bluuebunny/crossref_metadata_2025_split huggingface dataset:
Productivity Growth and Environmental Regulation in Mexican and U.S. Food Manufacturing
Authors: Alpay Ebru , Kerkvliet Joe , Buccola Steven 
Published: March 2003

AbstractMany argued during the NAFTA debate that trade liberalization would favor Mexican over U.S. food processors, especially because of lax environmental laws south of the border. We find through an examination of profit functions that productivity growth in Mexico has outstripped that in the United States, suggesting free trade indeed will benefit Mexican suppliers. U.S. pollution regulations have had no impact on the profitability or productivity of U.S. food manufacturing. In contrast, Mexico's swiftly rising environmental standards have enhanced food processors' productivity growth, corroborating the Porter hypothesis. Pollution law, therefore, has favored Mexican over U.S. food processing, but for reasons few had anticipated.
Exchange Rate Uncertainty and Agricultural Trade
Authors: Cho Guedae , Sheldon Ian M. , McCorriston Steve 
Published: March 2003

AbstractUsing a sample of bilateral trade flows across ten developed countries between 1974 and 1995, this article explores the effect of exchange rate uncertainty on the growth of agricultural trade as compared to other sectors. Based on a gravity model that controls for other factors likely to determine bilateral trade, the results show that real exchange rate uncertainty has had a significant negative effect on agricultural trade over this period. Moreover, the negative impact of uncertainty on agricultural trade has been more significant compared to other sectors.
A Finite Mixture Logit Model of Recreational Angling with Serially Correlated Random Utility
Authors: Provencher Bill , Baerenklau Kenneth A. , Bishop Richard C. 
Published: March 2003

AbstractThis article examines two issues concerning the trip‐taking behavior of recreational anglers over the course of a season. The first is whether the random component of trip utility is serially correlated across trip occasions. The second is the heterogeneity of preferences among anglers. Recent research has examined heterogeneity among recreational trip‐takers using random parameters models. In this article, the population of anglers is, instead, cast as a collection of several subpopulations distinguished by angler preferences, and the method of finite mixtures is used to identify these subpopulations.
The Nested PIGLOG Model: An Application to U.S. Food Demand
Authors: Piggott Nicholas E. 
Published: March 2003

AbstractA new demand system is introduced, the Nested PIGLOG model, nesting thirteen other demand systems including five that are also new. This new model and its nested special cases are applied to models of U.S. food demand that include food‐at‐home (FAH), food‐away‐from‐home (FAFH), and alcoholic beverages. Although nested tests and out‐of‐sample forecasting performance favor generalizing models to a certain degree, statistically insignificant improvements to in‐sample‐fit and even poorer out‐of‐sample forecast accuracy undermine further generalizations. Based on a subset of preferred models, FAFH is found to be price and income elastic compared to FAH which is price and income inelastic.
A Dynamic Analysis of University Agricultural Biotechnology Patent Production
Authors: Foltz Jeremy D. , Kim Kwansoo , Barham Bradford 
Published: March 2003

AbstractThis article examines the factors that account for agricultural biotechnology patenting success among universities using a dynamic count data model. It builds a theoretical and econometric model to capture the inherently dynamic and nonlinear process of technological innovation, wherein a feedback mechanism from previous success partially determines current patent counts. The econometric estimates reveal the importance to agricultural biotechnology patent production of land grant infrastructure, quality faculty, patent‐oriented technology transfer offices, as well as dynamic feedback effects.
Stop and Go Agricultural Policies with a Land Market
Authors: Innes Robert 
Published: March 2003

AbstractThis article studies the design of farm policy in the presence of asymmetric information about farmers' productivity, a government objective to insure farmers a minimum “parity” income, an endogenous land rent, and diminishing returns on alternative (nonprogram crop) land uses. In this setting, acreage set asides are never part of an optimal farm policy, although compensated acreage limits are. When there are new farmer entrants who cannot be excluded from farm programs, optimal policy takes the form of a pure voluntary acreage limitation—or “buyout”—program in which high‐cost producers participate and low‐cost producers do not.
On the Valuation of Uncertainty in Welfare Analysis
Authors: Chavas Jean‐Paul , Mullarkey Daniel 
Published: March 2003

