T~ade policies have increasingly well-recognized environmental consequences through altering the ... more T~ade policies have increasingly well-recognized environmental consequences through altering the location and relative levels and value of production, consumption, and trade. Without question, the elimination of the trade barriers required by the proposed North American Free Trade Agreement (NAFTA) will force shifts in production, consumption, and resource use patterns within and among the United States, Canada, and Mexico that could have significant environmental implications. This paper first provides some background on agriculture and the NAFTA. Current environmental problems related to Mexican agriculture are then identified and the likely environmental implications of freer U.S.-Mexico agricultural trade are exploredJ The Texas Agricu1tural Market Research Center (TAMRC) has been providing timely, unique, and professional research on a wide range of issues relating to agricultural markets and commodities of importance to Texas and the nation for more than two decades.
The purpose of this study was to estimate the economic impacts of outdoor recreation activity (sp... more The purpose of this study was to estimate the economic impacts of outdoor recreation activity (specifically, sport fishing, hunting, picnicking, swimming, camping, pleasure boating and sightseeing) on the economies of the Texas Gulf Coast region and the state of Texas in the form of output, employment, income, and state and local tax revenues. The statewide Texas Gulf Coast economic impacts were estimated using the statewide expenditure data for the entire Texas Gulf Coast collected for this study and the 1986 Texas Input-Output Model developed for this study. The results of this analysis indicated that the total output impact during 1986 amounted to $1.19 billion for the Texas Gulf Coast and $1.91 billion for the state. The results also show that 59% of these impacts resulted from fishing-related travel to this area.
This study extends the joint estimation of revealed and stated preference data literature by acco... more This study extends the joint estimation of revealed and stated preference data literature by accounting for truncation in the revealed preference data. The analytical model and estimation procedure are used to estimate the value of recreational red snapper fishing in the Gulf of Mexico. This recreational red snapper valuation is decomposed into its direct and indirect components. As expected, the value of recreational red snapper fishing using the joint revealed-stated preference model proposed in this analysis is bracketed on the upper limit by the value obtained using the contingent valuation method and on the lower limit by the travel cost method. The results also indicate that the joint model improves the precision of estimated recreational red snapper valuation.
Journal of College Teaching & Learning (TLC), 2011
This paper describes technological application designed to focus on student-learner approaches to... more This paper describes technological application designed to focus on student-learner approaches to education to develop critical-thinking among undergraduate students. The high-tech classroom achieves the critical-thinking objective and reduces seat-time so colleges overcome ever-growing shortages of classroom space.
ABSTRACT Using a multivariate exponential generalized autoregressive conditionally heteroscedasti... more ABSTRACT Using a multivariate exponential generalized autoregressive conditionally heteroscedastic (M-EGARCH) model, this study examines price and volatility spillovers and response asymmetries between the equity markets of the United States and Brazil, Chile ...
Abstract Travel cost models are routinely used to assess the impact of policy changes on consumer... more Abstract Travel cost models are routinely used to assess the impact of policy changes on consumer's surplus. In this paper we show that when the policy change leads to a partial closure of the resource, then the standard use of consumer's surplus per trip can be ...
Journal of International Financial Markets, Institutions and Money, 2005
In this study, we examine the response of Latin American stock markets to movements in crosscount... more In this study, we examine the response of Latin American stock markets to movements in crosscountry Latin American macroeconomic variables. We find little evidence that Latin American stock markets are responsive to these changes. Alternatively, we find that Mexico's stock market affects other Latin American stock markets but not vice-versa. We also find that the exchange rate of a Latin American country affects its own stock market, suggesting that currency risk is an important source of risk in Latin America. We conclude that the use of crosscountry macroeconomic variables is not very useful for forecasting Latin American stock market movements.
Journal of Environmental Economics and Management, 1996
This article presents an experiment designed to test the reliability of the benefit function tran... more This article presents an experiment designed to test the reliability of the benefit function transfer approach using contingent valuation methods. The experiment uses data collected from anglers surveyed across eight contiguous Texas Gulf Coast bay regions over three distinct time periods. Results indicate that the benefit function transfer approach tends to overestimate benefits, implying that, at least for the case of recreational saltwater fishing in Texas, the benefit function transfer approach is not reliable.
... Empirical Illustrations Pagan and Vella's misspecification testing pro-cedures are a... more ... Empirical Illustrations Pagan and Vella's misspecification testing pro-cedures are applied to two well-known contin-gent valuation studies: Bishop and Heberlein's goose hunting study and Bowker and Stoll's whooping crane study. ...
Page 1. Functional Form and Welfare Measures in Truncated Recreation Demand Models Teofilo Ozuna,... more Page 1. Functional Form and Welfare Measures in Truncated Recreation Demand Models Teofilo Ozuna, Jr., Lonnie L. Jones, and Oral Capps, Jr. This article examines the effect on welfare measures of functional form choice and sample truncation. ...
