Dual production specifications derived under certainty are typically randomized for econometric purposes with ad hoc error specifications. This article shows that such approaches can cause integrability conditions to fail. In particular, if errors in input demands represent errors in...

This paper investigates the properties of industry equilibrium under pric e uncertainty given free entry and exit. For any form of risk-averse behavior, it is shown that an increase in demand uncertainty (as meas ured by a mean-preserving spread) increases mean output price and red uces output...

Two policy goals dominate United States' agricultural programs: voluntary land retirement for environmental purposes and countercyclical income support. Traditionally, these goals have been pursued with separate policies. This policy separation is efficient with perfect information regarding...

International clamor regarding the potential degradation of the environment in developing countries due to opening to trade has been an important issue that has moved from the streets into academic studies. This dissertation links the effect of opening to trade on resource stocks in developing...