@article{thurman_2023, title={Where lies the bundle of sticks? A comment on Bart Wilson's 'The Primacy of Property'}, ISSN={["1744-1382"]}, DOI={10.1017/S1744137422000431}, abstractNote={Abstract}, journal={JOURNAL OF INSTITUTIONAL ECONOMICS}, author={Thurman, Walter}, year={2023}, month={Jan} }
 @article{rucker_thurman_burgett_2019, title={Colony Collapse and the Consequences of Bee Disease: Market Adaptation to Environmental Change}, volume={6}, ISSN={["2333-5963"]}, DOI={10.1086/704360}, abstractNote={The most extensive markets for pollination services in the world are those for honey bee pollination in the United States. They play important roles in coordinating agricultural producers and migratory beekeepers, who both produce honey and provide pollination for crops. Recent trends in bee disease—including the still poorly understood colony collapse disorder, or CCD—can usefully be viewed in the context of how markets respond to environmental change. We analyze economic indicators of input and output markets related to managed honey bee operations, looking for effects from CCD. We find strong evidence of adaptation in these markets and remarkably little to suggest dramatic and widespread economic effects from CCD.}, number={5}, journal={JOURNAL OF THE ASSOCIATION OF ENVIRONMENTAL AND RESOURCE ECONOMISTS}, author={Rucker, Randal R. and Thurman, Walter N. and Burgett, Michael}, year={2019}, month={Sep}, pages={927–960} }
 @article{parker_thurman_2019, title={Private Land Conservation and Public Policy: Land Trusts, Land Owners, and Conservation Easements}, volume={11}, ISSN={["1941-1359"]}, DOI={10.1146/annurev-resource-100518-094121}, abstractNote={ We highlight the extraordinary growth in private conservation via land trusts and conservation easements and describe the problems arising from the interplay of public finance and private decisions. We offer a framework for understanding the popularity of easements and land trusts and for evaluating policy reforms aimed at improving their performance. The framework, grounded in institutional and organizational economics in the tradition of Ronald Coase, Oliver Williamson, and Yoram Barzel, focuses on the measurement and monitoring costs faced by public and private stakeholders under current and prospective policy arrangements. We illustrate how the framework can be applied to contemporary debates about the appropriate tax treatment of donated easements, requirements that they be held in perpetuity, and the extent to which government should regulate private land trusts. }, journal={ANNUAL REVIEW OF RESOURCE ECONOMICS, VOL 11}, author={Parker, Dominic P. and Thurman, Walter N.}, year={2019}, pages={337–354} }
 @article{karali_mcnew_thurman_2018, title={Price discovery and the basis effects of failures to converge in soft red winter wheat futures markets}, volume={43}, number={1}, journal={Journal of Agricultural and Resource Economics}, author={Karali, B. and Mcnew, K. and Thurman, W. N.}, year={2018}, pages={1–17} }
 @article{parker_thurman_2018, title={Tax Incentives and the Price of Conservation}, volume={5}, ISSN={["2333-5963"]}, DOI={10.1086/695615}, abstractNote={We study the role of tax incentives in promoting a fast-growing and novel type of conservation: voluntary, permanent restrictions on private land use through conservation easements. In the United States, easements represent the largest charitable gift on a per-donation basis, but skeptics wonder if their tax preference merely subsidizes wealthy landowners rather than inducing conservation. We incorporate federal and state income tax codes into a calculator to quantify the after-tax donation price and demonstrate its sensitivity to landowner income and state and federal policies. Using a 1987–2012 panel, we measure the response of state-level easements to the price. Our large elasticity estimates, spanning −2.4 to −6.1, indicate that tax incentives induce conservation and do not merely subsidize it. We find no evidence that generous tax benefits have caused less strategic patterns of land conservation.}, number={2}, journal={JOURNAL OF THE ASSOCIATION OF ENVIRONMENTAL AND RESOURCE ECONOMISTS}, author={Parker, Dominic P. and Thurman, Walter N.}, year={2018}, month={Apr}, pages={331–369} }
 @article{fatal_thurman_2014, title={The Response of Corn Acreage to Ethanol Plant Siting}, volume={46}, DOI={10.1017/s1074070800000717}, abstractNote={U.S. ethanol production capacity increased more than threefold between 2002 and 2008. We study the effect of this growth on corn acreage. Connecting annual changes in county-level corn acreage to changes in ethanol plant capacities, we find a positive effect on planted corn. The building of a typical plant is estimated to increase corn in the county by over 500 acres and to increase acreage in surrounding counties up to almost 300 miles away. All ethanol plants are estimated to increase corn production by less than their annual requirements.}, number={02}, journal={Journal of Agricultural and Applied Economics}, publisher={Cambridge University Press (CUP)}, author={Fatal, Yehushua Shay and Thurman, Walter N.}, year={2014}, month={May}, pages={157–171} }
 @misc{thurman_2014, place={Minneapolis}, title={Welfare Impacts of Pollinator Health Challenges}, author={Thurman, Walter N.}, year={2014}, month={Jul} }
 @article{jacobs_thurman_marra_2014, title={effect of conservation priority areas on bidding behavior in the conservation reserve program}, volume={90}, DOI={10.3368/le.90.1.1}, abstractNote={We explore how a landowner’s bid to enroll in the Conservation Reserve Program (CRP) is influenced by his parcel’s designation as a Conservation Priority Area (CPA). A theoretical model of a landowner’s optimal bid is presented, and we demonstrate the ambiguity in a landowner’s optimal bid response to CPA designations. The bid choice is analyzed using a data set of accepted and unaccepted offers during three CRP sign-up periods. We focus empirically on a subset of offers from the Prairie Pothole CPA to identify whether bid responses to exogenous location factors differ across landowners with varying opportunity costs to enrollment. (JEL Q15, Q18)}, number={1}, journal={Land Economics}, author={Jacobs, K. L. and Thurman, W. N. and Marra, M. C.}, year={2014}, pages={1–25} }
