The purpose of the paper is to theoretically examine the welfare implications of public sector involvement in agricultural biotechnology R&D. The model assumes that firms (either a private duopoly consisting of a pair of for-profit firms or a mixed duopoly consisting of one for-profit firm and...

The relationship between price uncertainty and specific investment is examined in a dynamic model that integrates the theories of real options and investment holdup. Because of weak contract enforcement, bilateral firms cannot use a contract to govern their bilateral investment and exchange...

Over the past seven years, the U.S. government has been involved in trade negotiations that have led to one bilateral and two multilateral agreements whose provisions have substantive implications for U.S. agricultural trade. The first of these sets of trade negotiations led to the bilateral...

In this report, important wheat quality attributes and their links to varietal differences are identified, and their technical and economic importance to the milling and baking industries is examined. Wheat class and grading systems used in the United States and other countries are described,...

The United States and Canada share the longest common border and largest bilateral trading relationship in the world. Recent trading agreements--CUSTA, NAFTA and WTO--have enhanced trade by encouraging elimination of many remaining trade barriers. However, one cause for concern about the...

Replaced with revised version of paper 01/30/06.

Scholarly societies in economics (and many other professions) are clubs that provide members with a range of club goods, many of which have broader and economically significant spillover consequences for society at large. Yet surprisingly little is known about the historical evolution or current...

Commodity levies are used increasingly to fund producer collective goods such as research and promotion. In the present paper we examine theoretical relationships between producer and national benefits from levy‐funded research, and consider the implications for the appropriate rates of...

A common observation is that measures of productivity growth are pro-cyclical, meaning they are higher (or grow faster) on average during periods of economic expansion than during periods of economic contraction. This study focuses on measurement errors related to capital inputs as an...

This study compares two panel data sets that measure capital input at the state-level in U.S. agriculture. Despite a number of similarities between the data sets, such as the composition of assets, aggregation procedures, and time frame, an examination of the final estimates of capital service...