AbstractThis article develops a general model of private and public choice under temporal uncertainty. The model incorporates the effects of risk preferences and the prospect of future learning into both the individual and aggregate valuations of public projects. The analysis provides new insights on individual valuation, its implications for benefit‐cost analysis and the characterization of Pareto‐efficiency under uncertainty. It also resolves some of the confusion in the option value and quasioption value literature.
Market Emergence and Transition: Arbitrage, Transaction Costs, and Autarky in China's Grain Markets
Authors: Park Albert , Jin Hehui , Rozelle Scott , Huang Jikun 
Published: March 2003

AbstractUsing trimonthly Chinese provincial grain prices from 1988 to 1995, we estimate a parity‐bounds model of interregional trade for four subperiods to characterize how multiple aspects of market performance change during the process of economic transition. For each period, we estimate the extent to which arbitrage opportunities are realized by traders, the transaction costs between location pairs, and the likelihood that regions do not trade. Trade restrictions cannot explain the pattern of uneven market development over time. Infrastructure bottlenecks, managerial incentive reforms, and production specialization policies, all were likely important factors affecting market performance.
Monetary Impacts and Overshooting of Agricultural Prices in an Open Economy
Authors: Saghaian Sayed H. , Reed Michael R. , Marchant Mary A. 
Published: March 2003

AbstractThis article's focus is on the time adjustment paths of the exchange rate and prices in response to unanticipated monetary shocks. First, we expand the theoretical specification of the overshooting hypothesis by generalizing Dornbusch's model to include a third sector (i.e., agricultural prices). Second, we employ Johansen's cointegration test along with a vector error correction model to investigate whether agricultural prices overshoot in an open economy. The empirical results indicate that agricultural prices adjust faster than industrial prices to innovations in the money supply, affecting relative prices in the short run, but strict long‐run money neutrality does not hold.
Choice Modeling and Tests of Benefit Transfer
Authors: Morrison Mark , Bennett Jeff , Blamey Russell , Louviere Jordan 
Published: March 2003

AbstractBenefit transfer is increasingly being used by decision makers as a way of estimating environmental values suitable for use in benefit cost analysis. However, recent studies examining the validity of benefit transfer of passive use values estimated using contingent valuation have rejected the hypothesis of convergent validity. In this article, we demonstrate the usage of a form of conjoint analysis known as choice modeling for benefit transfer. Choice modeling has been touted as being particularly suitable for benefit transfer because it is possible to allow for differences in environmental quality and socioeconomic characteristics when transferring benefit estimates. We demonstrate that choice modeling is suitable for benefit transfer, particularly when the transfers involve implicit prices. Second, we examine the circumstances in which benefit transfer of choice modeling derived value estimates is likely to be most valid. Two split sample tests were undertaken to achieve this objective. The evidence from these tests indicates that transfers across different case study sites are likely to be subject to less error than those across different populations.
A Model of Investment under Uncertainty: Modern Irrigation Technology and Emerging Markets in Water
Authors: Carey Janis M. , Zilberman David 
Published: March 2003

AbstractThis article develops a stochastic dynamic model of irrigation technology adoption. It predicts that farms will not invest in modern technologies unless the expected present value of investment exceeds the cost by a potentially large hurdle rate. The article also demonstrates that, contrary to common belief, water markets can delay adoption. The introduction of a market should induce farms with abundant (scarce) water supplies to adopt earlier (later) than they would otherwise. This article was motivated by evidence that, contrary to NPV predictions, farms wait until random events such as drought drive returns significantly above costs before investing in modern irrigation technologies.
Time Allocation Decisions Associated with Job Market Preparation: Undergraduate Perceptions versus Market Realities
Authors: Siebert John W. , Davis George C. , Litzenberg Kerry K. , Broder Josef M. 
Published: March 2003

