摘要:

AbstractTornqvist‐Theil indexes of outputs and inputs are constructed. These data are used to construct indexes of productivity growth over the postwar period. The productivity indexes can be derived from a flexible multioutput‐multifactor representation of the structure of production constrained to constant returns to scale. Total factor productivity grew at an average annual rate of 1.75%, compared with 1.70% per year estimated by the U.S. Department of Agriculture. The similar estimates of productivity growth overshadow some important differences in measurement of individual inputs.

ISSN:0002-9092    

DOI:10.2307/1241066

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractThis paper presents a dynamic model of how profit‐maximizing farmers would vote on marketing order rules given that new firms will enter, based on rational expectations (perfect foresight) about the path profits follow. Early entrants make large short‐run gains while, in the long run, marginal firms break even. Welfare analyses under a dynamic model differ substantially from the static analyses normally reported.

ISSN:0002-9092    

DOI:10.2307/1241067

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractThis paper examines the robustness of the Keynes‐Hicks backwardation hypothesis for futures markets in a model that admits diversification and inflation protection as speculative motives. It presents a criterion in terms of the correlation of futures price with anticipated consumption net of other asset holdings for the Keynes‐Hicks proposition to be true. The paper finds the effect of changes in net wealth and commodity demand on the risk premium, spread, open interest, and storage.

ISSN:0002-9092    

DOI:10.2307/1241068

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractThe portfolio approach to hedging assumes that the primary motivation for hedging is risk reduction. The paper reexamines the portfolio approach to hedging and respecifies the model in such a way that hedge ratios are estimated using returns rather than price levels. Using the same data set, hedge ratios estimated using price levels differ from one while hedge ratios using returns are found to be insignificantly different from one. The results do not support the portfolio approach to hedging. Therefore, one must look elsewhere for empirical support for the risk‐reduction theory of hedging.

ISSN:0002-9092    

DOI:10.2307/1241069

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractThis paper examines the agdcultural loan decision process from the perspective of the individual loan officer. An analysis of this process concerns the relative effects of various criteria on the loan application and the degree to which tradeoffs are made among them by the loan officer. The theoretical model is empirically tested using a set of factorially designed combinations of these variables. This format avoids several of the problems previously encountered when the iending process has been empirically examined. The model not only exhibits a high degree of explanatory power but also permits important insights into this process.

ISSN:0002-9092    

DOI:10.2307/1241070

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractThis paper seeks to determine the effect of changes in output price risk on marketing margins. A theoretical model of price determination in a marketing channel with risk‐averse firms is developed. This model shows that if marketing firms ate competitive and decreasingly absolute risk averse, then an increase in output price risk should result in higher expected marketing margins. Empirical evidence from the wheat marketing channel supports the theoretical model: increased price variability significantly increases wheat marketing margins for both the farm‐mill margin and the mill‐retail margin. These results suggest a potential benefit from price stabilization programs.

ISSN:0002-9092    

DOI:10.2307/1241071

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractThe change in welfare of producers and consumers, government cost, and the deadweight loss arising from the various forms of government interventions into the rice market in order to protect domestic producers in Japan are estimated in a partial equilibrium framework. Results of the quantitative analysis indicate that the motivation of the government was to minimize budget costs in achieving the target level of producer price support, while consumer welfare had an insignificant weight in the government's objective function. It is aiso found that acreage control is a “second best” policy to reduce social inefficiency produced from other forms of market distortions.

ISSN:0002-9092    

DOI:10.2307/1241072

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractEvaluating market impacts of technological change for near‐subsistence crops like sorghum in semiarid tropical India is complicated because of diversified agricuiture, geographically isolated markets, and therefore feedbacks through prices, and producer‐demander income links for such products. Dynamic simulations with a multicommodity market model suggest that increased sorghum productivity would have spillover effects on other markets, increase the welfare of sorghum consumers, and probably lower the sorghum price. Contrary to speculations of some experts, the output gain probably would be greater than the pure productivity effect despite the price decline because of induced input allocations favoring sorghum production.

ISSN:0002-9092    

DOI:10.2307/1241073

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractReturns per acre of reduced tillage systems including conventional, chisel, till‐plant, and no‐till are examined under general assumptions concerning risk. These returns are calculated using com and soybean experimental plot yields. Stochastic dominance rankings indicate an advantage (second degree) of conventional and chisel over no‐till when soil loss costs are not assigned. Annual per acre soil loss costs of $@@‐@@5–15 shift rankings towards the reduced tillage systems. A $@@‐@@10 per acre cost results from corn yield losses of 0.06% per year (170 bushel per acre yield base) over fifty years with a 5% real discount rate.

ISSN:0002-9092    

DOI:10.2307/1241074

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractEfforts to develop public programs to control soil erosion should not ignore other economic trends which may affect soil erosion. This programming analysis considers the impact of rising relative energy prices on cropland erosion in conjunction with alternative erosion control policies. Higher relative energy prices are found to reduce soil erosion significantly, complement soil loss restriction policies, and have an ambiguous impact on subsidies for soil erosion abatement.

ISSN:0002-9092    

DOI:10.2307/1241075

出版商:Oxford University Press    

年代:1985

数据来源: WILEY