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This study develops a model of occupational and educational choices. Individuals are assumed to choose careers based on expected utility maximization, given uncertainty concerning future earnings. The model directly leads to estimable equations relating career choices to the moments of...

Production economics theory shows that the pro fit-maximizing output of a commodity depends, among other things, upon product and input prices. Supply functions consistent with this theory have been estimated for many agricultural crops both in the United States and elsewhere. However, the...

The price-wedge method yields a tariff-equivalent estimate of technical barriers to trade (TBT). An extension of this method accounts for imperfect substitution between domestic and imported goods and incorporates recent findings on trade costs. We explore the sensitivity of this revamped TBT...

Falk has shown that there are large and systematic deviations of real farmland prices in Iowa from their fundamental values. Falk and Lee (FL) conclude that these deviations are more easily explainable in terms of fads rather than speculative bubbles. In his comment on FL, Roche argues that the...

Huffman, W.E. ﾓPublic-Private Research and Development Relationships: Discussion,ﾔ Am. J. Agr. Econ. 83(Aug. 2001):754-757.

We propose a strategy to identify the complementarity or substitutability among technology bundles. Under the assumption that alternative technologies are independent, we develop a hypothetical distribution of multiple technology adoptions. Differences between the observed distribution of...

I study a model of dynamic risk sharing with costly state verification (CSV). In the model, a risk neutral agent enters an infinitely repeated relationship with a risk averse agent. In each period, the risk averse agent receives a random income which is observed only by himself, unless the risk...