Coffee price volatility was extreme in 1997. With no obvious drought or freezing conditions in major growing countries, market analysts blamed El Nino. Alternatively, economic theory implies that commodity price volatility should be high when inventories are low. We analyze and test these two...

Hedgers located far from organized commodity exchanges suffer a mismatch between their local prices and exchange prices. Futures and options traded on the exchange may still be valuable to distant hedgers, but only to the extent that basis risk is small. Forward contracting allows hedgers to...

Consumption of lowfat and skim milk has increased substantially over the past decade. This study investigates whether the change is due to price and expenditure effects or to a more fundamental preference change in milk demand. Parametric and nonparametric analytical approaches provide a...

This paper uses Nevada data to conduct regression analyses of the relationship between sage grouse (Centrocercus urophasianus) population sizes and potential causal factors. This is policy-relevant because of current petitions for listing this species under the Endangered Species Act. A key...

A synopsis is presented of challenges faced and WTO performance in disciplining national technical measures to achieve legitimate objectives in a least-trade-distorting manner. Importance of the measures and international disciplines are reviewed and evidence presented from multiple perspectives...

A spatial hedonic model is developed to assess monetary harm of confined animal feeding operations (CAFOs) on property values, taking explicitly spatial dependence in property values into account. Spatial autocorrelation was found in the form of spatial lag dependence, not spatial error...

Traceability exists in many food supply chains for valid economic reasons, one of which is improving food safety and quality. Some politicians and consumer groups are calling for increased identity preservation in systems where traceability has not yet been adopted. In this paper, we explore the...

Real options theory is employed to measure the value of investing in organic wheat production using precision agriculture technology. Results reveal that an option to wait until market uncertainty is resolved is valuable. Information obtained via precision agriculture technology is also valuable...

This study compares subsurface drip irrigation and sprinkler irrigation with respect to expected returns, aquifer life, nutrient utilization and accumulation in the production of irrigated corn using swine effluent and fresh groundwater from a depleting aquifer in the Oklahoma Panhandle. Most of...