Mean-variance efficient portfolio analysis is applied to situations where not all assets are perfectly price elastic in demand nor are asset moments known with certainty. Estimation and solution of such a model are based on an agricultural banking example. The distinction and advantages of a...

Duality methods utilizing a profit function framework are employed to estimate the output elasticity of ambient ozone levels on cash grain farms in Illinois. While duality methods have been recommended as a cure to many of the statistical problems of direct estimation of production functions,...

Results of comparing updating versus nonupdating modeling assumptions call into question the use of models based on nonupdating strategies as valid representations of actual farmer actions. If farmers are sequential updaters, the results indicate that models assuming no updating are inaccurate....