The authors develop a new multivariate GARCH parameterization that is suitable for testing the hypothesis that the optimal futures hedge ratio is constant over time, given that the joint distribution of cash and futures prices is characterized by autoregressive conditional heteroskedasticity....

This paper studies the spillover effects of rising biofuel production on participation in the Conservation Reserve Program. Landowner participation decisions are modeled using a real options framework. We develop a land use decision model that captures biofuel-driven structural changes in market...

This article provides a perspective on major innovations in research on agricultural markets over the past century. We review research on market structure and performance, vertical coordination arrangements, and institutions for producer collective action. Contributions to empirical modeling of...

The rice price support program (PSP) in Thailand is designed to support rice prices and raise incomes of rice farmers. However, it has been argued that the program only attracts participation from certain types of farmers, in particular larger and more efficient farmers with higher farm incomes....

Policies regulating the international grain trade in Southern Africa (SA) are motivated by uncertainty regarding private sector performance and, in turn, private sector performance is generally constrained by the policy environment. We study spatial price transmission between SA maize markets...

The welfare and retirement fund negotiated in 1946 by the UMWA for bituminous coal miners was the first large program of its type to be set up by collective bargaining after the war. Based upon principles differing from those followed in other industries, the fund aroused much speculation in...