Monte-Carlo simulation of nonparametric efficiency shows that even when the number of firms is large, defining ten or more inputs results in most firms being measured as efficient. Comparison of the simulated results with any empirical results may suggest that the dimension of the problem,...

Short-run and long-run technical and allocative efficiencies were computed for 395 New York dairy farms using data envelopment or nonparametric procedures on 1990 Dairy Farm Business Summary data. The farms were, on average, more allocatively efficient in the short run than in the long run, but...

The Dixit entry/exit real option model was applied to the entry/exit decisions of New York dairy farmers. For the cost structure of a 500-cow farm, the entry milk price is $17.52 per hundredweight (cwt) and the exit milk price is $10.84. For the 50-cow farm cost structure, the entry price is...

Productivity of U.S. farmers by age is measured by non-parametric programming using 1992 Census data, decomposed into efficiency and technology Malmquist index components. Productivity increases slightly with age and then decreases. In most states productivity variations are from technology use...

This article discusses the application of a quadratic programming model to the bond and note participation decision of a Cooperative Farm Credit Bank. The model generates an efficient frontier of bond and note portfolios from which a bank can choose. The composition of these portfolios depends...

Purpose – Buy-sell arrangements for the death of a co-owner may be funded with life insurance. Although many factors may enter the decision of whether to fund the buy-sell with life insurance, the degree of tolerance to risk is a major factor. The purpose of this paper is to estimate the risk...