Experimental auctions were used to examine the effects of alternative descriptions of food irradi... more Experimental auctions were used to examine the effects of alternative descriptions of food irradiation on willingness-to-pay for a pork sandwich irradiated to control Trichinella. As expected, a favorable description of irradiation increased willingness-to-pay, and an unfavorable description decreased willingness-to-pay. Notably, when subjects were given both the pro-and anti-irradiation descriptions, the negative description dominated and willingness-to-pay decreased.
Low marked prices for corn and soybeans have triggered two federal price support programs:(1) a L... more Low marked prices for corn and soybeans have triggered two federal price support programs:(1) a Loan Deficiency Payment (LDP) that pays producers the difference between county-level prices and that county's loan rate on a date chosen by the producer and (2) a traditional loan program whereby the producer puts grain in storage and uses the grain as collateral on a loan. Producers may enroll in either program, but not in both.
This paper was presented at the INTERNATIONAL TRADE IN LIVESTOCK PRODUCTS SYMPOSIUM in Auckland, ... more This paper was presented at the INTERNATIONAL TRADE IN LIVESTOCK PRODUCTS SYMPOSIUM in Auckland, New Zealand, January 18-19, 2001. The Symposium was sponsored by: the International Agricultural Trade Research Consortium, the Venture Trust, Massey University, New Zealand, and the Centre for Applied Economics and Policy Studies, Massey University. Dietary changes, especially in developing countries, are driving a massive increase in demand for livestock products.
As part of the Loan Deficiency Payment (LDP) program, when a county's posted county price (PCP) f... more As part of the Loan Deficiency Payment (LDP) program, when a county's posted county price (PCP) falls below the county's loan rate, the US Department of Agriculture agrees to pay the producer the difference between the two. Because 1998 corn and soybean prices have fallen below the loan rate for the first time, grain farmers will now rely on LDPs for a significant proportion of their income.
A system and method for evaluating the risk of insuring a grower comprises a communications inter... more A system and method for evaluating the risk of insuring a grower comprises a communications interface for obtaining a geographic area yield (eg, mean geographic area yield) of a crop for a particular geographic area (eg, county) for a corresponding time period. A yield monitor or a yield sensor, associated with a ground-based or aerial work vehicle, obtains a benchmark grower yield (eg, historic grower yield) for a particular grower within the particular geographic area.
Abstract Tests for quasi-separability, net substitutability, and perfect substitutability are dev... more Abstract Tests for quasi-separability, net substitutability, and perfect substitutability are developed and implemented on an almost ideal demand system model of the Japanese meat sector. The data set satisfies both symmetry and homogeneity. There is evidence of net complimentarity between chicken and dairy beef and chicken and pork. The tests indicate that Japanese Wagyu beef is considered a separate commodity to both imported beef and dairy beef.
INTRODUCTION The policy of inexpensive feed grains implicit in the 1985 US Farm Bill, coupled wit... more INTRODUCTION The policy of inexpensive feed grains implicit in the 1985 US Farm Bill, coupled with relatively weak US and Canadian dollars, has begun to make North American beef competitive on world markets. This situation is particularly true in the rapidly growing Asian economies of Japan, Taiwan, and South Korea, which, for reasons of disease control, restrict their import sources to North America, Australia, and New Zealand.
People make choices in their retail purchases, when they participate in experimental auctions or ... more People make choices in their retail purchases, when they participate in experimental auctions or respond to surveys. The outcomes of these choices are often examined and used for academic research and policy analysis. Each of the three decision settings have unique features and incentives absent from the other two settings. Retail purchases involve payment of real money for real products within an environment in which thousands of products compete for the consumer's dollar.
The collapse of hog prices in the fall of 1998 precipitated renewed interest in using insurance a... more The collapse of hog prices in the fall of 1998 precipitated renewed interest in using insurance as a means of providing an affordable safety net to US farmers. Legislation has been introduced that would amend the Federal Crop Insurance Act to allow livestock insurance. This paper discusses some of the issues raised by an expansion of revenue insurance, and provides an example of a whole-farm insurance product that insures against revenue losses on a diversified farm producing corn, soybeans, and hogs.
