The objective of this paper is to identify the impact of public and private agriculturalresearch on multi-output multi-input profit maximizing decisions of Midwestern farmers. The mainhypothesis is that investments in public and private R&D shift outward the supply curves for cropand livestock...

In this paper we examine the relation between geographic location and innovative behavior.Knowledge spillins, as opposed to knowledge spillovers, are modeled as an externality which existsbetween geographically close economic agents and enters the representative inventor productionfunction...

The primary focus of this paper is the impact of knowledge creation and innovative activity onnon-farm employment growth. Non-farm employment growth is modeled in a stylized modelwhere new knowledge and local economic externalities are key factors driving technologygrowth. For our empirical...

Health diagnosis indicators used as explanatory variables in econometric models often suffer from substantial measurement error. This measurement error can lead to seriously biased inferences about the effects of health conditions on the outcome measure of interest, and the bias generally spills...

Short-term congestion forecasting is highlyimportant for market participants in wholesale power marketsthat use Locational Marginal Prices (LMPs) to managecongestion. Accurate congestion forecasting facilitates markettraders in bidding and trading activities and assists marketoperators in system...

This study uses an agent-based test bed (“AMES”)to investigate separation and volatility of locational marginalprices (LMPs) in an ISO-managed restructured wholesale powermarket operating over an AC transmission grid. Particular attentionis focused on the dynamic and cross-sectional response...

The English auction is susceptible to tacit collusion when post-auction interbidderresale is allowed. We show this by constructing equilibria where, withpositive probability, one bidder wins the auction without any competition anddivides the spoils by optimally reselling the good to the other...

This paper applies production theory to define a new set of inputs for U.S. households over the post-World War II period and uses newly constructed data on some of these inputs to fit a completehousehold-demand system, including inputs of women’s and men’s housework, and seven other...

Recent increases in Iowa farmland values and the turbulence in the stock market have resurrected a perennial question. Which is a better investment - the stock market or farmland?[...]

This report examines potential impacts on export markets and prices from commercializing GMOhard red spring wheat in the U.S. within the next two to six years. GMO crop technology offerspossible large benefits to consumers in the future, if plant-breeding concepts in the developmentstage...