AbstractA survey of agribusiness firms identifies characteristics associated with above average starting salary offers in the allied fields of agribusiness, agricultural economics, business, and economics. A complementary survey is made of students at Texas A…M University and University of Georgia. Results show that firms value work experience and leadership experience more than students do, whereas students value raising grade point average and interview preparation more than do firms. Students seeking a firm's maximum starting salary offer will need to enhance academic performance with substantial work experience and leadership experience.
The Sensitivity of Returns to Research Calculations to Supply Elasticity
Authors: Oehmke James F. , Crawford Eric W. 
Published: March 2003

AbstractReturns to research are thought to be robust under alternative supply elasticity assumptions. We show, both conceptually and numerically, how advances in approximating social benefits make returns to research sensitive to the supply elasticity. Despite this greater sensitivity, these advances retain conceptual and practical advantages. We make recommendations for dealing with the increased sensitivity.
Impact of Bovine Spongiform Encephalopathy on Agribusiness in the United Kingdom: Results of an Event Study of Equity Prices
Authors: Henson Spencer , Mazzocchi Mario 
Published: March 2003

AbstractThis article assesses the impact on agribusinesses of the United Kingdom Government's announcement of a possible link between Bovine Spongiform Encephalopathy and human health. Three approaches are employed to derive benchmark models against which abnormal returns are estimated, a simple market model, Scholes‐Williams approach, and an autoregressive distributed lag model. Abnormal returns are estimated for single firms and for subsectors over an eight‐day event window. The autoregressive distributed lag model performs best and indicates significant negative abnormal returns in the beef, pet food, animal feed, and dairy sectors and positive abnormal returns in the other meats sector.
Using Domestic Water Analysis to Value Groundwater Recharge in the Hadejia'Jama'are Floodplain, Northern Nigeria
Authors: Acharya Gayatri , Barbier Edward 
Published: March 2003

AbstractThis article values the groundwater recharge function performed by the Hadejia—Jama'are flood‐plain which is threatened by planned upstream water utilization schemes. Domestic consumption of groundwater resources for households dependent on groundwater resources is analyzed. Three types of households are identified as(i) those which collect all their water, (ii) those which purchase all their water, and (iii) those which both collect and purchase water. A behavioral model using a household production function approach is developed to model water demand and a panel formed by pooling contingent behavior and observed data is used to estimate demand. Welfare changes are calculated based on these estimates and on hypothetical reductions in the groundwater recharge rate.
Infringement of Intellectual Property Rights: Causes and Consequences
Authors: Giannakas Konstantinos 
Published: March 2003

AbstractA game‐theoretic model of heterogeneous producers is developed to examine the economic causes and consequences of intellectual property right (IPR) infringement in the context of a small open developing economy. Analytical results show that complete deterrence of IPR infringement is not always economically optimal. IPR infringement affects economic welfare and has important ramifications for the pricing and adoption of the new technology (biotechnology). The quantitative nature of results depends on the labeling regime. If the TRIPs agreement follows the custom of retaliatory sanctions under GATT, IPR enforcement will remain imperfect and innovators' ability to obtain value for their biotech traits will be limited.
The State‐Contingent Properties of Stochastic Production Functions
Authors: Chambers Robert G. , Quiggin John 
Published: March 2003

AbstractThe state‐contingent properties of the most frequently used representations of stochastic production in the agricultural‐economics literature are examined. Particular attention is paid to the cases of multiplicative uncertainty, additive uncertainty, and the Just‐Pope production function. State‐contingent technologies and their associated cost functions are reviewed, and that theory is applied to the stochastic production function. A generalization of the Just‐Pope technology that has desirable state‐contingent characteristics is proposed. Cost functions based upon state‐contingent technologies are compared with cost functions based on a parametrized distribution representation of production uncertainty.
Firm Dynamics with Tradable Output Permits
Authors: Weninger Quinn , Just Richard E. 
Published: March 2003

