Two-stage utility maximization theory has been widely used in the literature to estimate import demand for agricultural commodities that are often inputs. This article examines the overlooked conceptual and empirical limitations of applying two-stage utility maximization theory to model the...

A source differentiated AIDS model is specified to estimate Japanese meat import demand. Block separability and product aggregation are rejected at conventional levels of significance. The model with the block substitutability restriction explains more than 95% of data variation. The empirical...

Price responsiveness of herbicide demand in corn for farmers in Indiana'Â’s White River Basin using cross-section data from individual farms is estimated. Particular attention is paid to appropriate treatment of binding nonnegativity constraints. Estimation was first attempted using an...

This study uses quantile regressions to estimate historical forecast error distributions for WASDE forecasts of corn, soybean, and wheat prices, and then compute confidence limits for the forecasts based on the empirical distributions. Quantile regressions with fit errors expressed as a function...

Stated choice experiments about ecosystem changes involve complex information. This study examines whether the format in which ecosystem information is presented to respondents affects stated choice outcomes. Our analysis develops a utility-maximizing model to describe respondent behavior. The...

While considerable research has estimated liquidity costs of futures trading, little comparable research is available about options markets. This study determines effective bid-ask spreads in options and futures markets for Kansas City Board of Trade (KCBT) wheat. Effective bid-ask spreads are...

Consistency of functional characteristics in wheat is a concern confronting buyers and sellers. This research analyzes the cost and risk of different procurement strategies for importers. A stochastic simulation model is used to determine the probability of functional characteristics being...

A two-country, comparative static partial equilibrium model is used to simulate the ex ante market and welfare outcomes of U.S. country-of-origin labeling for the U.S.-Mexico fresh tomato trade. In all scenarios where consumers show a relative preference for U.S. tomatoes, Mexican tomato exports...

We conduct a meta-analysis of studies estimating price premiums for agricultural products differentiated by Geographical Indication (GI). Models accounting for differences across product characteristics (food categories) and institutions (PDO, PGI, trademarks) explain a large portion of the...

We develop a strategic trade model to analyze the oligopolistic competition between Florida and São Paulo processors in the U.S. orange juice market and São Paulo processors in the European orange juice market. We obtain analytical results of the effects of changes in trade liberalization. A...