either on the firm's technology or on its risk preferences. These models result in generally inconsistent and inefficient parameter estimates. A primal model is proposed which allows a firm's preferences and technology to be estimated jointly in the presence of risk. The model is applied to Iowa corn production and estimated technology parameters are compared with those from other approaches. Modest risk aversion leads to inelastic (even backbending) per‐acre supplies and input demands. Yield heteroskedasticity in inputs leads to supply heteroskedasticity in prices, especially for risk‐neutral firms.
Using Count Data Models in Travel Cost Analysis with Aggregate Data
Authors: Hellerstein Daniel M. 
Published: July 2006

AbstractIn order to control for censoring and the integer nature of trip demand, the use of count data models in travel cost analysis is attractive. Two such models, the Poisson and negative binomial, are discussed. Robust estimation techniques that loosen potentially stringent distributional assumptions are also reviewed. For illustrative purposes, several count data models are used to estimate a county‐level travel cost model using permit data from the Boundary Waters Canoe Area.
The Aggregate Effects of Risk in Agricultural Sector
Authors: Meyer Jack , Robison Lindon J. 
Published: July 2006

AbstractThe theory of the firm facing a random output price is extended to include industry equilibrium conditions in a way particularly important for agriculture. Land prices adjust to maintain industry equilibrium. The comparative statics and the effects of policy for the firm are significantly altered. The main finding is that risk and other parameter changes are capitalized into the price of land and yield wealth or income effects rather than substitution effects. This often simplifies the analysis.
Dietary Effects of the Food Stamp Program
Authors: Devaney Barbara , Moffitt Robert 
Published: July 2006

AbstractBased on data from the 1979–80 Survey of Food Consumption in Low‐Income Households, this paper estimates the effects of changes in cash income and the food stamp benefit on household nutrient availability, while controlling for two potential sources of selection bias. The major finding of the empirical analysis is that the estimated dietary effects of changes in food stamp benefits are considerably larger than those resulting from changes in cash income, with estimates of the ratios of the MPC for the food stamp benefit to the cash‐income MPC ranging from three to seven across nutrients. No significant evidence of selection bias was found, and the estimated dietary effects of food stamp benefits from the selection bias models are similar to those from the basic model estimated by ordinary least squares regression.
Water Markets and Water Quality
Authors: Weinberg Marca , Kling Catherine L. , Wilen James E. 
Published: July 2006

AbstractIn addition to improving the allocative efficiency of water use, water markets may reduce irrigation‐related water quality problems. This potential benefit is examined with a nonlinear programming model developed to simulate agricultural decision‐making in a drainage problem area in California's San Joaquin Valley. Results indicate that a 30% drainage goal is achievable through improvements in irrigation practices and changes in cropping patterns induced by a water market. Although water markets will not generally achieve a least‐cost solution, they may be a practical alternative to economically efficient, but informationally intensive, environmental policies such as Pigouvian taxes.