Technical progress in U.S. agriculture is evaluated using a new measure of productivity growth, flexible technical change. This measure allows for nonconstant returns to scale, market structures other than perfect competition, and time-varying coefficients. An integral part of the procedure is...

Cottonseed crushers face substantial risk in terms of input and output price variability and they are limited in their planning by the lack of a viable futures contract for cottonseed or cottonseed products. This study examines the feasibility of cross-hedging cottonseed products using the...

Recognition of the benefits to society supported by estuary ecosystem functions and services, and threats to these benefits posed by human activities, has led to various public programs to restore and protect estuaries and the federal, state and local levels. As available budgets shrink, program...

In this paper, a conceptual model for estimating option price for groundwater quality protection is developed, and the effets of subjective demand and supply uncertainty and other variables on option price are estimated. A contingent valuation study to measure option price for groundwater...

The purpose of this study was to utilize the economic surplus framework for evaluating the impact of investment in agricultural research. The economic impact measures used in this study were the total benefits and distribution of those benefits associated with investment in agricultural...

Myers and Thompson (1989) pioneered the concept of a generalized approach to estimating hedge ratios, pointing out that the model specification could have a large impact on the hedge ratio estimated. While a huge empirical literature exists on estimating hedge ratios, the literature is lacking a...

This article extends the literature on economic valuation of public interventions that reduce environmental risk. We consider the case where risk-reducing interventions have different characteristics than the risk proxies used in hedonic regressions. We then demonstrate the importance of these...

We take advantage of a long panel data set to estimate the relationship between U.S. state-level carbon dioxide (CO2) emissions, economic activity, and other factors. We specify a reduced-form energy demand model to account for energy consumption activities that drive energy-related emissions....