 @article{park_thurman_2013, title={A Bayesian approach to aggregation in demand systems: smoothing with perfect substitution priors}, volume={45}, ISSN={["1466-4283"]}, DOI={10.1080/00036846.2013.788784}, abstractNote={Demand analysis requires aggregation of commodities. Some are imposed at the data collection level, leaving some for the estimation level. When data are collected, the implicit assumption underlying the aggregation is perfect substitutability: one gallon of gasoline is viewed by consumers as equivalent to another gallon; hence, the two are added together. While such aggregation can be carried out further by the data analyst, it is difficult to incorporate perfect substitutability into the estimation of direct demand systems. Perfect substitution in that context implies discontinuous demand functions, which are not nested within standard empirical demand systems. Perfect substitution is much more easily handled in a system of inverse demands, though an empirical method to impose perfect substitutability in an inverse demand system has not previously appeared in the literature. In this article, we develop such a method, which allows perfect substitutability to be imposed as a prior restriction. We use Leamer’s information contract curve as a tool to flexibly impose the substitution restriction and to investigate consistency between the data and prior. We illustrate the method with an application to inverse demands for fish in Korea.}, number={31}, journal={APPLIED ECONOMICS}, publisher={Informa UK Limited}, author={Park, Hoanjae and Thurman, Walter N.}, year={2013}, month={Nov}, pages={4452–4462} }
 @article{parker_thurman_2013, title={Conservation Easements: Tools for Conserving and Enhancing Ecosystem Services}, DOI={10.1016/b978-0-12-375067-9.00053-x}, abstractNote={In this article, the history of conservation easements in the United States and their current role in land conservation is surveyed. This history is closely entwined with that of land trusts, nonprofit organizations that protect land from development for the purpose of conserving or enhancing environmental amenities. But while land trusts were first established in the United States in the late nineteenth century, conservation easements are a relatively recent property law innovation. Land conservation via conservation easements is an attractive alternative to outright ownership, as evidenced by the tremendous growth in easement holdings over the past 30 years, and by growth in easements relative to fee simple ownership. Plausible reasons for the relative growth in easements are several and include their promotion of the market value of land subject to restriction, the growth in tax benefits available to donors of conservation easements, and their unique ability to guarantee a present landowner's preferred land uses into perpetuity. The requirement that easements be held in perpetuity, and the fact that the majority of easements are financed through the tax code, put constraints on land trust conservation. These constraints may diminish the effectiveness of easements in conserving and enhancing ecosystem services on private land.}, journal={Encyclopedia of Energy, Natural Resource, and Environmental Economics}, publisher={Elsevier}, author={Parker, D.P. and Thurman, W.N.}, year={2013}, pages={133–143} }
 @article{rucker_thurman_burgett_2012, title={Honey Bee Pollination Markets and the Internalization of Reciprocal Benefits}, volume={94}, ISSN={["1467-8276"]}, DOI={10.1093/ajae/aas031}, abstractNote={The world's most extensive markets for pollination services are those for honey bee pollination in the United States. These markets play important roles in coordinating the behavior of migratory beekeepers, who both produce honey and provide substitutes for ecosystem pollination services. We analyze the economic forces that drive migratory beekeeping and theoretically and empirically analyze the determinants of pollination fees in a larger and richer data set than has been studied before. Our empirical results expand our understanding of pollination markets and market‐supporting institutions that internalize external effects.}, number={4}, journal={AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS}, author={Rucker, Randal R. and Thurman, Walter N. and Burgett, Michael}, year={2012}, month={Jul}, pages={956–977} }
 @article{thurman_li_2012, title={Transportation Infrastructure and the Price of Corn}, volume={12}, note={newspaper article}, journal={NC State Economist}, author={Thurman, Walter N. and Li, Shu}, year={2012}, month={Dec} }
 @article{moore_phaneuf_thurman_2011, title={A Bayesian Bioeconometric Model of Invasive Species Control: The Case of the Hemlock Woolly Adelgid}, volume={50}, ISSN={["1573-1502"]}, DOI={10.1007/s10640-011-9457-y}, number={1}, journal={ENVIRONMENTAL & RESOURCE ECONOMICS}, author={Moore, Christopher C. and Phaneuf, Daniel J. and Thurman, Walter N.}, year={2011}, month={Sep}, pages={1–26} }
 @article{sumner_gow_hayes_matthews_norwood_rosen-molina_thurman_2011, title={Economic and market issues on the sustainability of egg production in the United States: Analysis of alternative production systems}, volume={90}, ISSN={["0032-5791"]}, DOI={10.3382/ps.2010-00822}, abstractNote={Conventional cage housing for laying hens evolved as a cost-effective egg production system. Complying with mandated hen housing alternatives would raise marginal production costs and require sizable capital investment. California data indicate that shifts from conventional cages to barn housing would likely cause farm-level cost increases of about 40% per dozen. The US data on production costs of such alternatives as furnished cages are not readily available and European data are not applicable to the US industry structure. Economic analysis relies on key facts about production and marketing of conventional and noncage eggs. Even if mandated by government or buyers, shifts to