The COVID-19 pandemic induced numerous supply chain shocks in U.S. agricultural markets though few empirical studies have sought to disentangle commodity price impacts caused by unique changes in food and non-food agricultural product demand. Using a data-modified version of the...

The standard parity bounds model (PBM) is extended to allow for dynamic shifts in regime probabilities in response to changes in marketing policy. The approach allows estimation of the length of the adjustment period and a statistical test for no policy effects. The extended PBM is applied to...

This study estimates the effects of a large discrete maize price increase on the welfare of a sample of rural Kenyan households. The usual first-order welfare approximation formula is extended to a second-order formula that allows for supply and demand responses to the price change. Results show...