This study of the firm under uncertainty relaxes the standard single production cycle assumption. Under realistic circumstances, a forward-looking risk-averse firm will produce more than a risk-neutral firm, and an increase in the mean-preserving price spread will increase the risk-averse firm's...

We develop a portfolio choice model for farmers faced with both price and production uncertainty who can hedge this uncertainty using both options and futures contracts. We then simulate the decision process of a typical Iowa farmer and derive his or her optimal options and futures position.

Futures markets on agricultural commodities typically trade with maximum maturity dates of less than four years. If these markets did trade with maturities eight or ten years distant, futures prices would have value as price forecasts and as a way to structure long-term swaps and insurance...

Suggests that apparent inconsistencies in published statistics for China's livestock sector raise questions about the validity of the underlying data. This paper provides a preliminary assessment of the magnitude of the discrepancies, and considers the implications of using published statistics...

The FAPRI modeling system used for the analysis provides information about the impact of the European Union's (EU) proposed "Agenda 2000" Common Agricultural Policy (CAP) reforms on U.S. crops and livestock sectors, international trade balance, world prices, and on commodity supply and use in...

The Japanese pork market is protected by a complex set of restrictions, including a variable levy and an import tariff. The combination of these policies distorts the quantity, price, and form of Japanese pork imports. An important issue relevant to the liberalization of the Japanese pork market...

Livestock policies in the European Community (EC) are explained and analyzed. Then we provide a review of the literature on models that attempt to explain livestock production and meat demand in the EC.

Worried by rapidly increasing milk and beef policy costs, but constrained by political considerations, the European Community (EC) Council of Agriculture ministers introduced a milk quota regime effective April 1984. The extent to which a quota regime reduces economic efficiency and influences...