摘要:

AbstractThis paper seeks to identify the economic and political factors that produce state financial support for agricultural research and extension. State demand for research and extension services is found to be influenced not only by the level of farm income and population but also by measures of intergovernmental influence and the political effectiveness of farmers. Federal grants have “price” effects which stimulate state spending; the reapportionment of state legislatures mandated by the U.S. Supreme Court had a negative effect, while the ability of farmers to elect other farmers to the legislature increases state support for research and extension.

ISSN:0002-9092    

DOI:10.2307/1240818

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractEmpirically significant differences between forward and futures contracts evidence their imperfect substitutability as preharvest marketing instruments. Certain combinations of market conditions make the two types of contracts complementary rather than interchangeable. Forwards and futures differ conceptually because of lumpiness, marking‐to‐market, and basis. Of these differences, basis constitutes the most important factor. Although lumpiness may affect smaller producers, it represents an inconsequential detail for larger traders. In given years, interest income (cost) resulting from futures margin requirements may reach important absolute amounts. Relative to size of basis and price changes, this factor fails to attain a magnitude of practical significance.

ISSN:0002-9092    

DOI:10.2307/1240819

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractHog producers and first handlers can reduce the risk of unfavorable price fluctuations by combining the information from forecasting models with a selective hedging strategy. Six quarterly price‐forecasting approaches (econometric, ARIMA, expert, naive, and two composites) were evaluated over the 1976–82 period using a simple yet pragmatic hedging decision rule. The results indicate that relatively modest improvements in prices received by producers or paid by first‐handlers relative to cash marketing were possible. Statistically significant reductions in short‐term risk exposure were achieved by both groups through most of the approaches evaluated.

ISSN:0002-9092    

DOI:10.2307/1240820

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractEmpirical testing of alternative hedging strategies raises doubts about the usefulness of U.S. live cattle futures markets for cattle fed in Canada. Actual data from almost 100,000 head of custom fed cattle over a nine‐year period were analyzed to test profitability and risk reduction associated with fourteen specific hedging routines. Full cost and revenue data from cattle custom fed in the three prairie provinces were used in this paper. The strategies tested were typical of those a custom feeder could use to attempt to reduce output price risk. The results indicate that hedging cattle in Canada is more complex than previous literature suggests.

ISSN:0002-9092    

DOI:10.2307/1240821

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractThis paper reports on the estimation of a dynamic model of the food manufacturing industry in Canada. Its major objectives are to analyze the determinants of investments and the production structure of the industry. An important finding of the study is that the hypothesis of instantaneous capital adjustment to changing market conditions is statistically rejected. Capital stock adjustment to optimal levels takes approximately two and one‐third years. Another result is that although the industry is responsive to price changes, a general pattern of inelastic factor demand and output supply prevails in the short run, intermediate run, and even in the long run.

ISSN:0002-9092    

DOI:10.2307/1240822

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractFood stamp program participation at the household level was analyzed using a nationwide sample of households as well as refined measures of residential location, source of income, and household age distribution. Additionally, an empirical comparison of probit analysisvis‐à‐vislogit analysis was provided. The criteria for the comparison consisted of the use of estimated parameter values, signs, magnitudes, and test statistics, goodness‐of‐fit to sample data, predictive ability to independent data samples, and non‐nested testing procedures. On the basis of this application, the two alternatives appeared to perform equally well.

ISSN:0002-9092    

DOI:10.2307/1240823

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractGeneral stochastic dominance is used to analyze the use of life insurance versus installment payments to fund the purchase of a decedent's business interest from off‐farm heirs. Generally, a risk preferrer prefers an installment purchase. The percentage of insurance funding preferred increases as aversion to risk increases. Higher income tax rates, lower discount rates, and lower premium costs move the preference for greater percentages of life insurance to lower levels of risk aversion. The funding decision clearly depends upon the characteristics of the individuals involved in the business. Nevertheless, partial funding with life insurance appears optimal in many cases.

ISSN:0002-9092    

DOI:10.2307/1240824

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractMost agricultural marketing cooperatives distribute members' net revenues on a pool basis. The present paper outlines various pool options and provides a framework for identifying privately and collectively optimal pooling rules. Individual members' pool choices are found to vary according to farm enterprise and risk aversion level. A collectively optimal rule depends generally on risk aversion and on the method used to aggregate individuals' expressed preferences. In the instance examined here, however, the collective optimum is somewhat insensitive to assumed risk aversion.

ISSN:0002-9092    

DOI:10.2307/1240825

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractConsumptive demand applies significant upward pressure on rural land values and plays an important role in determining farm and ranch structure in Texas. Using cross‐sectional land value data and regression analysis, various factors that affect rural land values in Texas are evaluated. Population density, proximity to major metropolitan centers, quality of deer hunting, and aesthetic differences across the state explain the majority of the differences in rural land values. On the average, only about 22 percent of the total market value of rural land in Texas can be statistically explained by its productive value.

ISSN:0002-9092    

DOI:10.2307/1240826

出版商:Oxford University Press    

年代:1985

数据来源: WILEY

摘要:

AbstractIntercountry cross‐section comparison of total productivity in agriculture showed that differences in production efficiency were small relative to differences in labor productivity among countries at a same stage of economic development but very large among different stages of development. Moreover, the large differences in total productivity between the developed and the less developed countries widened further during the past two decades. The results suggest a hypothesis that agriculture in the less developed countries as a whole has not yet entered the phase of “modern economic growth” à la Kuznets.

ISSN:0002-9092    

DOI:10.2307/1240827

出版商:Oxford University Press    

年代:1985

数据来源: WILEY