The paper investigates price dynamics under market liberalization, with a focus on the effects of lowering price floors. We analyze price dynamics by specifying and estimating a dynamic Tobit model under time-varying volatility, where the market price is censored by a government-set support...

This paper presents an econometric analysis of the effects of price support program and stocks on price dynamics and price volatility. Considering a price support program as a censoring scheme, market prices are specified as a dynamic Tobit model under time varying volatility. The model is...

The paper investigates the implications of hedonic pricing of components, with an application to the dynamics of dairy product prices. A conceptual model of hedonic pricing is developed under a Leontief technology, showing how commodity prices reflect the underlying value of their components....

This paper presents an econometric analysis of the effects of price support programs and stocks on price dynamics and price volatility. Considering a price support program as a censoring mechanism, market prices are specified as a dynamic Tobit model with time varying volatility. The model is...

This work uses non-parametric efficiency analysis and a unique panel data set to analyze efficiency and technical change at US universities from 1981-1998 with a special emphasis on Land Grant institutions. The analysis demonstrates that Land Grants are on average more efficient than their...

The paper investigates the linkages between technological change and production risk, with an application to corn. The effects of technology on risk exposure are characterized based on the properties of the risk premium. We define technological progress to be risk-increasing (risk-decreasing) if...

The paper investigates the linkages between technological change and production risk, with an application to corn. The effects of technology on risk exposure are analyzed. We define technological progress to be risk-increasing (risk-decreasing) if it increases (decreases) the relative risk...