This study employs new data and a hedonic function to estimate the quality-adjusted price and quantity for farm tractors over the 1950-2011 period. The estimated hedonic prices for tractors are lower than the BLS’ tractor price index in most time period. The lower prices will result in a...

This study investigates the long term adjustments to drought by crop and livestock sectors using a dynamic partial equilibrium quarterly modeling framework of the U.S. agricultural economy. By employing a model that links crop production with highly disaggregated livestock production sectors in...

We exploit variation in the timing of specialty crop insurance supply to different crops and counties in California to assess its effect on output as decomposed into yield and harvested acreage. Four woody-perennial crops and one field-annual crop are used to represent this effect. We find that...

Unlike many other vintage goods, distilleries often opt to mature their stocks to different ages, selling a heterogeneous line of products which vary in quality. We develop a theoretical model to examine the maturation decisions of a whisky distillery and find that it is possible for a...

Are futures prices exogenous to agricultural supply? It depends. We argue that crop yield shocks were predictable during the 1961-2007 period because high planting-time futures prices tended to indicate that yield would be below trend. This feature of the data implies that regressions of...

Despite dramatic increases in retail demand for organic milk and steadily increasing organic milk prices over the past 15 years, transition from conventional to organic dairy production has been unsteady. In some years supply has not met demand, leading to shortages of organic milk, and in other...

An important hypothesized benefit of large-scale input subsidy programs in Africa is that by raising maize production, the subsidies should put downward pressure on retail maize prices to the benefit of urban consumers and the rural poor who tend to be net food buyers. To inform debates related...