This paper investigates whether a small country facing foreign price instability benefits from active stabilization of the domestic price of the importable. For example, the European Community can be treated as a small open economy facing price instability of agricultural products originating in...

The costs of shortages and rationing are not captured by standard consumer price indices. Thus the change in real gross domestic product (GDP) per capita is an overestimate of welfare losses in transition economies. In this study the authors use virtual prices to calculate new cost-of-living...

Meat consumption patterns have changed in the United States. A cursory inspection of the disappearance statistics for meat in the United States reveals that generally, the consumption of red meats has decreased or remained constant while the consumption of poultry and other meats has increased....

Strategic trade in international markets is important for agricultural and other basic commodities. State trading companies (STCs) and large private firms control most of the trade volume. In this study the authors use concepts of modern game theory to treat time inconsistency issues associated...

This paper analyzes the incidence of agricultural commodity programs. Producers advocate commodity programs and receive price subsidies, but free entry and perfectly elastic supplies of nonland inputs ensure that landowners extract the entire surplus from price subsidies. Moreover, an increase...

Since independence in 1962, Jamaica has witnessed changes in the physical and human capital stocks, taxation policies, production technology, household structure and even the general economic system. The percentage of illiterate population declined from 16 percent in 1960 to less than 5 percent...

Policy reforms that increase the roles of markets in agriculture and related institutional changes are occurring worldwide and are accompanied by rapid technical change. With the evolving role of government, new institutions are emerging for shaping the strategic behavior of public and private...

Two competing econometric models of the U.S. pork sector augment the initial U.S. Department of Agriculture (USDA) estimates of the U.S. Hogs kept for breeding with market information. The first incorporates the rational expectation hypothesis and the second uses futures market prices as the...

A method for estimating bounded price variation models with rational expectations which incorporates all information implied by rationality is applied to a model of the U.S. corn market. The results indicate that the estimated model performs at least as well as a traditional equilibrium model...

Price expectations are an integral part of agricultural decision making. Despite recognition of this fact, few changes have been made during the past two decades in the way price expectations appear in agricultural models. For example, the majority of existing supply response studies has assumed...