This analysis begins with a definition and discussion of productive advertising. Then, following Dixit and Norman, persuasive advertising is used to study the welfare effects of generic advertising by marketing orders. The study first examines horizontal competition when the competing advertiser...

Using panel data, the relationship between income uncertainty and the stock of wealth through precautionary saving is examined. Evidence from Kansas data is consistent with the precautionary saving motive in that farm households facing greater uncertainty in income maintain larger stocks of...

Politicians dealing with the “"farm problem”" sometimes lament that output increases when prices go up and when prices go down. This article presents three possible theoretical explanations. In the first, farmers deplete soil (over-farm) when prices are low and imperfect capital markets...