alternative housing would likely occur with lead times of at least 5 yr. Therefore, egg producers and input suppliers would have considerable time to plan new systems and build new facilities. Relatively few US consumers now pay the high retail premiums required for nonconventional eggs from hens housed in alternative systems. However, data from consumer experiments indicate that additional consumers would also be willing to pay some premium. Nonetheless, current data do not allow easy extrapolation to understand the willingness to pay for such eggs by the vast majority of conventional egg consumers. Egg consumption in the United States tends to be relatively unresponsive to price changes, such that sustained farm price increases of 40% would likely reduce consumption by less than 10%. This combination of facts and relationships suggests that, unless low-cost imports grew rapidly, requirements for higher cost hen housing systems would raise US egg prices considerably while reducing egg consumption marginally. Eggs are a low-cost source of animal protein and low-income consumers would be hardest hit. However, because egg expenditures are a very small share of the consumer budget, real income loss for consumers would be small in percentage terms. Finally, the high egg prices imposed by alternative hen housing systems raise complex issues about linking public policy costs to policy beneficiaries.}, number={1}, journal={POULTRY SCIENCE}, author={Sumner, D. A. and Gow, H. and Hayes, D. and Matthews, W. and Norwood, B. and Rosen-Molina, J. T. and Thurman, W.}, year={2011}, month={Jan}, pages={241–250} }
 @misc{thurman_2011, place={Clemson University}, title={On Markets}, author={Thurman, Walter N.}, year={2011} }
 @article{thurman_2011, title={Review of The Futures by Emily Lambert}, journal={Agribusiness}, author={Thurman, Walter N.}, year={2011} }
 @article{walter n. thurman_2011, volume={93}, DOI={10.1093/ajae/aaq188}, abstractNote={American Journal of Agricultural EconomicsVolume 93, Issue 2 p. xv-xvi AAEA Fellows and President Walter N. Thurman First published: 01 January 2011 https://doi.org/10.1093/ajae/aaq188Read the full textAboutPDF ToolsExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinked InRedditWechat No abstract is available for this article. Volume93, Issue2January 2011Pages xv-xvi RelatedInformation}, number={2}, journal={American Journal of Agricultural Economics}, publisher={Oxford University Press (OUP)}, year={2011}, month={Jan}, pages={xv-xvi} }
 @article{karali_thurman_2010, title={Components of grain futures price volatility}, volume={35}, number={2}, journal={Journal of Agricultural and Resource Economics}, author={Karali, B. and Thurman, W. N.}, year={2010}, pages={167–182} }
 @article{karali_dorfman_thurman_2010, title={DELIVERY HORIZON AND GRAIN MARKET VOLATILITY}, volume={30}, ISSN={["0270-7314"]}, DOI={10.1002/fut.20449}, abstractNote={Abstract}, number={9}, journal={JOURNAL OF FUTURES MARKETS}, author={Karali, Berna and Dorfman, Jeffrey H. and Thurman, Walter N.}, year={2010}, month={Sep}, pages={846–873} }
 @article{karali_dorfman_thurman_2010, title={DO VOLATILITY DETERMINANTS VARY ACROSS FUTURES CONTRACTS? INSIGHTS FROM A SMOOTHED BAYESIAN ESTIMATOR}, volume={30}, ISSN={["0270-7314"]}, DOI={10.1002/fut.20412}, abstractNote={Abstract}, number={3}, journal={JOURNAL OF FUTURES MARKETS}, publisher={Wiley}, author={Karali, Berna and Dorfman, Jeffrey H. and Thurman, Walter N.}, year={2010}, month={Mar}, pages={257–277} }
 @article{caron_burgett_rucker_thurman_2010, title={Honey bee colony mortality in the Pacific Northwest: Winter 2008/2009}, volume={150}, number={3}, journal={American Bee Journal}, author={Caron, D. and Burgett, M. and Rucker, R. and Thurman, W.}, year={2010}, pages={265–269} }
 @article{burgett_daberkow_rucker_thurman_2010, title={US pollination markets: Recent changes and historical perspective}, volume={150}, number={1}, journal={American Bee Journal}, author={Burgett, M. and Daberkow, S. and Rucker, R. and Thurman, W.}, year={2010}, pages={35–41} }
 @article{karali_thurman_2009, title={Announcement effects and the theory of storage: an empirical study of lumber futures}, volume={40}, ISSN={["0169-5150"]}, DOI={10.1111/j.1574-0862.2009.00389.x}, abstractNote={Abstract}, number={4}, journal={AGRICULTURAL ECONOMICS}, publisher={Wiley}, author={Karali, Berna and Thurman, Walter N.}, year={2009}, month={Jul}, pages={421–436} }
 @article{mcfall_knoeber_thurman_2009, title={Contests, Grand Prizes, and the Hot Hand}, volume={10}, ISSN={["1552-7794"]}, DOI={10.1177/1527002508326683}, abstractNote={ Awarding a grand prize to the player who wins most often in a series of contests links the contests together and makes incentives in the current contest depend on past performance. A lucky player who wins early faces relatively stronger economic incentives to exert effort because of his early success. As a consequence, early winners are more likely to keep winning through the middle of the series. That is, a grand prize generates what looks like a hot hand. Indeed, this argument about economic incentives may help to rationalize the inconsistent evidence of a hot hand in sporting events. This article develops this argument and assesses it empirically using data from the Professional Golfers' Association Tour, before and after a grand prize, the season-ending Tour Championship, was introduced. }, number={3}, journal={JOURNAL OF SPORTS ECONOMICS}, publisher={SAGE Publications}, author={McFall, Todd A. and Knoeber, Charles R. and Thurman, Walter N.}, year={2009}, month={Jun}, pages={236–255} }
 @article{burgett_rucker_thurman_2009, title={Honey Bee Colony Mortality in the Pacific Northwest, Winter 2007/2008}, volume={5}, journal={American Bee Journal}, author={Burgett, Michael and Rucker, Randal R. and Thurman, Walter N.}, year={2009}, month={May}, pages={573–576} }
 @article{burgett_rucker_thurman_2009, title={Honey bee colony mortality in the Pacific Northwest (USA) winter 2007/2008}, volume={149}, number={6}, journal={American Bee Journal}, author={Burgett, M. and Rucker, R. and Thurman, W.}, year={2009}, pages={573–575} }
