摘要:

AbstractA duality model of production is developed that permits risk aversion and price uncertainty. The linear mean‐variance framework employed is tractable for empirical research, in contrast to duality models of risk based on a generalized expected utility function. The framework is more general than in standard price certainty models while retaining the simplicity needed for empirical research.

ISSN:0002-9092    

DOI:10.2307/1243182

出版商:Oxford University Press    

年代:1992

数据来源: WILEY

摘要:

AbstractThe paper examines the impact of production risk on a producer's optimal input decisions. Whether producers use more or fewer inputs in a yield‐risky environment depends on the sign of the marginal risk premium, which is determined by risk preferences and technology. I present the weakest condition on technology that is sufficient to sign the marginal risk premium for all risk‐averse preferences. If this condition fails to hold, the marginal risk premium is not of the same sign for all risk averters. Results are used to explore the properties of an estimated technology.

ISSN:0002-9092    

DOI:10.2307/1243183

出版商:Oxford University Press    

年代:1992

数据来源: WILEY

摘要:

AbstractMost previous stochastic dynamic programming (DP) applications have assumed that decision makers are risk neutral; however, risk permeates both intrayear and interyear relationships in most DP problems. Incorporating risk aversion to intrayear outcomes alone can violate the independence assumption of expected utility and can destabilize long‐run equilibrium returns. Aversion to riskiness of the long‐run returns suppresses the effect of sequential resolution of risk over time. Because tolerance of short‐run versus long‐run risk varies in dynamic situations, procedures for incorporating risk aversion should accommodate this variation. More research on risk averse DP formulations is needed.

ISSN:0002-9092    

DOI:10.2307/1243184

出版商:Oxford University Press    

年代:1992

数据来源: WILEY

摘要:

AbstractThe application of an optimal dynamic hedging model was explored for a county in North Carolina. Corn yield, harvest corn basis, and December corn futures prices were forecast. The forecasts were used to calculate optimal dynamic hedge positions. When the hedge position was updated infrequently, commissions were only slightly higher than commissions from a fixed hedge. Gains from updating the hedge position over the corn growing season were not substantial compared to a fixed hedge position.

ISSN:0002-9092    

DOI:10.2307/1243185

出版商:Oxford University Press    

年代:1992

数据来源: WILEY

摘要:

AbstractThis paper presents theoretical and empirical evidence that unauthorized immigrants are more likely to be selected into low‐wage, low‐skill farm jobs than are otherwise similar legal workers. Controlling for this selection process, the earnings of unauthorized workers are significantly lower than the earnings of legal workers in high‐skill farm jobs. These findings are shown to be consistent with expected profit maximization by farm employers. Legalization of farmworkers under the Special Agricultural Worker (SAW) program is not likely to increase farmworker earnings and may result in wage decreases in some farm jobs.

ISSN:0002-9092    

DOI:10.2307/1243186

出版商:Oxford University Press    

年代:1992

数据来源: WILEY

摘要:

AbstractA major concern in development of the 1986 Immigration Reform and Control Act was the potential for reductions in seasonal farm labor supply. Although the act appears to have increased farm labor supply, future immigration policy will likely be affected by similar concerns. Muth's model of industry supply and factor demand is adapted to analyze effects of labor supply reductions on selected U.S. crops. Labor factor share and output demand elasticity are the most important factors influencing the impact of labor supply on production, and effects of moderate supply decreases will be small if recent output demand conditions continue.

ISSN:0002-9092    

DOI:10.2307/1243187

出版商:Oxford University Press    

年代:1992

数据来源: WILEY

摘要:

AbstractThree regulatory incentive systems that may induce farmers to protect farmworkers from pesticide‐related harm are modeled:ex postregulation via tort liability and workers' compensation systems, respectively. andex anteregulation (fines) by administrative agencies. An empirical application examines the farmer's decision whether to comply with required precautions as well as penalties for noncompliance. Results indicate tort liability and administrative agency regulation, as practiced, provide relatively insignificant incentives, while a workers' compensation system, if fully experiencerated, may offer a more effective incentive. Nevertheless, penalties in all cases may be too small overall to have much influence on farmers' compliance decisions.

ISSN:0002-9092    

DOI:10.2307/1243188

出版商:Oxford University Press    

年代:1992

数据来源: WILEY

摘要:

AbstractThe standard travel cost model has treated on‐site time ambiguously over the years. This paper shows how to handle on‐site time by exploring the implications of two assumptions in the travel cost model: first, people choose the amount of time that they spend on a site, and second, the time spent on‐site is exogenous. This paper uses a duality result to show that when on‐site time is chosen, the standard travel cost demand function takes a particularly simple form. With slight modification, standard estimation and welfare calculations continue to hold.

ISSN:0002-9092    

DOI:10.2307/1243189

出版商:Oxford University Press    

年代:1992

数据来源: WILEY

摘要:

AbstractTraditional travel cost analysis has either ignored multiple destination trips or arbitrarily allocated trip costs across visited sites. In this paper, combinations of multiple destinations are treated as unique sites and incorporated into a demand system. Empirical demand functions for multiple destination trips that include Bryce National Park are estimated. Consumer surplus calculations for single destination and multiple destination trips are compared.

ISSN:0002-9092    

DOI:10.2307/1243190

出版商:Oxford University Press    

年代:1992

数据来源: WILEY

摘要:

AbstractChanges in land set asides and prices can be coordinated to ensure that the profits of agricultural producers do not change. This concept is made operational by estimating and inverting a profit function to obtain an indirect transformation function. Profit‐neutral combinations of land set asides and prices for a subsector of Brazilian agriculture are calculated.

ISSN:0002-9092    

DOI:10.2307/1243191

出版商:Oxford University Press    

年代:1992

数据来源: WILEY