The costs of shortages and rationing are not captured by standard consumer price indices. Thus the change in real GDP per capita is an over estimate of welfare losses in transition economies. In this study virtual prices are used to calculate new cost of living indices (CLI). The results for...

R. J. Aumann and A. Brandenburger (1995) provide sufficient conditions on the knowledge of the players in a game for their beliefs to constitute a Nash equilibrium. They assume, among other things, mutual knowledge of rationality. By rationality of a player, it is meant that the action chosen by...

Abstract Currently Unavailable.

abstract currently unavailable

NA

not currently available

Group Risk Plan (GRP) and Group Risk Income Protection (GRIP) are low-cost insurance programs designed to help farmers protect their crops from disastrous losses. GRP and GRIP are alternatives to the traditional Multiple Peril Crop Insurance and revenue insurance products.

This paper constructs an equilibrium model of the supply behavior of an industry comprised of utility maximizing owner-operators, and derives its implications for empirical work. Except for the case of long-run constant costs, the perverse results for the firm (a backwar d-bending labor supply...

Abstract Currently Unavailable.

The problems faced by public agricultural research and land-grant system in the US is discussed in the context of its response to public pressure and criticism. Several proposals are put forward to address these problems which are related to the following issues: grant funding versus formula...