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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...

The welfare implications of intellectual property protection (IPP) for private sector agricultural research are analyzed, focusing on the realistic cases where countries provide different IPP levels, technology spills over across countries, and the public sector is involved in research. A model...

A framework is developed for examining price and welfare effects of the introduction of genetically modified (GM) products. In the short run, non-GM grain generally becomes another identity-preserved product. However, more profound market effects are observed under some reasonable...

A dynamic three-commodity rational-expectations storage model is used to compare the impact of the Federal Agricultural Improvement and Reform (FAIR) Act of 1996 with a free-market policy, and with pre-FAIR policies. Results suggest that FAIR did not lead to significant increases in long-run...

The welfare implications of intellectual property protection (IPP) for private sector agricultural research are analyzed, focusing on the realistic cases where countries provide different IPP levels, technology spills over across countries, and the public sector is involved in research. A model...

Under realistic circumstances, forward-looking risk-averse firms will produce more than risk-neutral firms, and a mean-preserving spread of the price distribution will increase risk-averse firms' production. These results depend on firms realizing that prices of inputs required for production in...

A framework is developed for examining price and welfare effects of the introduction of genetically modified (GM) products. In the short run, non-GM grain generally becomes another identity-preserved product. However, more profound market effects are observed under some reasonable...

We examine the incentives of atomistic producers to differentiate and collectively market products. We analyze market and welfare effects of alternative producer organizations, discuss circumstances under which they will evolve, and describe implications for the ongoing debate between the EU and...

This report lays out the economic arguments in favor of the establishment of farmer-owned brands in Midwestern agriculture and presents four case studies based on successful efforts in this area in the European Union and the United States. The case studies involve Parma Ham, Brunello di...