The economic efficiency of 68 Ecuadorian dairy farms is investigated by estimating technical, allocative, and scale efficiencies for each using stochastic frontier methodology. Empirical results show that technical inefficiency exists for all of these farms – ranging from 11.8% to 12.8%....

Credit risk is crucial to understanding banks' production technology and should be explicitly accounted for when modeling the latter. The banking literature has largely accounted for risk by using ex-post realizations of banks' uncertain outputs and the variables intended to capture risk. This...

The notion of a reservation value is a key feature of most contemporary dynamic and stochastic models of land development. It is clear that the magnitude of the reservation value has a fundamental bearing on the decision to develop or preserve land. This notwithstanding, many papers that analyze...

Market innovation and investment are key elements contributing to the health and success of any industry. However, U.S. cattle and beef interests appear to be resisting some of the market innovations that are occurring in their industry. This includes resisting innovations designed to provide...

Pastoralists in northern Kenya may be able to diversify income by selling milk in nearby towns and cities. However, milk sold in open-air markets in communities in northern Kenya is often of low quality in terms of its sensory characteristics. The milk is also often adulterated before sale....

The notion of a reservation value is a key feature of most contemporary dynamic and stochastic models of land development. It is clear that the magnitude of the reservation value has a fundamental bearing on the decision to develop or preserve land. This notwithstanding, many studies that...

The IFAMR is published quarterly by the International Food and Agribusiness Management Association. Visit website: www.ifama.org

A shopper survey was conducted to determine willingness to pay for ice cream with different labels. A statistical analysis was conducted using stated choices by respondents. The randomized choices were 1) a local brand with or without an indication it had a Utah’s Own designation, 2) a local...

This paper uses a new market analysis methodology to examine price and trade relationships in eight Pacific Rim factor and product markets central to the Canadian and U.S. pork industries. The new method enables direct estimation of the frequency with which a variety of market conditions occur,...