Journal of Agricultural and Applied Economics, 1994
The purpose of the Journal is to provide a forum for creative and scholarly work in agricultural ... more The purpose of the Journal is to provide a forum for creative and scholarly work in agricultural economics and related areas. Contributions on methodology and applications in business, extension, research and teaching phases of agricultural economics are equally encouraged. Only submitted articles recommended by the editorial council are accepted for publication. Criticism of articles is encouraged and comments and replies will be published, subject to editorial review.
Journal of Agricultural and Applied Economics, 1995
The purpose of the Journal is to provide a forum for creative and scholarly work in agricultural ... more The purpose of the Journal is to provide a forum for creative and scholarly work in agricultural economics and related areas. Contributions on methodology and applications in business, extension, research and teaching phases of agricultural economics are equally encouraged. Only submitted articles recommended by the editorial council are accepted for publication. Criticism of articles is encouraged and comments and replies will be published, subject to editorial review.
As evidenced in a broad-based body of research, risk affects decision-maker’s behavior by influen... more As evidenced in a broad-based body of research, risk affects decision-maker’s behavior by influencing perceptions of decision situations, evaluation of alternatives, choices made, and other decision-related actions taken in response to risk. Based on theory from risk literature, a conceptual model was identified and tested. The data for this study was collected using a stratified random sample from the top Chief Information Officer (CIO) of the banking industry. The survey instrument collected information pertaining to the CIO executive’s risk behavior preference. The analysis of the data was used to determine an effective risk behavior model that can be used for future business decision making process. It is the anticipation that this model can be used to determine the CIOs risk behavior in decision making that would impact the information systems (IS) strategy. The CIOs risk behavior model tested indicated evidence supporting the proposition that both risk propensity and risk perc...
The purpose of this study is to investigate the financial characteristics that might influence th... more The purpose of this study is to investigate the financial characteristics that might influence the use of derivatives by banks in Latin America. We find that in Latin America banks using derivatives, compared to nonuser banks, are associated with riskier capital structures. Additionally, we find that onbalance sheet activities such as liquidity is not a substitute for derivatives and that derivatives are not being used to coordinate interest-rate risk and credit risk management strategies. These results identifying a derivative user bank as a weak capitalized bank, which does not seek to hedge unwanted risk, argue the need for any additional restrictions on derivatives activities. Latin American policy makers need to address the possible speculative behavior of banks in Latin America, otherwise they risk having an unstable and detrimental banking system.
T~ade policies have increasingly well-recognized environmental consequences through altering the ... more T~ade policies have increasingly well-recognized environmental consequences through altering the location and relative levels and value of production, consumption, and trade. Without question, the elimination of the trade barriers required by the proposed North American Free Trade Agreement (NAFTA) will force shifts in production, consumption, and resource use patterns within and among the United States, Canada, and Mexico that could have significant environmental implications. This paper first provides some background on agriculture and the NAFTA. Current environmental problems related to Mexican agriculture are then identified and the likely environmental implications of freer U.S.-Mexico agricultural trade are exploredJ The Texas Agricu1tural Market Research Center (TAMRC) has been providing timely, unique, and professional research on a wide range of issues relating to agricultural markets and commodities of importance to Texas and the nation for more than two decades.
The purpose of this study was to estimate the economic impacts of outdoor recreation activity (sp... more The purpose of this study was to estimate the economic impacts of outdoor recreation activity (specifically, sport fishing, hunting, picnicking, swimming, camping, pleasure boating and sightseeing) on the economies of the Texas Gulf Coast region and the state of Texas in the form of output, employment, income, and state and local tax revenues. The statewide Texas Gulf Coast economic impacts were estimated using the statewide expenditure data for the entire Texas Gulf Coast collected for this study and the 1986 Texas Input-Output Model developed for this study. The results of this analysis indicated that the total output impact during 1986 amounted to $1.19 billion for the Texas Gulf Coast and $1.91 billion for the state. The results also show that 59% of these impacts resulted from fishing-related travel to this area.
This study extends the joint estimation of revealed and stated preference data literature by acco... more This study extends the joint estimation of revealed and stated preference data literature by accounting for truncation in the revealed preference data. The analytical model and estimation procedure are used to estimate the value of recreational red snapper fishing in the Gulf of Mexico. This recreational red snapper valuation is decomposed into its direct and indirect components. As expected, the value of recreational red snapper fishing using the joint revealed-stated preference model proposed in this analysis is bracketed on the upper limit by the value obtained using the contingent valuation method and on the lower limit by the travel cost method. The results also indicate that the joint model improves the precision of estimated recreational red snapper valuation.
Journal of College Teaching & Learning (TLC), 2011
This paper describes technological application designed to focus on student-learner approaches to... more This paper describes technological application designed to focus on student-learner approaches to education to develop critical-thinking among undergraduate students. The high-tech classroom achieves the critical-thinking objective and reduces seat-time so colleges overcome ever-growing shortages of classroom space.
