Growing demand for cropland products has placed intense pressure on the abilityof land resources to support nature, straining public budgets to purchase environmental goods.Fixing overall agricultural output, two environmental policy options are whether to a) promotemore agricultural...

The typical firm produces for sale a plural number of distinct product lines. This paper characterizes the composition of a firm?s optimal production vector as a function of cost and revenue function attributes. The approach taken applies mathematical group theory and revealed preference...

When adjustment costs are present, cyclical preference and technology heterogeneities in a product’s markets induce cycles in production. We exploit cyclic and dihedral group invariances in an industry’s cost technology to describe these patterns. We show when equilibrium cyclical pricing...

We explore connections between the certainty equivalent return (CER) functional and the underlying utility function. Curvature properties of the functional depend upon how utility function attributes relate to hyperbolic absolute risk aversion (HARA) type utility functions. If the CER functional...

We study trade patterns in a pure exchange economy where preferences are symmetric up to taste intensity parameters. In a 2-person, 2-good endowment economy, then all endowments in a particular Edgeworth box rectangle require trading out of that rectangle. Under strictly quasi-concave...

A copula is a means of generating an n-variate distribution function from an arbitrary set of n univariate distributions. For the class of portfolio allocators that are risk averse, we use the copula approach to identify a large set of n -variate asset return distributions such that the relative...

The invisible hand theorem relates nothing about the attributes of the optimal allocation vector. In this paper, we identify a convex cone of functions such that order on vectors of exogenous heterogeneity parameters induces component-wise order on allocation vectors for firms in an efficient...

Our context involves N firms producing M products at constant marginal costs, and behaving as Cournot oligopolists. When preferences are quasi-linear, we study the relationships between second moments of unit costs and second moments of firm-level production. Larger variance in unit costs of a...

Market concentration ratios are popular statistics for characterizing the extent of market dominance in an imperfectly competitive market, but these ratios may not agree when comparing two markets. Neither do they necessarily agree with the Herfindahl-Hirschman or entropy indices. This letter...

Producers are subject to similar production risks, and so their outputs are likely correlated. Using the entire data-set rather than summary statistics, we study an ordinal definition of systematic risk. For risk-neutral producers in perfect competition, we trace the effects of an increase in...