摘要:

AbstractThe effects of temporal and spatial data aggregation on the performance of alternative marketing margin models is assessed using monthly, quarterly, and semiannual fluid milk prices from three U.S. cities. Nonnested tests for multivariate and single equation models with serial correlation are used to choose among alternative models at each aggregation level. While model choice is affected by temporal and spatial aggregation, model choice becomes more difficult as data are temporally or spatially aggregated.

ISSN:0002-9092    

DOI:10.2307/1243560

出版商:Oxford University Press    

年代:1993

数据来源: WILEY

摘要:

AbstractMarket power in regional fed cattle markets is measured with an econometric model which links behavior of the margin between boxed beef and fed cattle prices to an economic model of conduct. A noncooperative game theoretic model suggests that for tacitly collusive pricing behavior to persist in equilibrium, oligopsonists must follow a discontinuous pricing strategy. Meatpackers pay low prices for cattle during cooperative phases and purchase cattle aggressively during noncooperative phases. Tests for cooperative/noncooperative conduct and measures of market power are presented. Fed cattle prices in four direct trade regions in the central United States are examined. Evidence of cooperative/noncooperative conduct is present in all markets but has declined over time. Varying conduct across markets and over time suggests it is important to continue monitoring fed cattle markets to assure a competitive environment.

ISSN:0002-9092    

DOI:10.2307/1243561

出版商:Oxford University Press    

年代:1993

数据来源: WILEY

摘要:

AbstractWe determine the effect of anticipated and unanticipated cattle supply on the departure of fed cattle price from cattle's marginal value product. Results indicate fed cattle were priced significantly below their marginal value during 31 of the 59 quarters between 1972II and 1986IV. When unanticipated supply shocks are small, markdown behavior is consistent with the hypothesis that packers follow an average processing cost (APC) pricing rule. One implication of our results is that reducing industry concentration is not likely to lead to changes in cattle prices predicted by SCP‐based studies of the industry.

ISSN:0002-9092    

DOI:10.2307/1243562

出版商:Oxford University Press    

年代:1993

数据来源: WILEY

摘要:

AbstractA model of the farm‐retail price spread for beef is specified under rational expectations, in which systematic risk response on the part of marketing intermediaries is allowed. The three‐equation structural model contains potentially time‐varying risk terms in margin and supply equations, which I approximate and estimate using a multivariate GARCH‐in‐Mean approach. The estimated model is used to infer relative risk premia in beef margins, and to simulate short‐run equilibrium risk effects. Results indicate that price risk has, at times, had substantial impacts on farm and retail beef prices and production.

ISSN:0002-9092    

DOI:10.2307/1243563

出版商:Oxford University Press    

年代:1993

数据来源: WILEY

摘要:

AbstractRecreation choices are often viewed as short‐run decisions conditioned on longer‐run labor supply. Using weak separability to reflect this relationship, the wage rate is the shadow value of time for individuals who get no utility from work, whether or not they are observed to be trading time for money in the short run. This result widens the circumstances under which the wage rate (not some fraction thereof) is the theoretically correct shadow value of time. Modifications to such a conclusion are developed for cases in which work is a source of utility and in which the first‐stage choice is not continuous.

ISSN:0002-9092    

DOI:10.2307/1243564

出版商:Oxford University Press    

年代:1993

数据来源: WILEY

摘要:

AbstractParticipation and site choice for Atlantic salmon fishing are modeled in the context of a repeated three‐level nested‐logit model. Consumer's surplus measures are derived for different levels of species availability in the Penobscot River, the most important salmon river in New England. For comparison, six other travel‐cost models are estimated. These include restrictive cases of the nested‐logit model, a partial demand model, and two single‐site demand models. Comparisons across these models indicate the importance of modeling the participation decision, including income effects, and of adopting a nested‐logit structure rather than a single‐level logit structure.

ISSN:0002-9092    

DOI:10.2307/1243565

出版商:Oxford University Press    

年代:1993

数据来源: WILEY

摘要:

AbstractI compare the informational efficiencies of contingent rating, contingent ranking, and two contingent paired‐comparison methods as alternatives to the referendum contingent valuation method. The contingent rating method is hypothesized to be most efficient because ratings convey information on preference intensities and can uniquely represent respondent indifference or ambivalence. Survey data on hunters' ratings of alternative hypothetical hunting trips are used to estimate four alternative indirect utility models from which marginal willingness‐to‐pay measures for individual trip attributes are derived. Model comparison, WTP estimates, and their confidence intervals confirm the relative efficiency of the contingent rating approach.

ISSN:0002-9092    

DOI:10.2307/1243566

出版商:Oxford University Press    

年代:1993

数据来源: WILEY

摘要:

AbstractThe paper develops a theoretical foundation for using count data models in travel cost analysis. Two micro models are developed: a restricted choice model and a repeated discrete choice model. We show that both models lead to identical welfare measures.

ISSN:0002-9092    

DOI:10.2307/1243567

出版商:Oxford University Press    

年代:1993

数据来源: WILEY

摘要:

AbstractFarmers may value water quality and user safety characteristics of herbicides as they select among products to obtain weed control. Expenditures per application in the U.S. corn and soybean herbicide markets are explained by several safety characteristics in addition to market and weed control characteristics. The explicit inclusion of safety characteristics in the farm decision model indicates that not all safety aspects of pesticide use are external to farmers. Leaching potential and user toxicity are statistically significant, but their elasticities are small relative to broadleaf and grass weed control efficacy.

ISSN:0002-9092    

DOI:10.2307/1243568

出版商:Oxford University Press    

年代:1993

数据来源: WILEY

摘要:

AbstractMarketing activities are introduced into a rational expectations model of the food marketing system. The model is used to evaluate effects of alternative marketing technologies on the distribution of the benefits of contingency markets in agriculture. Benefits depend on two parameters: the cost share of farm inputs and the elasticity of substitution between farm and nonfarm inputs in food marketing. Over a broad spectrum of technologies, consumers are likely to be the net beneficiaries and farmers the net losers from the provision of contingency markets.

ISSN:0002-9092    

DOI:10.2307/1243569

出版商:Oxford University Press    

年代:1993

数据来源: WILEY