The outbreak of foot-and-mouth disease (FMD) in 1997 has resulted in significant losses to Taiwan's hog industry which was the most important industry in Taiwan's agricultural sector at that time. Hog farmers have suffered great losses due to the cost of slaughtering infected hogs and reduced...

To address the question, "Should we expect government policy to be efficient?" at its roots, I modify the well-known Arrow-Debreu private ownership economy, allowing property rights to be violable. The result is that equilibria tend to be Pareto inefficient.

This study presents a criterion validity test in which stated choices are compared to subsequent binding referendum votes. The study is distinguished by identical hypothetical and actual choice contexts, and results that show no evidence of hypothetical bias. Results suggest a number of...

A strategic analysis was developed for XYZ Research Corporation (the true company's name is disguised). The strategic analysis involved a series of visits to the company to conduct focus groups with its employees and management. Five focus groups were carried out at XYZ Research Corporation....

The paper analyzes the extent to which ignorance of heteroskedasticity or its inadequate modeling would result in misleading statistical inferences about crop yield distribution. We follow the "detrending mean yield approach" in which we model the conditional mean yield using a panel data model....

Economic analysis of weather risk often depends on accurate assessment of the probability (P) of tail quantiles (Q). Extreme value theory can provide a promising estimation of the tail part risk and this paper intends to apply the extreme value model to estimate the tail risk on India excess...

The classical approach for specifying statistical models with binary dependent variables in econometrics using latent variables or threshold models can leave the model misspecified, resulting in biased and inconsistent estimates as well as erroneous inferences. Furthermore, methods for trying to...

This article focuses on the modeling of agricultural yield data using hierarchical Bayesian models. In recovering the generating process of these data, we consider the temporal, spatial and spatio-temporal relationships pertinent to the prediction and pricing of insurance contracts based on...

We analyze the movement of farm prices relative to other commodity prices in the period 1913:1-2003:12, investigating the number and time of structural breaks and discussing likely causes of structural breaks in the relative farm prices. Bai and Perron's (1998, 2003) multiple structural change...