According to New Institutional Economics, transactional activities, governance structures, institutions and beliefs and values are related hierarchally. Williamson (2000) formalizes this framework to show that each governing level must be aligned with the adjacent level for transaction costs to...

This paper distinguishes between two types of ethical Problems. A Type I ethical problem is one in which there is no consensus as to what is ethical. A Type II ethical problem is one in which there is a consensus as to what is ethical, but incentives exist for individuals to behave unethically....

The industrialization of agriculture not only alters the ways in which agricultural production occurs, but also impacts the decisions farmers make in important ways. First, constraints created by the economic environment of farming limit what options a farmer has available to him. Second,...

There are two competing approaches sustainability in agriculture. One stresses a strict economic approach in which market forces should be allowed to guide the activities of agricultural producers. The other advocates the need to balance economic with environmental and social objectives, even to...

In this paper we consider the question of whether middle-scale farmers, which we define as producers generating between $100,000 and $250,000 in sales annually, are better agricultural stewards than small and large-scale producers. Our study is motivated by the argument of some commentators that...

During the late 1990s a series of negative events occurred in the United Kingdom (UK) related to biotechnology. These events signaled potential risks associated with biotech foods and crops and were highly reported. According to the trust asymmetry hypothesis, such events ought to cause public...

The purpose of this paper is to determine what factor affect trust in scientists and food manufacturers, and to examine how trust in these institutions affects public support for biotechnology. Data from the U.S. Biotechnology Study reveal that benefits from biotechnology and expectations of...

We consider the implications of trends in the number of U.S. farmers and food imports on the question of what role U.S. farmers have in an increasingly global agrifood system. Our discussion stems from the argument some scholars have made that American consumers can import their food more...

The paper analyzes the problem of asymmetric information between buyers and sellers in cattle auctions. An illustration is made regarding the vaccinations that the animals receive. Buyers do not know and cannot verify if sellers have vaccinated their animals forcing them to consider...

We examine empirically the relationship between happiness and the ethical decisions of individuals. We use data from the 1995-97 wave of the World Values Survey (WVS) to test the hypothesis that the relationship between happiness and ethics is bicausal in the sense that personal ethics affects...