 @article{daberkow_rucker_thurman_burgett_2009, title={US honey markets: Recent changes and historical perspective}, volume={149}, number={12}, journal={American Bee Journal}, author={Daberkow, S. and Rucker, R. and Thurman, W. and Burgett, M.}, year={2009}, pages={1125–1129} }
 @article{mcfall_knoeber_thurman_2008, title={Contests, Grand Prizes, and the Hot Hand}, DOI={10.2139/ssrn.881562}, abstractNote={Awarding a grand prize to the player who wins most often in a series of contests links the contests together and makes incentives in the current contest depend upon past performance. A lucky player who wins early faces relatively stronger incentives to exert effort because of his early success. As a consequence early winners are more likely to keep winning through the middle of the series. That is, a grand prize induces a hot hand. We develop this argument and assess it empirically using data from the Professional Golfers' Association Tour, before and after a grand prize, the season-ending Tour Championship, was introduced.}, journal={SSRN Electronic Journal}, publisher={Elsevier BV}, author={McFall, Todd and Knoeber, Charles R. and Thurman, Walter N.}, year={2008} }
 @article{dorfman_lichtenberg_preckel_thurman_2008, title={Report of the AJAE Editors for 2007}, volume={90}, ISSN={["0002-9092"]}, DOI={10.1111/j.1467-8276.2008.01233.x}, abstractNote={American Journal of Agricultural EconomicsVolume 90, Issue 5 p. 1367-1374 AAEA Busines Report of the AJAE Editors for 2007 Jeffrey Dorfman, Jeffrey DorfmanSearch for more papers by this authorErik Lichtenberg, Erik LichtenbergSearch for more papers by this authorPaul Preckel, Paul PreckelSearch for more papers by this authorWalter Thurman, Walter ThurmanSearch for more papers by this author Jeffrey Dorfman, Jeffrey DorfmanSearch for more papers by this authorErik Lichtenberg, Erik LichtenbergSearch for more papers by this authorPaul Preckel, Paul PreckelSearch for more papers by this authorWalter Thurman, Walter ThurmanSearch for more papers by this author First published: 01 December 2008 https://doi.org/10.1111/j.1467-8276.2008.01233.xRead the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Volume90, Issue5December 2008Pages 1367-1374 RelatedInformation}, number={5}, journal={AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS}, author={Dorfman, Jeffrey and Lichtenberg, Erik and Preckel, Paul and Thurman, Walter}, year={2008}, pages={1367–1374} }
 @article{brown_rucker_thurman_2007, title={The end of the federal tobacco program: Economic impacts of the deregulation of US tobacco production}, volume={29}, ISSN={["1058-7195"]}, DOI={10.1111/j.1467-9353.2007.00378.x}, abstractNote={In 2004, Congress ended the sixty-six-year-old federal tobacco program, effectively deregulating production and prices. With deregulation came a buyout package, with cigarette manufacturers agreeing to pay more than $3 billion in present value to quota owners and farmers. While the dollar values of compensation payments are known, the effects of the historic legislation on tobacco markets are uncertain. We examine these effects and their welfare consequences. We also consider the appropriateness of the buyout payments under alternative views of economic damages due to the quota system's demise. Copyright 2007, Oxford University Press.}, number={4}, journal={REVIEW OF AGRICULTURAL ECONOMICS}, author={Brown, A. Blake and Rucker, Randal R. and Thurman, Walter N.}, year={2007}, pages={635–655} }
 @article{rucker_thurman_yoder_2005, title={Estimating the Speed of Market Reaction to News: Market Events and Lumber Futures Prices}, volume={87}, journal={American Journal of Agricultural Economics}, author={Rucker, Randal R. and Thurman, Walter N. and Yoder, Jonathan K.}, year={2005}, pages={482–500} }
 @article{rucker_thurman_yoder_2005, title={Estimating the structure of market reaction to news: Information events and lumber futures prices}, volume={87}, ISSN={["1467-8276"]}, DOI={10.1111/j.1467-8276.2005.00736.x}, abstractNote={Abstract}, number={2}, journal={AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS}, author={Rucker, RR and Thurman, WN and Yoder, JK}, year={2005}, month={May}, pages={482–500} }
 @article{murray_keeler_thurman_2005, title={Tax interaction effects, environmental regulation, and "rule of thumb" adjustments to social cost}, volume={30}, ISSN={["1573-1502"]}, DOI={10.1007/s10640-004-2379-1}, number={1}, journal={ENVIRONMENTAL & RESOURCE ECONOMICS}, author={Murray, BC and Keeler, A and Thurman, WN}, year={2005}, month={Jan}, pages={73–92} }
 @inproceedings{thurman_2004, place={Salt Lake City}, title={A Classical Liberal View of Land Trusts}, booktitle={Biennial International Meeting}, author={Thurman, Walter N.}, year={2004}, month={Aug} }
 @misc{parker_thurman_2004, place={Denver}, title={Crowding Out Open Space: Federal Land Programs and their Effects on Private Land Trust Activity}, note={Also presented at Montana State University, Michigan State University, and the University of Illinois in summer and fall 2004.}, author={Parker, Dominic P. and Thurman, Walter N.}, year={2004} }
 @article{burgett_rucker_thurman_2004, title={Economics and honey bee pollination markets}, volume={144}, number={4}, journal={American Bee Journal}, author={Burgett, M. and Rucker, R. R. and Thurman, W. N.}, year={2004}, pages={269–271} }
 @article{park_thurman_easley,_2004, title={Modeling Inverse Demands for Fish: Empirical Welfare Measurement in Gulf and South Atlantic Fisheries}, volume={19}, ISSN={0738-1360 2334-5985}, url={http://dx.doi.org/10.1086/MRE.19.3.42629438}, DOI={10.1086/MRE.19.3.42629438}, abstractNote={We analyze demand substitution relationships among fish in the snapper/grouper complex in the southeast United States. Monthly data from 1977 to 1992 are used to form a set of six fish aggregates. The dockside demands are analyzed in an empirical inverse demand system, developed for the purposes of this study. Attention is paid to consistency of the system with the theory of demand, to functional form flexibility, and to consistent estimation of parameters. Empirical results imply that the demands have small quantity elasticities, which can be thought of as high price elasticities in a direct demand system. Regulatory variations in landed quantities have little measured effect on prices, implying that market prices are good per-unit measures of the welfare costs of catch restrictions to consumers. Welfare estimates of hypothetical harvest reductions are computed and illustrated.}, number={3}, journal={Marine Resource Economics}, publisher={University of Chicago Press}, author={Park, Hoanjae and Thurman, Walter N. and Easley,, J.E.}, year={2004}, month={Jan}, pages={333–351} }
