Consistent two-step censored estimation is applied to household demand equations for disaggregated milk and cheese products. The long-run advertising elasticity for total milk was positive, largely due to low fat milk; however the elasticity for cheese was not significant, and only shredded...

Estimates of the joint value of the timing and location options in the corn futures contract on the CBOT are obtained by using a multinomial diffusion process. The estimated option values will be used in a model to explain basis behavior on the first day of the maturity month.