摘要:

AbstractThis paper applies recent statistical developments in the study of stock market price movements to study the plausibility of the constant expected returns version of the present value model as an explanation of farmland prices. Using Iowa farmland price and rent data over the 1921–86 sample period, formal test results indicate that, although farmland price and rent movements are highly correlated, price movements are not consistent with the implications of this model. There appear to be persistent predictable excess positive and/or negative returns in the Iowa farmland market.

ISSN:0002-9092    

DOI:10.2307/1242877

出版商:Oxford University Press    

年代:1991

数据来源: WILEY

摘要:

AbstractIn this article, I explore the determinants of campaign contributions by sugar and dairy producer PACs and their role in voting on sugar and dairy legislation in the U.S. House of Representatives. Contributions and voting may be linked in two ways. First, a group can buy votes from a legislator who would otherwise not support the group. Second, it can help elect a legislator who is ideologically predisposed to support the group. Results indicate that the first linkage is not important. Virtually the entire observed association between money and voting is a result of the second linkage.

ISSN:0002-9092    

DOI:10.2307/1242878

出版商:Oxford University Press    

年代:1991

数据来源: WILEY

摘要:

AbstractThe theory of the firm facing a random output price is extended to include industry equilibrium conditions in a way particularly important for agriculture. Land prices adjust to maintain industry equilibrium. The comparative statics and the effects of policy for the firm are significantly altered. The main finding is that risk and other parameter changes are capitalized into the price of land and yield wealth or income effects rather than substitution effects. This often simplifies the analysis.

ISSN:0002-9092    

DOI:10.2307/1242879

出版商:Oxford University Press    

年代:1991

数据来源: WILEY

摘要:

AbstractThis article outlines are experience in building a freshman‐level course in agricultural economics employing computer graphics imaging. Lecture material is displayed with a computer connected to a large‐screen projector producing high‐resolution graphics. The complete course consists of approximately 1,200 computer‐generated text, chart, or graphics images. An evaluation of the new method was conducted. Results indicate that most students prefer lectures that employ computer graphics to those that use a chalkboard or an overhead projector. Evidence supports the hypothesis that students perform better on exams when the innovations described in this paper are adopted.

ISSN:0002-9092    

DOI:10.2307/1242880

出版商:Oxford University Press    

年代:1991

数据来源: WILEY

摘要:

AbstractA striking result in the theory of the competitive firm under certainty is the proposition that a proportional profits tax (with full offsets for losses) will have no impact on optimal output. This result does not apply under uncertainty. It is shown that, under constant or increasing returns to scale, a proportional profits tax will yield an unambiguous expansion in output. The same result is shown to hold for the more general rank‐dependent expected utility (RDEU) model.

ISSN:0002-9092    

DOI:10.2307/1242881

出版商:Oxford University Press    

年代:1991

数据来源: WILEY

摘要:

AbstractThis paper presents a dynamic econometric model of the U.S. beekeeping industry for policy analysis and economic projections. Data from 1952 to 1984 were used to estimate the model by three‐stage least squares. The model indicates that, when the federal price support for honey exceeded the market price, the federal program had a significant impact on several sectors of the industry. A comparison of beekeeper revenue, consumer expenditures, and federal government expenditures suggests the honey support program was an ineffective means of supporting honey prices from 1982 through 1984.

ISSN:0002-9092    

DOI:10.2307/1242882

出版商:Oxford University Press    

年代:1991

数据来源: WILEY

摘要:

AbstractMany arbitrage opportunities have become available for market participants since the inception of trading in options. Central to many of these is the put‐call parity relationship. If this condition is violated, arbitrage profits could be earned. This paper examines arbitrage possibilities between put and call options on grain futures using two different tests. One is a test of market efficiency over the duration of trading, and the other evaluates arbitrage bounds on individual trading days. In general, the results suggest that the options markets on grain futures are not completely efficient. However, violations varied substantially across contracts and through time.

ISSN:0002-9092    

DOI:10.2307/1242883

出版商:Oxford University Press    

年代:1991

数据来源: WILEY

摘要:

AbstractThis paper analyzes production, hedging, and speculative decisions when both futures and options can be used in an expected utility model of price and basis uncertainty. When futures and option prices are unbiased, optimal hedging requires only futures (options are redundant). Options are used together with futures as speculative tools when market prices are perceived as biased. Straddles are used to speculate on beliefs about price volatility and to hedge the futures position used to speculate on beliefs about the expected value of the futures price. Mean‐variance analysis in general is not consistent with expected utility when options are allowed.

ISSN:0002-9092    

DOI:10.2307/1242884

出版商:Oxford University Press    

年代:1991

数据来源: WILEY

摘要:

AbstractThis article utilizes a stochastic dynamic programming (SDP) model that considers the state variables of (a) before‐tax income, (b) grain storage, (c) quantity of futures position, (d) value of futures position, (e) wheat price, and (f) basis level. Decision variables are monthly cash grain sales and futures market transactions. In comparing the post‐sample performance of SDP to other marketing strategies over a four‐year period, SDP resulted in $@@‐@@5,961 to $@@‐@@25,021 more wealth than the other strategies considered. Also, these other strategies yielded a standard deviation of after‐tax income that was 30% to 621% greater than that from the SDP framework.

ISSN:0002-9092    

DOI:10.2307/1242885

出版商:Oxford University Press    

年代:1991

数据来源: WILEY

摘要:

AbstractLong‐run price elasticities of milk supply are decomposed into price elasticities of yield, herd size, and farm population. For northeastern U.S. dairy farms, these elasticities are shown to vary with farm size because of size‐related differences in capital intensity, specialization, yield and herd size variability, and rates of entry/exit into dairy. In the short run, price responsiveness is shown to decrease with farm size. In the long run, large farms are shown to be most price responsive. Results suggest that lower milk prices could make revenue distribution less equal in both the short and long run by altering output and population distributions.

ISSN:0002-9092    

DOI:10.2307/1242886

出版商:Oxford University Press    

年代:1991

数据来源: WILEY