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 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 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...

This research develops 'Johansen-type' models of agriculture and constructs Input-Output models for assessing the impact of the post-1992 CAP reforms on incomes, employment and the environment in four Alentejo study areas of Portugal. The effects of agricultural output changes on businesses...

This study provides a dynamic mathematical treatment of price determination under bilateral monopoly. The results are: a) a quantitiative solution for the equilibrium price; b) equality of profits of the buyer and seller; c) dynamically stable equilibrium price; and d) the bargaining process...

A dynamic dual model of investment under uncertainty is applied to a panel of Finnish hog farms. Stochastic dynamic programming is used to characterize duality relations. The model accommodates irreversibility and/or asymmetric adjustment costs. Results have important implications for Finland's...

We model the ill-defined nature of grazing access using fuzzy set theory. We also model common property considerations. Within this framework, we examine when the traditional system results in higher returns and/or lower variance for herders than land privatization or a standard common property...

This paper considers an agricultural production model of sequential nitrogen application under risk. Because of random shocks between successive production stages, optimal fertilization decisions depend on the magnitude of farmers' risk aversion (risk premium), and the possibility for farmers to...

A generalized maximum entropy estimator is developed for the linear simultaneous equations systems model. We provide results on large and small sample properties of the estimator. Empirical results illustrate efficiency advantages of the generalized maximum entropy estimator proposed in this...