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Using a reference utility entry and exit criterion, we consider an equilibrium model of production where market price is random but endogenous with respect to industry output. General conditions are identified for industry output to increase under shifts in costs and in the distribution of...

When adjustment costs are present, cyclical preference and technology heterogeneities in a product’s markets induce cycles in production. We exploit cyclic and dihedral group invariances in an industry’s cost technology to describe these patterns. We show when equilibrium cyclical pricing...

The impact of price-quality schedule changes on the 'optimal input choice' of producers which subscribe to a minimum quality standard is investigated using the stochastic dominance method. In addition, the effects of a transition from a fixed price schedule to a quality-dependent price schedule...

In this paper, the authors develop a microeconomic optimization model of grain elevator cleaning and commingling decisions when the firm is faced with different discounting schedules. Using generalizations of Jensen's inequality, it is shown that a convex (concave) discount schedule encourages...

In order to fund production/marketing quota redistributions or reduce the amount of quota outstanding, regulators often tax quota asset market trades. This assessment is shown to impede the transfer of quota to more efficient producers if rental markets are prohibited. Inefficient producers will...

Antibiotics are used in fruit production to control fire blight, a bacterial disease of fruit trees that causes yield losses and eventually tree death. Fearing the development of widespread antibiotic resistance, scientists and public health officials are becoming increasingly concerned about...

Recently, researchers have been paying attention to the possibility of increasing returns to the use of damage control inputs under very plausible technologies. By looking at the mathematical structure of damage and control functions, a necessary and sufficient condition on these functions for...

A prominent facet of recent changes in agriculture has been the advent of precision breeding techniques. Another has been an increase in the level of information inputs and outputs associated with agricultural production. This paper identifies ways in which these features may complement in...

This article analyses optimal decisions under regulation by tradable agricultural production/marketing quotas when production is stochastic. For risk-neutral and risk-averse producers the fraction of planned production that is covered by quota is separable from input decisions when yield...