A methodological approach to obtain bounds on the value of information based on an inexact representation of the decision makerÂ’s utility function is presented. Stochastic dominance procedures are used to derive the bounds. These bounds provide more information than the single point...

A method for optimizing the irrigation schedule is presented. When the response surface, generated by “experimenting” with the crop simulation models is concave (convex), an optimal solution can be found. The process is iteratively repeated till convergence is achieved. Corn irrigation...

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....

The Staggers Rail Act of 1980 granted railroads freedom to establish rates and enter into confidential contracts with grain shippers. Recent legislation (1986) required that certain contract terms be disclosed. This study shows rail rates in the Plains region commenced an upward trend after...

Temporal relationships are investigated among fabricated cut prices, carcass value, and fed cattle prices. Also, linkages between fed cattle and wholesale beef prices are examined using vector autoregressive (VAR) techniques. Results, using daily prices over the 1980-85 period, suggested that...