This paper uses a multivariate autoregressive conditional heteroscedasticity model to investigate the effect of British grain prices on their Irish equivalents. We find that in the long run the law of one price holds and in the short run the model captures the salient features of Irish grain...

The new payment regime for the European Union's Common Agricultural Policy adopted in June 2003 will decouple from production all direct payments made to farmers. The potential implications of this policy change for producers' land allocation decisions are analysed using a mean-variance...