We study trade patterns in a pure exchange economy where preferences are symmetric up to taste intensity parameters. In a 2-person, 2-good endowment economy, then all endowments in a particular Edgeworth box rectangle require trading out of that rectangle. Under strictly quasi-concave...

Focuses on producer income support-oriented interventions in agricultural markets in developed countries, while examining how interventions affect production decisions in those markets where uncertainty exists. Development of theory concerning the impact of changes in uncertainty on the behavior...

Modern food production typically involves many interacting stages and two or more decision makers. There is reason to believe that inputs in determining quality likely complement. And it is not possible to regulate many of these inputs. In a food production system possessing these...

Meat retailers express demand for a more uniform product, and technical innovations are allowing an increasingly uniform supply. Packers can promote uniformity through pre-slaughter sorting, or earlier through contracts. Emphasizing effort on the packing line, we develop a model whereby packers...

Trade in feeder animals creates externalities when animal diseases can spread beyond the purchasing farm. If growers choose between open and closed production systems, then Nash equilibrium likely involves excessive trading. While first-best equilibrium involves market-wide adoption of either an...

This paper models stochastic technical change as a stochastic input. Dominance techniques are used to study the technology adoption decision, and the input and mean yield implications of adopting. Both complete change-over and portfolio mix situations are analyzed. The results are compared with...

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Findings in economic theory suggest that horizontal mergers involving firms with aggregate market share less than 50% are unlikely to be motivated by the consequent reduction in competitivity. The results arise because, absent cost efficiencies, quantity-setting firms in small mergers are...

Viewing ownership as bargaining power when some actions cannot be contracted upon, we explore the role of property rights in franchising, paying particular attention to complementary franchisor and franchisee noncontractibles, and cases of franchisor scale economies. Then, and regardless of...

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