The impacts of introducing a partial price stabilization scheme in the U.S. corn market are investigated by using a modified version of the bounded price variation model. Specifically, a model is developed and estimated that includes rational expectations of the first three central moments of...

The role of price risk in sow farrowings is investigated by using bivariate ARCH-M and GARCH-M models and a nonparametric kernel estimator. To account for the relevant time horizon of irreversible supply decisions, predictions for mean price and conditional price variance are iterated forward....

Assuming a competitive market, conditions are determined for when a steady-state equilibrium does not exist in the optimal dynamic management of a biological population. Irregular and unpredictable behavior (called “"chaos"”) can arise from fully rational economic decision making. High...

It is shown that the first-order differential acreage allocation model developed by Bettendorf an Bloome and by Barten and Vanloot, and based on certainty equivalent profit maximization, may be extended to a levels version. The levels model, referred to as a linear approximate acreage allocation...

This study uses an error correction model (ECM) to investigate dynamics in farm-retail price relationships. The ECM is a more general method of incorporating dynamics and the long-run, steady-state relationships between farm and retail prices than has been used to data. Monthly data for beef and...

The Japanese pork market is protected by a complex set of restrictions, including a variable levy and an import tariff. The combination of these policies distorts the quantity, price, and form of Japanese pork imports. An important issue relevant to the liberalization of the Japanese pork market...