AbstractWe study firm dynamics, firm value, equilibrium permit prices and market efficiency in a natural resource industry that is managed with tradable output permits. New firms must purchase capital and output permits before they enter. Active firms must consider the economic cost of capital and the cost of owning the permit when contemplating exit. The value of the capital used in the production process has nonseparable effects on permit prices and market efficiency. Costly investment reversibility (in the firm's productive capital) and uncertainty reduce permit prices and prolong the abandonment of unproductive capital. Policies to improve economic performance are identified.
Decomposition of Productivity Growth Using Distance Functions: The Case of Dairy Farms in Three European Countries
Authors: Brümmer Bernhard , Glauben Thomas , Thijssen Geert 
Published: March 2003

AbstractWithin an output distance function framework, the Total Factor Productivity growth index is decomposed into four components (technical change, technical and allocative efficiency, and scale component). We estimate stochastic translog output distance functions using panel data from dairy farms over the period 1991–94 for three European countries (Germany, the Netherlands, and Poland). Results indicate that the change in the productivity growth index in Germany (+6%) and Poland (−5%) are mainly dictated by the technical change component. In contrast, the productivity growth index in the Netherlands (+3%) is influenced by allocative efficiency components.
Generic Advertising and Product Differentiation
Authors: Crespi John , Marette Stéphan 
Published: March 2003

AbstractThis article considers whether generic advertising lowers the differentiation among competing brands of the same good. Analytical results show that if the benefits from generic advertising from increased demand are outweighed by the costs from lower product differentiation then high‐quality producers will not benefit from generic promotion. Hypotheses are tested empirically under a conditional‐logit approach using retail‐market sales and advertising data for the U.S. prune industry. Results from this study provide evidence that generic advertising has a slight differential effect on the perceived qualities of different brands.
Determinants of Deforestation and the Economics of Protection: An Application to Mexico
Authors: Deininger Klaus , Minten Bart 
Published: March 2003

AbstractWe estimate the probability of deforestation at the plot level for Chiapas and Oaxaca, two poor Mexican states with high levels of biodiversity. Results highlight the importance of physio‐geographic endowments as well as policy variables and allow to test explicitly for aggregation bias. They also suggest that, if combined with information on the biodiversity value of specific plots, such models could be of great relevance for policy by allowing to identify the ex ante risk of deforestation.
Effects of the Private‐Label Invasion in Food Industries
Authors: Ward Michael B. , Shimshack Jay P. , Perloff Jeffrey M. , Harris J. Michael 
Published: March 2003

AbstractUsing supermarket scanner data, we test a variety of hypotheses from trade journals about the invasion of private‐label food products. According to conventional industry wisdom, name‐brand firms defended their brands against new private‐label products by lowering their prices, engaging in additional promotional activities, and increasingly differentiating their products. Our empirical evidence is inconsistent with these beliefs.
Welfare Gains from Quality Certification of Infant Foods: Results from a Market Experiment in Mali
Authors: Masters William A. , Sanogo Diakalia 
Published: March 2003

AbstractIn low‐income countries, malnutrition is often most severe among infants of six to twenty‐four months. They need higher‐density foods than the family diet, but density is a credence attribute. We hypothesize that the premium now paid for heavily advertised brands reflects demand for quality assurance, which could be provided at lower cost to competing firms through third‐party certification. We use a new market experiment to find that mothers' average willingness‐to‐pay for certification is about $‐1.75/kg, or four times its cost, so that total economic‐surplus gains from introducing certification to Mali would be on the order of $‐1 million annually.
Prices and Health: Identifying the Effects of Nutrition, Exercise, and Medication Choices on Blood Pressure
Authors: Chen Shih‐Neng , Shogren Jason F. , Orazem Peter F. , Crocker Thomas D. 
Published: March 2003

