The paper investigates price dynamics under market liberalization, with a focus on the effects of lowering price floors. We analyze price dynamics by specifying and estimating a dynamic Tobit model under time-varying volatility, where the market price is censored by a government-set support...

An hedonic spatial equilibrium model of the European Union dairy sector is used to evaluate the interregional impacts of eliminating milk production quotas under a variety of domestic policy (intervention prices and domestic production/consumption subsidies) and trade policies (tariff rate...

The paper investigates the linkages between technological change and production risk, with an application to corn. The effects of technology on risk exposure are characterized based on the properties of the risk premium. We define technological progress to be risk-increasing (risk-decreasing) if...