Viewing ownership as bargaining power when some actions cannot be contracted upon, we explore the role of property rights in franchising, paying particular attention to complementary franchisor and franchisee noncontractibles, and cases of franchisor scale economies. Then, and regardless of...

Internal rate of return and net present value statistics for evaluating projects may display anomalous behavior when cash flows change sign more than once. We identify necessary and sufficient conditions such that these anomalies are precluded. We also identify a linear dominance condition on...

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The period 1997-2000 saw a rapid global consolidation of crop seed companies. The emerging companies are applying genetic engineering to exploit complementarities and substitutabilities between seed and other crop inputs. This article develops a model of competing technologies where one...

Existing literature on commodity futures price volatility emphasizes time to expiration and the resolution of uncertainty. In this paper we stress the supply and demand inflexibilities arising from decision making. A decision made on the supply (demand) side makes future supply (demand)...

This paper presents a general model of firm behavior in a risky environment when a risk management contract becomes available. While separation cannot be invoked, conclusions can still be drawn. Under nonincreasing absolute risk aversion (NIARA), the innovation increases production. An increase...

Optimal decisions are studied for material subjected to purification and/or blending processes. The slope and curvature of the retail price-quality schedule are found to determine optimal processing decisions. When processing is costless, linear raw material price-quality schedules result from...

An issue when seeking to identify rotation choice is persistence in yield-enhancement and input-saving carry-over effects. Focusing on carry-over length and the monoculture decision, we use quasi-convexity of choice functions to develop price-independent and price-dependent principles concerning...

The efficiency of redistribution of government-provided revenue insurance programs is compared with the efficiency of the 1990 farm program. The results indicate that revenue insurance would be more efficient because it would provide subsidies when and only when revenue is low and marginal...

This paper develops a general equilibrium analysis of production and futures markets with free entry/exit. It does so by analyzing partial equilibria with a reference utility level and entry/exit, first in a product market and then in a futures market. The markets are then considered jointly....