The value of land dominates the financial structure of most American agricultural production firms, and land values are an important factor in long-term agricultural planning and risk management. As the primary source of collateral for farm loans, farmland values have significant implications...

The major finding is that liquidity costs in futures options market are two to three times higher thanliquidity costs in the futures market. Liquidity cost is one potential factor to consider when choosingbetween hedging with a futures contract or with an option contract. While there is...

Futures prices when combined with a basis forecast provide a reliable way to forecast cashprices. The most popular method of forecasting basis is historical moving averages. Given therecent failure of longer moving averages proposed by previous studies, this research reassessespast...

Several recent papers have used annual changes and monthly data to estimate demand systems. Such use of overlapping data introduces a moving average error term. This paper shows how to obtain consistent and asymptotically efficient estimates of a demand system using seasonally differenced data....

The major finding is that liquidity costs in futures options market are two to three times higher than liquidity costs in the futures market. Liquidity cost is one potential factor to consider when choosing between hedging with a futures contract or with an option contract. While there is...

Futures prices when combined with a basis forecast provide a reliable way to forecast cash prices. The most popular method of forecasting basis is historical moving averages. Given the recent failure of longer moving averages proposed by previous studies, this research reassesses past...

This paper reports on a choice experiment where respondents stated their preferences for different wetland parcels. The study used hypothetical surveys to measure respondents' preferences, but in one survey version respondents expected and received a follow-up question involving real monetary...

We develop a valuation model based on conservation rules, and stochastic prices and inventories. Dynamic programming determines the optimal harvest amount. A hedge portfolio based on a resource reserve is proposed. The optimal size of the reserve is determined, as well as its value.

Banks in non-metropolitan areas compete in a spatially-differentiated environment. This paper estimates a structural model of the supply and demand of banking services in which pricing power depends on the distance between rival banks. A spatial econometric model finds that approximately 38.0%...

The distribution of lot sizes and associated improvements affect property values. Hence, zoning affects municipal property tax revenues. If optimal lot size is inconsistent with the targeted zoning density in a community, municipal revenue can be increased through zoning change. This paper...