This paper examines whether permanent farmland preservation programs are capitalized into farmland prices. We consider the landowner's decision to voluntarily participate and correct for sample selection bias in our estimation of sales prices. Initial results suggest development restrictions...

This study develops a procedure to estimate income distribution effects on market demand. The proposed procedure contains two steps: estimation of the underlying income distribution and estimation of market demand. Empirical findings show that the income distribution effect is a significant...

The price transmission model is extended by incorporating seasonality and Shiller lags. Symmetry is evaluated for the length of the adjustment as well as the amount. Retail/shipping point tomato prices are used to test the model. Transmission elasticities are estimated. Results suggest this...

This paper examines price integration in the MERCOSUR countries of Argentina and Brazil after the creation of this regional economic agreement using a fractional cointegration analysis. The results suggest that Argentine wheat and corn prices are fully cointegrated with the corresponding world...

This session focuses on advanced econometric issues in demand estimation. Testing Aggregation Without Separability in Meat Demand: An Investigation of the Generalized Composite Commodity Theorem George Davis, Texas A&M University. A New, More General Demand System: The Nested PIGLOG Julian...

This analysis employed retail scanner data to investigate the demand for fluid mild differentiated by fat content. All own-price elasticities were significant and negative. Demand for low-fat milk was elastic, while demand for whole milk was inelastic. This article addresses the use of milk as a...

This paper estimates a multivariate tobit system of monthly wholesale dairy prices where 4 prices are lower censored by the dairy price support program. Using Maximum Simulated Likelihood (MSL) we test/correct for the effects of simulation noise and present two tests for estimating multivariate...

Traditional measures of the benefits of technological change use producer prices. Consumer-oriented measures are more appropriate but they require knowledge of price impacts. They may diverge in the presence of distortions. This paper shows that in general equilibrium they are interrelated...

Failure of integrability is shown to cause path-dependence of willingness-to-pay measures of welfare change. Using the linear expenditure system, effects of failure of integrability are negligible (substantial) for estimating income (price) elasticities. For single price changes, Hausman's...

Taiwan's retail and farm prices were examined for unit roots at various seasonal frequencies. The results show that no unit roots exist at any seasonal frequency. Additionally, a unit root exists at the zero frequency in marketing margins, reflecting that retail and farm prices are not...