The effects on marketing margins and Texas what producers of shifting from a period with stable prices to a period without stable prices were investigated using both econometric and simulation techniques. Empirical evidence reveals wheat export firms are risk averse and that either futures...

Replaced with revised version of paper 02/04/08.

An econometric model of cotton acreage response was estimated for four distinct production regions in the United States. This work builds on previous work in the area of supply response under government farm programs and provides up-to-date regionalized estimates of own-price elasticity of...

Woody plant encroachment restricts forage production and capacity to produce grazing livestock. Biophysical plant growth simulation and economic simulation were used to evaluate a prescribed burning range management technique. Modeling systems incorporated management practices and costs,...

A typical Texas High Plains cotton farm was simulated over a 10-year planning horizon using the FLIPSIM IV model to compare the effects of (a) participation in the Federal Crop Insurance (FCI) program, (b) participation in the ASCS low yield disaster program with either high or low target...

The dynamic relationship between daily cash and futures prices is investigated using time series analysis. The procedure involves causality tests between the two price series. The results show that futures price movements lead cash prices, implying that prices are discovered in the futures market.

A method of stochastic dominance analysis with respect to a function (SDRF) is described and illustrated. The method, called stochastic efficiency with respect to a function (SERF), orders a set of risky alternatives in terms of certainty equivalents for a specified range of attitudes to risk....

This study focuses on managing cotton production and marketing risks using combinations of irrigation levels, put options (as price insurance), and crop insurance. Stochastic cotton yields and prices are used to simulate a whole-farm financial statement for a 1,000 acre furrow irrigated cotton...