 @article{muth_rucker_thurman_chuang_2003, title={The fable of the bees revisited: Causes and consequences of the US honey program}, volume={46}, ISSN={["0022-2186"]}, DOI={10.1086/377290}, abstractNote={In his 1973 paper, Steven Cheung discredited the “fable of the bees” by demonstrating that markets for beekeeping services exist and function well. Although economists heeded Cheung’s lessons, policy makers did not. The honey program has operated for over 50 years, supporting the price of honey through a variety of mechanisms. Its effects were minor before the 1980s but then became important, with annual government expenditures near $100 million for several years. Reforms of the program in the late 1980s reduced its market effects and budget costs, returning it to its original role as a minor commodity program. Although the 1996 Farm Bill formally eliminated the honey program, it was reinstated in the 2002 Farm Bill. We measure the historical welfare effects of the program during its various incarnations, examine its frequently stated public interest rationale—the encouragement of honeybee pollination—and interpret its history in light of economic theories of regulation.}, number={2}, journal={JOURNAL OF LAW & ECONOMICS}, author={Muth, MK and Rucker, RR and Thurman, WN and Chuang, CT}, year={2003}, month={Oct}, pages={479–516} }
 @misc{thurman_brown_2002, place={Pinehurst, North Carolina}, title={The Economic Consequences of the Elimination of the Tobacco Program}, author={Thurman, Walter N. and Brown, A.Blake}, year={2002}, month={Jan} }
 @misc{chvosta_thurman_brown_2002, place={Raleigh, North Carolina}, title={The Economic Effects of Recent Change in Federal Peanut Policy}, author={Chvosta, Jan and Thurman, Walter N. and Brown, A.Blake}, year={2002}, month={Jul} }
 @misc{rucker_thurman_burgett_2002, place={U. of Maryland, Montana State, UC-Davis, Utah State, Washington State, Oregon State Universities, Clemson University, and the University of Maryland}, title={The Internalization of Reciprocal Benefits: An Analysis of Honeybee Pollination Markets}, author={Rucker, Randal R. and Thurman, Walter N. and Burgett, Michael}, year={2002} }
 @misc{rucker_thurman_2001, place={Chicago, IL}, title={An Empirical Analysis of Honeybee Pollination Markets}, author={Rucker, Randal R. and Thurman, Walter N.}, year={2001} }
 @article{thurman_2001, title={Bayesian Specification Analysis in Econometrics: Comment}, volume={83}, journal={American Journal of Agricultural Economics}, author={Thurman, Walter N.}, year={2001}, pages={1187–1189} }
 @article{thurman_2001, title={Bayesian specification analysis in econometrics: Comment}, volume={83}, ISSN={["0002-9092"]}, DOI={10.1111/0002-9092.00265}, abstractNote={The joint distribution displays all that we know regarding both parameter uncertainty and sampling variability of the data. All densities are conditional on A (the assumptions) of the model's specification. The complete specification of the joint distribution of y and 0A allows any economically important function of the data to be simulated, conditional on the model. If one simulates synthetic samples in this way, then one can calculate whatever lack-of-fit measure}, number={5}, journal={AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS}, publisher={Oxford University Press (OUP)}, author={Thurman, WN}, year={2001}, month={Dec}, pages={1187–1189} }
 @article{thurman_fox_bingham_2001, title={Imposing smoothness priors in applied welfare economics: An application of the information contract curve to environmental regulatory analysis}, volume={83}, ISSN={["1530-9142"]}, DOI={10.1162/00346530152480153}, abstractNote={Economic effects of public policy alternatives often are analyzed with simulation models. The value of simulation is enhanced when model parameters can credibly be estimated econometrically. But unrestricted estimation can be expected to result in problematic estimates, for example, estimated parameters contrary in sign to what economic theory dictates. The information contract curve (ICC), developed by Leamer, provides a flexible means to impose regularity on estimated parameters at minimum-likelihood cost. We extend the ICC methodology, using conically uniform priors, and apply it to measuring the welfare costs of environmental regulations in the U.S. pulp, paper, and paperboard industry.}, number={3}, journal={REVIEW OF ECONOMICS AND STATISTICS}, author={Thurman, WN and Fox, EJ and Bingham, TH}, year={2001}, month={Aug}, pages={511–522} }
 @misc{chvosta_rucker_thurman_2001, place={Chicago, IL}, title={Peanut Quota Markets and Peanut Production after FAIR}, author={Chvosta, Jan and Rucker, Randal R. and Thurman, Walter N.}, year={2001} }
 @article{chvosta_rucker_thurman_2001, title={Texas Post-FAIR: The Big Get Bigger and the Small Decline}, volume={5}, note={newspaper article}, journal={The Peanut Farmer}, author={Chvosta, Jan and Rucker, Randal R. and Thurman, Walter N.}, year={2001}, month={May} }
 @misc{rucker_yoder_thurman_1999, place={Nashville, Tennessee}, title={An Economic Analysis of the Determinants of Lumber Futures Price Movements}, author={Rucker, Randal R. and Yoder, Jonathon K. and Thurman, Walter N.}, year={1999} }
 @article{park_thurman_1999, title={On interpreting inverse demand systems: A primal comparison of scale flexibilities and income elasticities}, volume={81}, ISSN={["0002-9092"]}, DOI={10.2307/1244337}, abstractNote={Abstract}, number={4}, journal={AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS}, publisher={Oxford University Press (OUP)}, author={Park, H and Thurman, WN}, year={1999}, month={Nov}, pages={950–958} }
