This study examines the empirical implications of extending the rational expectations hypothesis (REH) to include price uncertainty. Unlike previous studies, a general estimation framework that incorporates both the restrictions on structural parameters and the variance-covariance terms is...

The two most important laws regulating land reform and land privatization in rural areas provide the legal basis for changes in land ownership and management. These laws were the starting point for reestablishing private farming. At the same time, the previous highly centralized management of...

Endogenizing the exchange rat in trade models over the period of fixed and flexible exchange rate systems poses an econometric problem in the estimation because of the fixity of the exchange rate under the fixed exchange rate system. An econometric technique, the grafted polynomial approach, is...

In a recent paper (Rausser, forthcoming 1992), Vercammen and Schmitz analyzed the relationship between efficiency of farm programs and their trade-distorting effects. They found that, in general, the more efficient a farm program, the lesser the trade-distorting impact. Exploration of the final...

Tobin and Houthakker's (1950-51) work on consumer behavior under quantity rationing has been extended by many authors, especially through the use of duality theory. This paper uses duality theory to extend the work on demand theory under rationing to the case of producer behavior under quotas....

Recent strong growth in the export of U.S. meat products combined with increasing Asian demand for feed grains has focused attention on tools to analyze growth potential in these markets. This paper demonstrates that structural models of the livestock industries in foreign countries can provide...

This paper analyzes the incidence of agricultural commodity programs. Producers advocate commodity programs and receive price subsidies, but free entry and perfectly elastic supplies of nonland inputs ensure that landowners extract the entire surplus from price subsidies. Moreover, an increase...

Three alternatives for 1990 farm legislation are examined: (1) a continuation of current legislation; (2) small reductions in producer support levels that are phased in after a two-year delay; and (3) more significant policy reforms that include immediate support reductions for grains and...

Commodity markets are characterized by trade in standardized, undifferentiated commodities and numerous traders. Consequently, such markets are highly competitive and trade is carried out in concentrated, low transaction cost exchanges. In this sense, commodity markets are the closest...

This paper examines changes in agricultural productivity in 18 developing countries over the period 1961 to 1985. Because input price series are not available, we use the concept of distance function and the nonparametric, quantity-based Malmquist index approach, and contrast the results with...