An integrated investigation of futures price, cash price, and government programs is presented in the context of an econometric model of acreage supply response for U.S. corn and soybeans. The analysis refines the role of different sources of price information in the farmers' acreage decision....

Previously published empirical models of U.S. farmland prices are reviewed and reestimated including recent data. It is apparent that structural changes have occurred. A simple single equation econometric model with less economic structure appears to forecast better than a simultaneous equation...

A firm model of production and hedging decisions is developed using a mean-variance preference function. Comparative static analysis of the model generates a number of testable hypotheses. For example, the influence of price risk, production risk and hedging cost on the optimal level of...

The paper introduces a framework for analyzing the impacts of land control programs on agricultural production under heterogenous land qualities, heterogenous production technologies and imperfect capital markets. It shows that the introduction of diversion programs tends to benefit land owners...

Intrasectoral issues have received relatively little attention in analysis of the distributional consequences of natural resource policy decisions. This paper presents a framework for such analysis and examines how intrasectoral issues can change intertemporally, focusing on water policy in...