ABSTRACT Using a multivariate exponential generalized autoregressive conditionally heteroscedasti... more ABSTRACT Using a multivariate exponential generalized autoregressive conditionally heteroscedastic (M-EGARCH) model, this study examines price and volatility spillovers and response asymmetries between the equity markets of the United States and Brazil, Chile ...
Abstract Travel cost models are routinely used to assess the impact of policy changes on consumer... more Abstract Travel cost models are routinely used to assess the impact of policy changes on consumer's surplus. In this paper we show that when the policy change leads to a partial closure of the resource, then the standard use of consumer's surplus per trip can be ...
Journal of International Financial Markets, Institutions and Money, 2005
In this study, we examine the response of Latin American stock markets to movements in crosscount... more In this study, we examine the response of Latin American stock markets to movements in crosscountry Latin American macroeconomic variables. We find little evidence that Latin American stock markets are responsive to these changes. Alternatively, we find that Mexico's stock market affects other Latin American stock markets but not vice-versa. We also find that the exchange rate of a Latin American country affects its own stock market, suggesting that currency risk is an important source of risk in Latin America. We conclude that the use of crosscountry macroeconomic variables is not very useful for forecasting Latin American stock market movements.
Journal of Environmental Economics and Management, 1996
This article presents an experiment designed to test the reliability of the benefit function tran... more This article presents an experiment designed to test the reliability of the benefit function transfer approach using contingent valuation methods. The experiment uses data collected from anglers surveyed across eight contiguous Texas Gulf Coast bay regions over three distinct time periods. Results indicate that the benefit function transfer approach tends to overestimate benefits, implying that, at least for the case of recreational saltwater fishing in Texas, the benefit function transfer approach is not reliable.
... Empirical Illustrations Pagan and Vella's misspecification testing pro-cedures are a... more ... Empirical Illustrations Pagan and Vella's misspecification testing pro-cedures are applied to two well-known contin-gent valuation studies: Bishop and Heberlein's goose hunting study and Bowker and Stoll's whooping crane study. ...
Page 1. Functional Form and Welfare Measures in Truncated Recreation Demand Models Teofilo Ozuna,... more Page 1. Functional Form and Welfare Measures in Truncated Recreation Demand Models Teofilo Ozuna, Jr., Lonnie L. Jones, and Oral Capps, Jr. This article examines the effect on welfare measures of functional form choice and sample truncation. ...
Journal of Agricultural and Applied Economics, 1994
The purpose of the Journal is to provide a forum for creative and scholarly work in agricultural ... more The purpose of the Journal is to provide a forum for creative and scholarly work in agricultural economics and related areas. Contributions on methodology and applications in business, extension, research and teaching phases of agricultural economics are equally encouraged. Only submitted articles recommended by the editorial council are accepted for publication. Criticism of articles is encouraged and comments and replies will be published, subject to editorial review.
Journal of Agricultural and Applied Economics, 1995
The purpose of the Journal is to provide a forum for creative and scholarly work in agricultural ... more The purpose of the Journal is to provide a forum for creative and scholarly work in agricultural economics and related areas. Contributions on methodology and applications in business, extension, research and teaching phases of agricultural economics are equally encouraged. Only submitted articles recommended by the editorial council are accepted for publication. Criticism of articles is encouraged and comments and replies will be published, subject to editorial review.
As evidenced in a broad-based body of research, risk affects decision-maker’s behavior by influen... more As evidenced in a broad-based body of research, risk affects decision-maker’s behavior by influencing perceptions of decision situations, evaluation of alternatives, choices made, and other decision-related actions taken in response to risk. Based on theory from risk literature, a conceptual model was identified and tested. The data for this study was collected using a stratified random sample from the top Chief Information Officer (CIO) of the banking industry. The survey instrument collected information pertaining to the CIO executive’s risk behavior preference. The analysis of the data was used to determine an effective risk behavior model that can be used for future business decision making process. It is the anticipation that this model can be used to determine the CIOs risk behavior in decision making that would impact the information systems (IS) strategy. The CIOs risk behavior model tested indicated evidence supporting the proposition that both risk propensity and risk perc...
The purpose of this study is to investigate the financial characteristics that might influence th... more The purpose of this study is to investigate the financial characteristics that might influence the use of derivatives by banks in Latin America. We find that in Latin America banks using derivatives, compared to nonuser banks, are associated with riskier capital structures. Additionally, we find that onbalance sheet activities such as liquidity is not a substitute for derivatives and that derivatives are not being used to coordinate interest-rate risk and credit risk management strategies. These results identifying a derivative user bank as a weak capitalized bank, which does not seek to hedge unwanted risk, argue the need for any additional restrictions on derivatives activities. Latin American policy makers need to address the possible speculative behavior of banks in Latin America, otherwise they risk having an unstable and detrimental banking system.
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Papers by Teofilo Ozuna