Résumé/Abstract Conventional agricultural life cycle assessments (LCAs) measure greenhouse gas (G... more Résumé/Abstract Conventional agricultural life cycle assessments (LCAs) measure greenhouse gas (GHG) emissions for biofuel pathways as the amount of carbon dioxide equivalent emitted per unit of energy provided by the pathway (ie gCO 2 e/MJ).
Purpose–While the demand for weather-based agricultural insurance in developed regions is limited... more Purpose–While the demand for weather-based agricultural insurance in developed regions is limited, there exists significant potential for the use of weather indexes in developing areas. The purpose of this paper is to address the issue of historical data availability in designing actuarially sound weather-based instruments. Design/methodology/approach–A Bayesian rainfall model utilizing spatial kriging and Markov chain Monte Carlo techniques is proposed to estimate rainfall histories from observed historical data.
We design and implement a method, CVM-X, to calibrate hypothetical survey values using experiment... more We design and implement a method, CVM-X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness-to-pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process (0.67-0.69) are less severe than for those with an initial dislike of the process (0.55-0.59), suggesting that calibration may be commodity specific.< P>(This abstract was borrowed from another version of this item.)
Abstract Genetic engineering technologies that better align crop seeds with field crop product de... more Abstract Genetic engineering technologies that better align crop seeds with field crop product demands and with other crop inputs are rapidly entering commercial markets. Central to the success of these new technologies are corporate strategies on product market segmentation and input interactions. Input suppliers possessed of technical advantages may seek to exploit their positions through marketing restrictions such as product tying and bundling.
Abstract The efficiency of redistribution of government-provided revenue insurance programs is co... more Abstract 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 utility is high, and it works on the component of the objective function (revenue) that is of greatest relevance to producers.
Experimental auctions were used to examine the effects of alternative descriptions of food irradi... more Experimental auctions were used to examine the effects of alternative descriptions of food irradiation on willingness-to-pay for a pork sandwich irradiated to control Trichinella. As expected, a favorable description of irradiation increased willingness-to-pay, and an unfavorable description decreased willingness-to-pay. Notably, when subjects were given both the pro-and anti-irradiation descriptions, the negative description dominated and willingness-to-pay decreased.
Low marked prices for corn and soybeans have triggered two federal price support programs:(1) a L... more Low marked prices for corn and soybeans have triggered two federal price support programs:(1) a Loan Deficiency Payment (LDP) that pays producers the difference between county-level prices and that county's loan rate on a date chosen by the producer and (2) a traditional loan program whereby the producer puts grain in storage and uses the grain as collateral on a loan. Producers may enroll in either program, but not in both.
This paper was presented at the INTERNATIONAL TRADE IN LIVESTOCK PRODUCTS SYMPOSIUM in Auckland, ... more This paper was presented at the INTERNATIONAL TRADE IN LIVESTOCK PRODUCTS SYMPOSIUM in Auckland, New Zealand, January 18-19, 2001. The Symposium was sponsored by: the International Agricultural Trade Research Consortium, the Venture Trust, Massey University, New Zealand, and the Centre for Applied Economics and Policy Studies, Massey University. Dietary changes, especially in developing countries, are driving a massive increase in demand for livestock products.
As part of the Loan Deficiency Payment (LDP) program, when a county's posted county price (PCP) f... more As part of the Loan Deficiency Payment (LDP) program, when a county's posted county price (PCP) falls below the county's loan rate, the US Department of Agriculture agrees to pay the producer the difference between the two. Because 1998 corn and soybean prices have fallen below the loan rate for the first time, grain farmers will now rely on LDPs for a significant proportion of their income.
