With changing revenue and service responsibilities between federal, state and local governments, the need for local decisionmakers to accurately assess fiscal impacts of new economic devel - opments or federal government programs has become increasingly important. In this paper we explore the...

Risk has long been recognized as potentially important in determining agricultural supply. However, supply response models have either incorporated risk in an ad hoc manner or not at all. A rational expectations supply response model incorporating price risk is developed, an estimation procedure...

Cyclical fluctuations in prices and production have long characterized the United States hog industry. Recent evidence suggests that the length of the hog cycle has changed. In order to determine whether the change in cycle length is statistically significant, the bootstrap technique is employed...

The effects of managerial ability on farm financial success are analyzed for a 1990 sample of Pennsylvania commercial dairy farms using structural latent variable techniques. Latent factors related to dairy, crop, and financial management are used with herd size to explain farm financial...

The appropriate specification of expectations in empirical models of supply response or factor demand is discussed. A general model that admits both extrapolative and rational expectations is formulated and analyzed. The model is used to investigate the decision making process of cattle feeders...

This study determines the effect of government payments on real agricultural asset values using Bayesian vector autoregression. In developing the empirical model, special attention is focused on the informational content of government payments. The results indicate that government payments to...