REVISED 4/2/2015. SEE WP-15-001 AT http://ageconsearch.umn.edu/handle/200491

The paper presents an estimator of the errors-in-variables in multiple regressions using only first and second-order moments. The consistency property of the estimator is explored by Monte Carlo experiments. Based on these results, we conjecture that the estimator is consistent. The proof of...

Increasing size of establishments and resulting concentration in US industries may stem from various types of cost economies. In particular, scale economies arising from technological factors embodied in plant and equipment may be a driving force for such market structure changes. In this case...

The International Coffee Agreement (ICA) used export quotas to restrict coffee trade in order to increase and stabilize the international price. A model of domestic pricing policy is developed which shows that the producer price should have fallen in response to ICA quotas. Econometric analysis...

Micro-economic models posit that transaction costs isolate subsistence producers from output market shocks. We integrate microeconomic models of many heterogeneous households into a general-equilibrium model and show that supply on subsistence farms may respond, in apparently perverse ways, to...

Expanding concentration in many industries has generated concern about the extent and determinants of these market structure patterns. Understanding such trends requires information on technological characteristics underlying cost efficiency. However, market structure and power analyses are...

Economic analysis of production processes and performance typically neglects consideration of spatial and industry inter-dependencies that may affect economic performance, although there is increasing theoretical recognition that such linkages may be both substantive and expanding. In...

Recognizing that people value employment not only to earn income to satisfy their consumption needs, but also as a means to gain socio-psychological (nonpecuniary) benefits, we show that once nonpecuniary work incentives are incorporated into standard labor supply theory, (i) the wage rate...