This study seeks to take fragmentation research in a new direction by looking at exurban sprawl and fragmentation of ownership. The primary objective of this study is to identify the location and magnitude of fragmentation of agricultural land parcels sold in Oklahoma. This was accomplished by...

The major finding is that liquidity costs in futures options market are two to three times higher than liquidity costs in the futures market. Liquidity cost is one potential factor to consider when choosing between hedging with a futures contract or with an option contract. While there is...

Futures prices when combined with a basis forecast provide a reliable way to forecast cash prices. The most popular method of forecasting basis is historical moving averages. Given the recent failure of longer moving averages proposed by previous studies, this research reassesses past...

Since decisions to sell grain are irreversible, waiting to sell grain can have a real option value. This real option value may explain why producers appear to store too long. A new seasonal mean reversion model is estimated that allows prices to be a random walk with drift within a season, but...

Purpose – Consistent and reliable data on farmland values is critical to assessing the overall financial health of agricultural producers. However, little is known about the idiosyncrasies and similarities of standard land value data sources – US Department of Agriculture (USDA), Federal...

Purpose – The purpose of this paper is to use prediction markets to forecast an agricultural event: United States Department of Agriculture's number of cattle on feed (COF). Prediction markets are increasingly popular forecast tools due to their flexibility and proven accuracy to forecast a...

Controversy remains about the effectiveness of the 1999 Livestock Mandatory Price Reporting Act (MPRA). We determine the likely changes in beef packers' market power after the MPRA by using an agent-based, first-price common-value auction. Past research has employed Cournot models, but we use an...

Generalized autoregressive conditional heteroskedasticity (GARCH) option pricing models (OPM) with historical volatility have proven superior to the log-normality assumption of the Black option pricing model with historical volatility. This paper estimates implied volatilities from GARCH OPM....