摘要:

AbstractA simulation model of farm firm behavior in a dynamic environment with elements of uncertainty was developed. The decision maker's formulation of expectations regarding future prices and yields, his selection of alternative farm plans, evaluation of the expected outcomes of the plans with respect to four goals, and implementation of the plan offering the highest level of overall satisfaction are explicitly considered. The expectations, goals, and resource position of the firm are adjusted to reflect the outcome of the particular plan implemented, and the process is repeated for the next year. A case was simulated for a period of 20 years under three different levels of managerial ability and 27 different capital market structures. It is concluded that managerial ability and long‐term loan limits are the major factors, among those considered, influencing farm firm growth.

ISSN:0002-9092    

DOI:10.2307/1238255

出版商:Oxford University Press    

年代:1968

数据来源: WILEY

摘要:

AbstractIt is argued that the equilibrium conditions traditionally used by economists must be modified to provide criteria for optima useful to the firm. Important modifications are associated with liquidity attributes of the firm organization. Credit, defined as borrowing capacity, constitutes an important source of liquidity. Accordingly, borrowing generates a cost from loss of liquidity as well as from interest charges on loans. Modifications are suggested in the relevant optimizing criteria relating to the firm to account for liquidity losses associated with borrowing. Finally, the modifications are reflected in models and observational techniques suggested to make the conceptual notions operationally useful.

ISSN:0002-9092    

DOI:10.2307/1238256

出版商:Oxford University Press    

年代:1968

数据来源: WILEY

摘要:

AbstractThe adequacy of future sugar availabilities for United States consumption requirements since the 1960 embargo on Cuban sugar is a matter of continuing concern. This article gives estimates of the long‐run effects of this embargo on the world and the United States sugar economies as well as of the efficiency of current United States long‐run sugar supply policy. Long‐run supply and demand functions were estimated and a general equilibrium competitive model was constructed. Comparison of the results of this competitive model with projected results of the present United States sugar supply program demonstrates the potential economic inefficiencies of the program.

ISSN:0002-9092    

DOI:10.2307/1238257

出版商:Oxford University Press    

年代:1968

数据来源: WILEY

摘要:

AbstractA quadratic programming model is applied to the solution of a competitive equilibrium for the field‐crops sectors of U.S. agriculture. The analysis is based on nine spatially separated markets, with separate demand functions for six commodities in each. The objective of the programming model is to maximize net profits ( total revenue minus production costs, land rents, and transportation costs) derived from satisfying the endogenously determined demand in the various markets. This objective is subject to the constraints on land availability, demand functions, and the competitive equilibrium condition that product price not exceed marginal cost. The empirical results are consistent in the sense that programmed equilibrium prices are considerably lower than actual prices in the base year, 1965. Even under equilibrium at relatively low prices, surplus land is indicated in the Southeastern and Great Plains states. The results suggest the potential for various policy applications, including the analysis of potential short‐run prices in the presence or absence of “free market” equilibrium.

ISSN:0002-9092    

DOI:10.2307/1238258

出版商:Oxford University Press    

年代:1968

数据来源: WILEY

摘要:

AbstractThe hypothesis of the study is that allowing intercompany transfers of irrigation water would significantly increase the marginal value product of water. Regression analysis was used to explain a time series of rental prices for an area in Utah where four companies freely exchanged water after a long period during which only intracompany transfers were permitted. Water delivered per irrigated acre and type of transfer policy in use were the statistically significant variables and explained 89 percent of the variance in rental price. Covariance analysis indicated that the greater flexibility in transfer increased the real price of water per acre‐foot by $1.84.

ISSN:0002-9092    

DOI:10.2307/1238259

出版商:Oxford University Press    

年代:1968

数据来源: WILEY

摘要:

AbstractPublic investment in water‐based recreation facilities is made to increase the recreation potential of an area and to improve the economic resource base of the area. Estimates of the impact of one such investment on the structure of the land market and on property values were made for a rural area in Pennsylvania. The findings of the study support the general hypothesis that investment in water‐based recreation facilities does significantly influence the value of rural property and the structure of the rural land market. Property characteristics and subdivision activity on surrounding properties had to be considered in addition to distance from the recreational development to measure the impact of this public investment.

ISSN:0002-9092    

DOI:10.2307/1238260

出版商:Oxford University Press    

年代:1968

数据来源: WILEY

摘要:

AbstractThis study presents an analysis of resource allocation in Indian agriculture. Production functions are fitted to pooled data. Average and marginal productivity differences are derived for a number of inputs in the production of different crops, across different regions, and over various farm sizes. The results, on the whole, do not lead to the rejection of the hypothesis that there are comparatively few inefficiencies in resource allocation in Indian agriculture.

ISSN:0002-9092    

DOI:10.2307/1238261

出版商:Oxford University Press    

年代:1968

数据来源: WILEY

摘要:

AbstractThe increase in the average age of farm operators in the United States since 1920 is pronounced. Several studies have been made of the age of farm operators and have projected the age distribution of farm operators in 1970. This article is based on the premise that the acquisition cost of labor of the agricultural industry for younger workers and the corresponding salvage value for older workers partially determine movements into and out of farming. Present values of future income streams for hired laborers at 25 and 45 years of age in farming and in four nonfarm occupations are estimated and used in constructing an independent variable in the farm operator supply models. Projection of the age distribution of farm operators in 1970 suggests that increases in the average age of farm operators will continue and that this trend will be more pronounced than anticipated in earlier studies.

ISSN:0002-9092    

DOI:10.2307/1238262

出版商:Oxford University Press    

年代:1968

数据来源: WILEY

摘要:

AbstractThe effect of additional schooling on economic productivity of human agents working on farms is estimated. The cost of schooling is measured by estimating the direct cost of schooling and income foregone while attending school. A model of the farm labor market is constructed. Schooling appears as a predetermined variable in the supply and demand functions of the model. The empirical results of fitting cross‐sectional data to a reduced equation in which the farm wage rate is a dependent variable are utilized in order to obtain an estimate of the pecuniary benefit of schooling. The benefit—cost ratio of schooling in farm areas is computed to be 2.37. This result suggests that comprehensive rural development in the less‐developed countries should strike a balance between investment in schooling and tangible capital.

ISSN:0002-9092    

DOI:10.2307/1238263

出版商:Oxford University Press    

年代:1968

数据来源: WILEY

摘要:

AbstractChanges in foodgrain prices and domestic output caused by changing the quantity of U. S. Public Law 480 shipments to a hypothetical country show that both prices and output are highly sensitive to elasticities of supply and demand. But for many cases examined, changes in these shipments had relatively insignificant price—output effects and these could have been offset by a modest growth in population. Estimates of parameters for India indicate that a 20‐percent increase in the quantity of foodgrain shipments between 1956–57 and 1961–62, other things being equal, would have decreased foodgrain prices 1.6 percent and domestic foodgrain output 0.4 percent. These disincentives may be outweighed by the effects on consumption, income distribution, and resource allocation, suggesting that, overall, the effects of P. L. 480 shipments are beneficial.

ISSN:0002-9092    

DOI:10.2307/1238264

出版商:Oxford University Press    

年代:1968

数据来源: WILEY