This study investigates empirical methods of generating prediction intervals for WASDE forecasts of corn, soybean, and wheat prices over the 1980/81 through 2006/07 marketing years. Empirical methods use historical forecast errors to estimate forecast error distributions, which are then used to...

The main objective of this study was to analyze the effect of advertising on social welfare in a perfectly competitive market where the level of advertising is chosen by a social planner. The theoretical model revealed that social planner sponsored advertising that increases the equilibrium...

This paper develops a framework for assessing the potential economic impact of a regional promotion campaign combining contingent valuation methods with a partial displacement equilibrium model. The proposed approach is applied to the evaluation of the potential economic impact of the locally...

The lack of consistently acceptable convergence performance for Chicago Board of Trade (CBOT) corn, soybean, and wheat contracts since late 2005 has been widely discussed (e.g., Henriques, 2008).1 Convergence performance is summarized in Figure 1, depicting delivery location basis levels on the...

The United States Department of Agriculture (USDA) has a number of agencies that are involved in collecting, analyzing, forecasting, and disseminating information about the production and consumption of the corn and soybean crops (Spilka, 1983; Vogel and Bange, 1999; Lusk, 2013). Market participants...