 @misc{muth_rucker_thurman_chuang_1996, title={A Post Mortem of the U.S. Honey Program}, author={Muth, Mary and Rucker, Randal R. and Thurman, Walter N. and Chuang, Ching-Ta}, year={1996}, month={Mar} }
 @inproceedings{muth_thurman_chuang_1996, place={Greensboro, North Carolina}, title={A Post Mortem of the U.S. Honey Program}, booktitle={Southern Agricultural Economics}, author={Muth, Mary and Thurman, Walter N. and Chuang, Ching-Ta}, year={1996} }
 @misc{thurman_scrimgeour_1996, place={Washington, D.C}, title={Agricultural Marketing Boards: The Structure of Rent Dissipation in New Zealand}, author={Thurman, Walter N. and Scrimgeour, Francis G.}, year={1996}, month={Dec} }
 @book{thurman_1995, place={Washington, D.C.}, title={Assessing the environmental impact of farm policies}, journal={AEI Press}, publisher={AEI Press}, author={Thurman, Walter N.}, year={1995} }
 @article{knoeber_thurman_1995, title={DONT COUNT YOUR CHICKENS - RISK AND RISK SHIFTING IN THE BROILER INDUSTRY}, volume={77}, ISSN={["0002-9092"]}, DOI={10.2307/1243218}, abstractNote={Abstract}, number={3}, journal={AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS}, publisher={Oxford University Press (OUP)}, author={KNOEBER, CR and THURMAN, WN}, year={1995}, month={Aug}, pages={486–496} }
 @article{rucker_thurman_sumner_1995, title={Restricting the Market for Quota: An Analysis of Tobacco Production Rights with Corroboration from Congressional Testimony}, volume={103}, DOI={10.1086/261979}, abstractNote={Regulatory programs that restrict output levels often impose restrictions on the transfer of rights to produce or to use particular inputs. In this paper, we use a unique cross-section, time-series data set from North Carolina to quantify the welfare effects of transfer restrictions for poundage quota under the U.S. flue-cured tobacco program. We find that the deadweight costs of such restrictions are small but that the distributional effects are substantial. We analyze congressional testimony on quota transfer legislation and conclude that our estimates of the distributional effects are consistent with expressed views of market participants.}, number={1}, journal={Journal of Political Economy}, publisher={University of Chicago Press}, author={Rucker, Randal R. and Thurman, Walter N. and Sumner, Daniel A.}, year={1995}, month={Feb}, pages={142–175} }
 @article{muth_thurman_1995, title={Why Support the Price of Honey}, volume={2nd quarter}, note={Reprinted in The Best of Choices, Harry Ayer, ed., American Agricultural Economics Association, 1996.}, journal={Choices}, author={Muth, Mary K. and Thurman, Walter N.}, editor={Ayer, HarryEditor}, year={1995}, pages={19–23} }
 @article{borges_thurman_1994, title={Marketing Quotas and Random Yields: Marginal Effects of Inframarginal Subsidies on Peanut Supply}, volume={76}, DOI={10.2307/1243742}, abstractNote={Abstract}, number={4}, journal={American Journal of Agricultural Economics}, publisher={Oxford University Press (OUP)}, author={Borges, Robert B. and Thurman, Walter N.}, year={1994}, month={Nov}, pages={809} }
 @misc{thurman_1994, place={Brigham Young University Department of Economics}, title={Restricting the Market for Quota: An Analysis of Tobacco Production Rights with Corroboration from Congressional Testimony}, author={Thurman, Walter N.}, year={1994}, month={Jun} }
 @article{knoeber_thurman_1994, title={Testing the Theory of Tournaments: An Empirical Analysis of Broiler Production}, volume={12}, DOI={10.1086/298354}, abstractNote={Broiler chickens are raised by contract growers whose rewards depend explicitly upon relative performance. We use data on the performance of broiler producers facing both tournament and linear performance evaluation compensation structures to test three predictions from the theory of tournaments: that changes in the level of prizes that leave prize differentials unchanged will not affect performance; that, in mixed tournaments, more able players will choose less risky strategies; and that tournament organizers will attempt to handicap players of unequal ability or reduce mixing to avoid the disincentive effects of mixed tournaments. Our evidence is consistent with each prediction.}, number={2}, journal={Journal of Labor Economics}, publisher={University of Chicago Press}, author={Knoeber, Charles R. and Thurman, Walter N.}, year={1994}, month={Apr}, pages={155–179} }
 @inproceedings{thurman_1994, place={Washington, D.C}, title={The Environmental Effects of Agricultural Policy}, booktitle={Future Directions in Agricultural Policy}, author={Thurman, Walter N.}, year={1994}, month={Nov} }
 @misc{robenstein_thurman_1993, place={Orlando, Florida}, title={Health Risk and the Demand for Red Meat: Evidence from Futures Markets}, author={Robenstein, Rodney and Thurman, Walter N.}, year={1993}, month={Aug} }
 @misc{thurman_1993, title={Imposing Priors in Applied Welfare Analysis: Applications of Leamer's Information Contract Curve}, author={Thurman, Walter N.}, year={1993}, month={Jun} }
 @article{morales_thurman_1993, title={Methods for analyzing the effects of Salmonella outbreaks on poultry prices}, volume={16}, DOI={10.1016/0167-5877(93)90018-o}, number={1}, journal={Preventive Veterinary Medicine}, publisher={Elsevier BV}, author={Morales, Roberta A. and Thurman, Walter N.}, year={1993}, month={Apr}, pages={65–66} }
 @misc{borges_thurman_1993, place={Orlando,Florida}, title={Production Quotas and Random Yields: The Marginal Effects of Inframarginal Subsidies on Peanut Production}, author={Borges, Robert B. and Thurman, Walter N.}, year={1993}, month={Aug} }
 @article{thurman_1993, title={Reasons Debated for Consumption Pattern Changes}, volume={4}, note={newspaper article}, journal={N.C. State Economist}, author={Thurman, Walter N.}, year={1993}, month={Apr} }