AbstractBiomedical studies suggest that a person's behavior matters to health, but these studies usually treat human choice as exogenous. This study shows that individual choices on nutrient intake, exercise, and use of medication are influenced by exogenous food prices, wages, and non‐labor income. Using these exogenous variables as instruments for endogenous behavior makes a big difference in the estimated impact of nutrient intake, exercise, and medication on blood pressure. For example, application of instrumental variables methods changes the impact of sodium on blood pressure from positive to negative and significant.
Spatial Market Efficiency and Policy Regime Change: Seemingly Unrelated Error Correction Model Estimation
Authors: Thompson Stanley R. , Sul Donggyu , Bohl Martin T. 
Published: March 2003

AbstractWe investigate the degree to which the wheat markets of France, Germany, and the United Kingdom are in spatial equilibrium and how reforms to the CAP affect the speed of convergence to the longrun relationship. Due to the interrelationship among these markets and the nonstationarity of our data we introduce a seemingly unrelated regression‐augmented Dickey‐Fuller and error correction methodology. We argue this methodology is more efficient than ordinary cointegration and error correction models. Empirically we find strong evidence of efficient spatial markets and conformity to the law of one price. Market liberalization reforms in the EU increased the comovement of domestic and world wheat prices; our post‐Uruguay Round price transmission elasticity was 0.183.
Post‐War Productivity Patterns in U.S. Agriculture: Influences of Aggregation Procedures in a State‐Level Analysis
Authors: Acquaye Albert K. A. , Alston Julian M. , Pardey Philip G. 
Published: March 2003

AbstractAnnual data for forty‐eight states are used to account for changes in the composition of input and output aggregates over space and time, and thereby to obtain new evidence on changes in inputs, outputs, and productivity in U.S. agriculture. The measures change significantly when we use state‐specific rather than national prices and when we allow for changes in the composition of the aggregates, especially of labor and capital inputs. We compare our estimates and those reported by Ball et al. (American Journal of Agricultural Economics 81(1999):164–79). The national estimates are similar but substantial differences are found in state‐level productivity growth.
Prevention versus Treatment under Precautionary Regulation: A Case Study of Groundwater Contamination under Uncertainty
Authors: Lichtenberg Erik , Penn Tony M. 
Published: March 2003

AbstractPolicy discussions on agricultural pollution problems characterize prevention as more cost effective and precautionary than ex post treatment. We derive conditions under which treatment alone is more cost effective in situations involving multiple sources of emissions, multiple sites affected, and a commonly used precautionary approach to uncertainty. We also show that a greater degree of precaution can result in less reliance on prevention. An empirical case study indicates that treatment alone is the most cost‐effective means of dealing with nitrate in most Maryland community water system wells. The use of leaching prevention measures is restricted to the most intensive poultry producing areas. The incremental cost of precaution is substantial.
Simultaneity, Rationality and Price Determination in US Live Cattle
Authors: Goss Barry A. , Avsar S. Gulay , Inder Brett A. 
Published: March 2003

The results of recent research on the informational efficiency of the US live cattle futures market are ambiguous. Moreover, simultaneous, rational expectations models of spot and futures markets for non‐storables are lacking in the literature. This paper addresses both issues: by developing a simultaneous rational expectations model of the US live cattle market, with functional relationships for short hedgers, long hedgers, net short speculators and consumers, the paper employs a wider information set than in previous research and it thus provides a more powerful test of the efficient market hypothesis (EMH). Tests indicate the possible presence of non‐linearities in the long hedging and net short speculation equations.The results suggest first, that there is support for Working’s hypotheses of selective and operational hedging, for short and long hedgers respectively, second that speculators may be noise traders or risk‐loving (although the non‐linear version of the speculation function partially corrects this anomaly), and third that beef is a normal good while corn is a complementary input. Time‐varying volatility is represented as an EGARCH (p, q) process. Post‐sample, this model does not significantly outperform the futures price in spot price forecasting, implying non‐rejection of the EMH.