Production and hedging in both forward and options markets are analyzed for forward-looking firms that maximize expected utility. In the presence of unbiased forward and options prices, it is shown that such firms will use options as hedging instruments. This result contrasts with the...

This paper discusses the implications of credit use in models of consumer demand. It proposes a functional form for and presents results from a demand model designed to incorporate the effects of credit use.

The cycle in prices and output is not a permanent fixture of the pork industry. Exogenous shocks occasionally give rise to predictable cycles in pork prices, but these are eventually eliminated in a manner that is consistent with the existence of countercyclical producers. It normally takes...

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The FAPRI 2008 U.S. and World Agricultural Outlook presents projections of world agricultural production, consumption, and trade under average weather patterns, existing farm policy, and policy commitments under current trade agreements and custom unions. The outlook uses a macroeconomic...

abstract not available

Most prior studies have found that substituting biofuels for gasoline will reduce greenhouse gases because biofuels sequester carbon through the growth of the feedstock. These analyses have failed to count the carbon emissions that occur as farmers worldwide respond to higher prices and convert...

The public must decide between assertions made about food safety through irradiation by advocacy groups and by scientific experts. Herein we discuss the policy implications of experimental results that show how favorable and unfavorable information on food irradiation to reduce risks affects...

We examine the welfare impact of different intellectual property protection (IPP) regimes in private sector seed research and development (R&D). We take into account the period after expiration of legal IPP, and require simultaneous equilibrium in markets for R&D, seeds, and final product....