Crop production is subject to supply shocks, and both expected and realized outputs as well as output prices are unknown when inputs are chosen. The process by which producers form expectations is difficult to model, especially when working with aggregate data. We present a necessary and...

A structural inter-temporal model of agricultural asset arbitrage equilibrium is developed and applied to agriculture in the North-Central region of the U.S. The data is consistent with a unifying level of risk aversion. The levels of risk aversion are more plausible than previous estimates for...

Duality methods for incomplete systems of consumer demand equations are adapted to the dual structure of variable cost functions in joint production. This allows the identification of necessary and sufficient restrictions on technology and cost so that the conditional factor demands can be...

This chapter presents the indirect preferences for all full rank Gorman and Lewbel demand systems. Each member in this class of demand models is a Generalized Quadratic Expenditure System (GQES). This representation allows applied researchers to choose a small number of price indices and a...

Crop production is subject to supply shocks, and both expected and realized outputs as well as output prices are unknown when inputs are chosen. The process by which producers form expectations is difficult to model, especially when working with aggregate data. We present a necessary and...