 @article{thurman_1993, title={The Welfare Significance and Nonsignificance of General Equilibrium Demand and Supply Curves}, volume={21}, DOI={10.1177/109114219302100406}, abstractNote={ General equilibrium demand and supply curves can be used to measure the multiple market effects of interventions m a single market. However, complications arise when feedback into the mtervened-m market comes through both demand and supply channels. This article presents a new and straightforward proof of the significance of general equilibrium curves when there is only one source of feedback, establishes the conditions under which multiple sources of feedback invalidate the analysis, and demonstrates that the general equilibrium curves become policy dependent when there are multiple sources of feedback. }, number={4}, journal={Public Finance Quarterly}, publisher={SAGE Publications}, author={Thurman, Walter N.}, year={1993}, month={Oct}, pages={449–469} }
 @misc{valuation of commercial harvest: practical considerations for fishery management of the general equilibrium derived demand and a recent application_1993, place={Bergen, Norway}, year={1993}, month={May} }
 @misc{morales_thurman_1993, place={Orlando, Florida}, title={Welfare Analysis in a Market with Multiple Distortions: The Case of Salmonella enteritidis in Eggs}, author={Morales, Roberta and Thurman, Walter N.}, year={1993}, month={Aug} }
 @article{thurman_easley_1992, title={Valuing changes in commercial fishery harvests: A general equilibrium derived demand analysis}, volume={22}, DOI={10.1016/0095-0696(92)90030-z}, abstractNote={While commercial and recreational fisheries are often considered to compete with one another, in the Atlantic bluefin tuna fishery along the U.S. east coast individual fishermen are permitted to fish either commercially or recreationally on a trip-by-trip basis. How these individuals choose to fish can affect whether the fishery adheres to domestic bluefin tuna regulations and could impact the United States' ability to comply with international management measures. We applied a contingent sequential stated choice survey to bluefin tuna fishermen to identify key factors governing disposition decisions, evaluate the impact of inertia (habit formation), and forecast future harvest patterns. Those who primarily fished recreationally demonstrated more opportunistic harvest tendencies than their commercial counterparts, who were more stable in their preference to harvest fish for sale. Simulations based on model results indicated that fish disposition (harvest commercially, harvest recreationally, or release) varied widely based on regulatory, individual, and fishery characteristics. Such results can help managers to forecast harvest patterns and adopt regulatory tools to ensure that harvest remains within prescribed limits.}, number={3}, journal={Journal of Environmental Economics and Management}, publisher={Elsevier BV}, author={Thurman, Walter N and Easley, J.E}, year={1992}, month={May}, pages={226–240} }
 @article{thurman_1991, title={APPLIED GENERAL EQUILIBRIUM WELFARE ANALYSIS}, volume={73}, ISSN={["0002-9092"]}, DOI={10.2307/1242413}, abstractNote={Harberger has long advocated a particular technique for measuring the sum of all effects of an intervention, both in the intervened-in and related markets. The technique is to calculate consumer and producer surplus changes behind demand and supply curves that are explicitly general equilibrium (GE). That is, along curves that hold constant demand and supply conditions in related markets but not prices. By calculating surplus changes with respect to such curves, one simulates the equilibrium price paths in other markets resulting from the intervention and captures the sum of the welfare effects. Several authors have elaborated on Harber-}, number={5}, journal={AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS}, publisher={Oxford University Press (OUP)}, author={THURMAN, WN}, year={1991}, month={Dec}, pages={1508–1516} }
 @inbook{parker_thurman_1991, place={Denver}, title={An Economic Analysis of the Effects of Eliminating Restrictions on the Transfer of Tobacco Quota}, note={Also presented at Montana State University, Michigan State University, and the University of Illinois in summer and fall 2004.}, booktitle={Current Issues in Tobacco Economics}, author={Parker, Dominic P. and Thurman, Walter N.}, year={1991} }
 @article{martinez_thurman_1991, title={Apple Price Paths and Foreign Market Shocks}, volume={2}, journal={Agrociencia serie Socioeconomia}, author={Martinez, Miguel A. and Thurman, Walter N.}, year={1991}, pages={9–40} }
 @article{improved valuation of changes in fishery harvests: measuring effects on consumer and seafood supply firms_1991, journal={Proceedings of the Tropical and Subtropical Fisheries Technological Society}, year={1991}, pages={223–231} }
 @misc{thurman_rucker_1991, place={Manhattan, Kansas}, title={The Side Effects of Supply Controls}, author={Thurman, Walter N. and Rucker, Randal R.}, year={1991}, month={Aug} }
 @article{thurman_1990, title={Relative Prices}, volume={3}, note={newspaper article}, journal={N.C. State Economist}, author={Thurman, Walter N.}, year={1990}, month={Mar} }
 @article{rucker_thurman_1990, title={THE ECONOMIC-EFFECTS OF SUPPLY CONTROLS - THE SIMPLE ANALYTICS OF THE UNITED-STATES PEANUT PROGRAM}, volume={33}, ISSN={["0022-2186"]}, DOI={10.1086/467215}, abstractNote={A GRICULTURAL commodity programs employ a wide variety of policy tools to regulate U.S. agriculture. Price supports are the most common form of intervention, but rights to sell at the supported price are allocated very differently under different commodity programs. Under recent feed grain programs, for example, the right to sell at the supported price is linked to acreage set-asides: agreements not to produce on certain acres.' In other programs, sales by individual farmers are controlled under marketing orders sponsored by the U.S. Department of Agriculture (USDA).2 A third method is through permanent maketing quotas that directly limit output. Only two major commodity programs, those for tobacco and peanuts, currently allocate the right to sell in this way. The peanut program is the subject of this article.3}, number={2}, journal={JOURNAL OF LAW & ECONOMICS}, publisher={University of Chicago Press}, author={RUCKER, RR and THURMAN, WN}, year={1990}, month={Oct}, pages={483–515} }
