This research estimates price and expenditure elasticities of U.S. red wine imports from five countries--Italy, France, Spain, Australia, and Chile--which are compared to elasticities of domestically produced red wine using the first-difference version of the almost ideal demand system (AIDS)....

The last three years have realized significant structural changes in the U.S. agricultural policy environment. These changes include nearly complete planting flexibility and the elimination of target-price-based income support for agricultural producers. Many have questioned the extent to which...

In this paper we find that real grain prices in China have displayed increased volatility in the past decade. This is true for rice, wheat, corn, and for most of provinces. Farmers in China are found to be risk averse because when they make acreage allocation decisions. Given the widespread...

Data from a survey were used to evaluate Tennessee farmers' willingness to pay for the boll weevil eradication program. Producer experience, boll weevil control costs, and attitudes about boll weevil damage and insecticide usage after the program were significant explanatory variables and had a...

This study develops a unique double-hurdle model of demand for composite food commodities which endogenizes unit values. The model structure allows us to account for the inability to observe such values for non-purchasing households and simultaneously adjusts for quality demand effects reflected...

This paper reconsiders the implications of efficient markets for transmission of price volatility across markets. Tests of volatility transmission are based on conditional variances. Results are reported for key grain and beef markets. Transmission across cash, futures, and options is considered.

For the same level of per capita resources, larger households are deemed better off due to possible scale economies from consuming household public goods. Contradictory evidence that per capita demand for food declines with household size has puzzled economists. This paper suggests that larger...

We illustrate how CAP policy reforms influence the transmission of world prices to domestic markets. Monthly wheat price data in Germany are used to obtain price transmission elasticities. Correctly accounting for structural breaks and the time series properties of the data yield transmission...

An extension of Schwartz's model of futures price term structure that includes seasonality is developed. The approach allows futures prices for all maturities to be estimated simultaneously by exploiting arbitrage relationships. An application to wheat futures prices is presented.

An asymmetric, threshold error correction model is used to evaluate price transmission among farm, wholesale, and retail pork markets. Threshold effects are confirmed. Results indicate asymmetries and suggest that adjustments are completed in about four weeks. Price transmission is...