Practitioners Abstract: The paper motivates and proposes a closed form option pricing model for markets such as grains or livestock where the price level can be expected to revert to expected production costs. The model suggests that traditional option pricing models will overprice long term...

 The present article examines society's welfare when goods with identical physical attributes can be produced using two alternative technologies, one of them less ethically desirable but less expensive for at least some producers. For the scenario where identification costs must be borne by...

A case-study approach is used to track research funding decisions made by the private seed sector. The three cases chosen provide a range of intellectual property protection (IPP) environments, crops, and companies, namely, (1) wheat in the United States and the European Union, (2)...

The present article examines society’s welfare when goods with identical physical attributes can be produced using two alternative technologies, one of them less ethically desirable but less expensive for at least some producers. For the scenario where identification costs must be borne by...

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...

Estimation risk occurs when parameters relevant for decision making are uncertain. Bayes'Â’ criterion is consistent with expected-utility maximization in the presence of estimation risk. This article examines optimal (BayesÂ’') land allocations and land allocations obtained using the...

In this article we argue that the seemingly contradictory positions of the EU and the US on regulating the handling and transporting of genetically modified (GM) grains may both make sense when viewed in terms of their respective economic welfare implications.

The study develops a theory of very-short-run forward-looking behavior allowing for forward trading and storage of final good and material input. Production and storage are separable from hedging decisions and depend only upon current forward and cash prices. Comparative statics are derived...