A system and method for evaluating the risk of insuring a grower comprises a communications inter... more A system and method for evaluating the risk of insuring a grower comprises a communications interface for obtaining a geographic area yield (eg, mean geographic area yield) of a crop for a particular geographic area (eg, county) for a corresponding time period. A yield monitor or a yield sensor, associated with a ground-based or aerial work vehicle, obtains a benchmark grower yield (eg, historic grower yield) for a particular grower within the particular geographic area.
Abstract Tests for quasi-separability, net substitutability, and perfect substitutability are dev... more Abstract Tests for quasi-separability, net substitutability, and perfect substitutability are developed and implemented on an almost ideal demand system model of the Japanese meat sector. The data set satisfies both symmetry and homogeneity. There is evidence of net complimentarity between chicken and dairy beef and chicken and pork. The tests indicate that Japanese Wagyu beef is considered a separate commodity to both imported beef and dairy beef.
INTRODUCTION The policy of inexpensive feed grains implicit in the 1985 US Farm Bill, coupled wit... more INTRODUCTION The policy of inexpensive feed grains implicit in the 1985 US Farm Bill, coupled with relatively weak US and Canadian dollars, has begun to make North American beef competitive on world markets. This situation is particularly true in the rapidly growing Asian economies of Japan, Taiwan, and South Korea, which, for reasons of disease control, restrict their import sources to North America, Australia, and New Zealand.
People make choices in their retail purchases, when they participate in experimental auctions or ... more People make choices in their retail purchases, when they participate in experimental auctions or respond to surveys. The outcomes of these choices are often examined and used for academic research and policy analysis. Each of the three decision settings have unique features and incentives absent from the other two settings. Retail purchases involve payment of real money for real products within an environment in which thousands of products compete for the consumer's dollar.
The collapse of hog prices in the fall of 1998 precipitated renewed interest in using insurance a... more The collapse of hog prices in the fall of 1998 precipitated renewed interest in using insurance as a means of providing an affordable safety net to US farmers. Legislation has been introduced that would amend the Federal Crop Insurance Act to allow livestock insurance. This paper discusses some of the issues raised by an expansion of revenue insurance, and provides an example of a whole-farm insurance product that insures against revenue losses on a diversified farm producing corn, soybeans, and hogs.
Résumé/Abstract Conventional agricultural life cycle assessments (LCAs) measure greenhouse gas (G... more Résumé/Abstract Conventional agricultural life cycle assessments (LCAs) measure greenhouse gas (GHG) emissions for biofuel pathways as the amount of carbon dioxide equivalent emitted per unit of energy provided by the pathway (ie gCO 2 e/MJ).
Purpose–While the demand for weather-based agricultural insurance in developed regions is limited... more Purpose–While the demand for weather-based agricultural insurance in developed regions is limited, there exists significant potential for the use of weather indexes in developing areas. The purpose of this paper is to address the issue of historical data availability in designing actuarially sound weather-based instruments. Design/methodology/approach–A Bayesian rainfall model utilizing spatial kriging and Markov chain Monte Carlo techniques is proposed to estimate rainfall histories from observed historical data.
We design and implement a method, CVM-X, to calibrate hypothetical survey values using experiment... more We design and implement a method, CVM-X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness-to-pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process (0.67-0.69) are less severe than for those with an initial dislike of the process (0.55-0.59), suggesting that calibration may be commodity specific.< P>(This abstract was borrowed from another version of this item.)
Abstract Genetic engineering technologies that better align crop seeds with field crop product de... more Abstract Genetic engineering technologies that better align crop seeds with field crop product demands and with other crop inputs are rapidly entering commercial markets. Central to the success of these new technologies are corporate strategies on product market segmentation and input interactions. Input suppliers possessed of technical advantages may seek to exploit their positions through marketing restrictions such as product tying and bundling.
Abstract The efficiency of redistribution of government-provided revenue insurance programs is co... more Abstract 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 utility is high, and it works on the component of the objective function (revenue) that is of greatest relevance to producers.
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Papers by Dermot Hayes