摘要:

AbstractGeneral methods are proposed for the identification and econometric estimation of the parameters of the distribution of risk attitudes in a producer population. The proposed methods also provide the basis for the development of statistical tests of model specification and of behavioral hypotheses. Econometric risk attitude estimation is shown to be possible under less restrictive conditions than previously believed. A moment‐based version of the general model is applied to Indian data, and the econometrically estimated risk attitudes are presented and compared to experimental results for a similar group of producers.

ISSN:0002-9092    

DOI:10.2307/1241687

出版商:Oxford University Press    

年代:1987

数据来源: WILEY

摘要:

AbstractThe economic theory of contracts is applied to agricultural insurance to show that, given full information, Pareto‐optimal insurance contracts are actuarially fair, provide full coverage, and differ for each individual. The information problems of moral hazard and adverse selection prevent Pareto optimality from being attained. Several “second‐best” solutions to these problems are applied to agricultural insurance. It is shown that information collection and the application of contract design principles are “second‐best” solutions which may achieve the benefits of insurance at less cost than the current practice of public subsidies.

ISSN:0002-9092    

DOI:10.2307/1241688

出版商:Oxford University Press    

年代:1987

数据来源: WILEY

摘要:

AbstractThe dynamic response of real farm asset values to changes in net returns and interest rates is studied using vector autoregression. Results show that a shock in real asset values, real returns to assets, or real interest rates leads to a process in which real asset values overreact. In the initial period, a reaction to a shock immediately occurs followed by a continued build‐up in the asset value for up to six years until finally the effect of the one‐time, transitory shock begins to die out. The results suggest a market with a propensity for bubbles.

ISSN:0002-9092    

DOI:10.2307/1241689

出版商:Oxford University Press    

年代:1987

数据来源: WILEY

摘要:

AbstractMarket equilibrium dynamics of herd inventory management are derived for homogenous female populations. Short‐run supply is backward bending in response to permanent changes in demand and is rising in response to transitory changes in demand. Increasing inventories are associated with high and falling prices and decreasing inventories with low and rising prices, but there is no market instability in this. These unusual intertemporal substitution effects follow from both rational expectations and appropriately formulated cobweb models and go part of the way toward explaining hog and cattle inventory cycles.

ISSN:0002-9092    

DOI:10.2307/1241690

出版商:Oxford University Press    

年代:1987

数据来源: WILEY

摘要:

AbstractA long‐run specification of the multiproduct profit function is developed from the restricted profit function. The multiproduct restricted profit function and the envelope condition are used to estimate the optimal, long‐run levels of the quasi‐fixed factor. Formulas for long‐run Marshallian elasticities of substitution and transformation, economies of scope, product‐specific and overall economies of scale, and economic measures of capacity utilization are developed for the translog functional form. The methodology is illustrated by a case study of the New England otter trawl industry.

ISSN:0002-9092    

DOI:10.2307/1241691

出版商:Oxford University Press    

年代:1987

数据来源: WILEY

摘要:

AbstractIn many countries, agricultural exports are managed directly by governments. A frequent problem encountered by policy makers involves the accumulation of unwanted surpluses caused by domestic price support programs, unforeseen declines in world demand, or unexpected shifts in the domestic supply‐demand balance. This paper examines the intertemporal use of the world markets as a means to eliminate these surpluses. The analytical results follow directly from the theory of storage. They are applied to an analysis of the Egyptian ELS cotton market, where stock levels in the early 1980s became about six times as large as normal carryout. Estimation results suggest that optimal disposal plans may frequently involve selling surplus stocks in a single year.

ISSN:0002-9092    

DOI:10.2307/1241692

出版商:Oxford University Press    

年代:1987

数据来源: WILEY

摘要:

AbstractAlthough agricultural commodities are often assumed to have flexible prices, little has been done to estimate exchange rate pass‐through. Perfect commodity arbitrage opportunities imply complete pass‐through; imperfect opportunities could lead to incomplete pass‐through. Analysis of commodity price and exchange rate adjustments for five commodities exported to Japan by the United States reveals that during the 1970s, commodity prices were generally flexible. During the 1980s, when the dollar was rising, price stickiness on the part of exporters/importers contributed to inflexible prices and asymmetric exchange rate response. Specifically, an exchange rate increase was passed through for some commodities but not a decline.

ISSN:0002-9092    

DOI:10.2307/1241693

出版商:Oxford University Press    

年代:1987

数据来源: WILEY

摘要:

AbstractHigh domestic sugar prices supported by U.S. sugar policy have induced a significant substitution of corn sweeteners for sugar. Recognizing the close relationship between sugar and corn sweeteners, this study applies a general equilibrium approach to evaluate the distributional effects of three different policy options (i.e., quota, tariff, and deficiency payment) on sugar related interest groups. The results show that the current quota policy, intended ostensibly to protect domestic sugar producers, have hurt foreign exporters. It will harm domestic sugar producers if the trend continues. Additionally, the quota program is the most expensive of the options considered.

ISSN:0002-9092    

DOI:10.2307/1241694

出版商:Oxford University Press    

年代:1987

数据来源: WILEY

摘要:

AbstractThe traditional travel cost model uses trips (or visits) as its measure of quantity and travel cost per trip (or visit) as its price. However, because many estimated demand curves do not hold visit length constant, they cannot be used to value increments of use. The simple repackaging model of Muellbauer, and Fisher and Shell is used to derive demand curves exhibiting constant visit length from demand curves exhibiting variable visit length. The former allow the marginal quantity valuations that are necessary for management decisions involving capacity or use.

ISSN:0002-9092    

DOI:10.2307/1241695

出版商:Oxford University Press    

年代:1987

数据来源: WILEY

摘要:

AbstractAn exponential spatial interaction model was used to analyze primary‐health‐care‐seeking patterns of rural consumers in northern California. A macrotheory of spatial interaction and a microtheory of consumer search were combined as a logically consistent rationale for the model. Ordinary least squares proved superior to nonlinear least squares and a limited dependent variable maximum likelihood technique in predicting health‐care‐seeking patterns. The model was used to address policy questions including the impact of removing local providers on patient flows to remaining providers and the market shares that could be expected by a new provider.

ISSN:0002-9092    

DOI:10.2307/1241696

出版商:Oxford University Press    

年代:1987

数据来源: WILEY