 @misc{rucker_thurman_sumner_1990, place={Vancouver, British Columbia}, title={The Economic Effects of Transferability Restrictions on Tobacco Quota}, author={Rucker, Randal R. and Thurman, Walter N. and Sumner, Daniel A.}, year={1990}, month={Aug} }
 @misc{thurman_1990, place={Hamilton, New Zealand}, title={The Welfare Significance of General Equilibrium Supply and Demand Curves}, author={Thurman, Walter N.}, year={1990}, month={Sep} }
 @article{thurman_wohlgenant_1989, title={CONSISTENT ESTIMATION OF GENERAL EQUILIBRIUM WELFARE EFFECTS}, volume={71}, ISSN={["0002-9092"]}, DOI={10.2307/1242680}, abstractNote={Abstract}, number={4}, journal={AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS}, author={THURMAN, WN and WOHLGENANT, MK}, year={1989}, month={Nov}, pages={1041–1045} }
 @article{thurman_wohlgenant_1989, title={Consistent estimation of general equilibrium welfare effects}, volume={71}, journal={American Journal of Agricultural Economics}, author={Thurman, W. N. and Wohlgenant, M. K.}, year={1989} }
 @misc{thurman_1989, title={On The Welfare Significance of General Equilibrium Demand and Supply Curves}, author={Thurman, Walter N.}, year={1989}, month={Dec} }
 @article{fisher_thurman_1989, title={Sweden's Financial Sophistication in the Nineteenth Century: An Appraisal}, volume={49}, DOI={10.1017/s0022050700008780}, abstractNote={The article tests a variant of Lars G. Sandberg's “financial sophistication hypothesis.” Sandberg argues that Sweden had an unusually large stock of financial capital in 1850 which, along with a highly literate populace, was paramount in the subsequent economic explosion. Unable to test the hypothesis directly, we use a variant—that the financial sector was a leading sector in Swedish development—amenable to time-series tests of the Granger-causality form. These tests on data from 1861 to 1910 do not show causality from financial variables to real; indeed, the converse holds.}, number={03}, journal={The Journal of Economic History}, publisher={Cambridge University Press (CUP)}, author={Fisher, Douglas and Thurman, Walter N.}, year={1989}, month={Sep}, pages={621–634} }
 @misc{thurman_1989, title={Two Illustrations of the Welfare Significance of a General Equilibrium Demand Curve}, author={Thurman, Walter N.}, year={1989}, month={Aug} }
 @article{thurman_1989, title={Unconditional Asymptotic Results for Simple Linear Regression}, volume={43}, DOI={10.2307/2685061}, number={3}, journal={The American Statistician}, publisher={JSTOR}, author={Thurman, Walter N.}, year={1989}, month={Aug}, pages={148} }
 @article{thurman_1988, title={Chicken Cycles}, volume={5}, note={newspaper article}, journal={Tar Heel Economist}, author={Thurman, Walter N.}, year={1988}, month={May} }
 @article{thurman_fisher_1988, title={Chickens, Eggs, and Causality, or Which Came First?}, volume={70}, DOI={10.2307/1242062}, abstractNote={Abstract}, number={2}, journal={American Journal of Agricultural Economics}, publisher={Oxford University Press (OUP)}, author={Thurman, Walter N. and Fisher, Mark E.}, year={1988}, month={May}, pages={237} }
 @inproceedings{hakeem_thurman_1988, place={Knoxville, Tennessee}, title={Futures-based Price Forecasts When Futures Markets Don't Exist}, booktitle={annual meetings of the American Agricultural Economics Association}, author={Hakeem, Salih A. and Thurman, Walter N.}, year={1988}, month={Aug} }
 @misc{thurman_1988, place={New Orleans}, title={Risk in Broiler Production}, author={Thurman, Walter N.}, year={1988}, month={Feb} }
 @article{thurman_1988, title={Speculative Carryover: An Empirical Examination of the U.S. Refined Copper Market}, volume={19}, DOI={10.2307/2555665}, abstractNote={This article develops and estimates an empirically tractable model of equilibrium storage. The method bridges the gap between theoretical rational expectations models and applied commodity market work. The application to the U.S. refined copper market provides estimates of structural supply and demand, rational price forecasts, and the risk of copper storage that is consistent with modern portfolio theory.}, number={3}, journal={The RAND Journal of Economics}, publisher={Wiley}, author={Thurman, Walter N.}, year={1988}, pages={420} }
 @misc{thurman_1988, title={The Welfare Significance of General Equilibrium Demand Curves and their Consistent Estimation}, author={Thurman, Walter N.}, year={1988}, month={Sep} }
 @article{thurman_1988, title={Understanding Real Interest Rates: Discussion}, volume={70}, DOI={10.2307/1241739}, abstractNote={Mishkin provides us with a stimulating paper, one characterized by the same sort of careful econometric work found in his previous papers on the real rate. I recommend both the current paper and his others and, in particular, the paper by Huizinga and Mishkin. Mishkin summarizes what is known from this literature and proposes an empirical variant of the real rate more relevant to agriculture. This definition of the agricultural real rate is}, number={5}, journal={American Journal of Agricultural Economics}, publisher={Oxford University Press (OUP)}, author={Thurman, Walter N.}, year={1988}, pages={1076} }
 @misc{thurman_1987, place={Nashville, Tennessee}, title={Apple Prices and Storage Technology}, author={Thurman, Walter N.}, year={1987}, month={Feb} }
 @article{thurman_1987, title={The Poultry Market: Demand Stability and Industry Structure}, volume={69}, DOI={10.2307/1241303}, abstractNote={Abstract}, number={1}, journal={American Journal of Agricultural Economics}, publisher={Oxford University Press (OUP)}, author={Thurman, Walter N.}, year={1987}, month={Feb}, pages={30} }
 @article{thurman_1986, title={Endogeneity Testing in a Supply and Demand Framework}, volume={68}, DOI={10.2307/1924523}, abstractNote={The powers of Wu-Hausman endogeneity tests are related to the normalization d ecision in estimating demand equations. Power is not invariant to the choice bet ween quantity and price as the dependent variable. A theoretical result due to N akamura and Nakamura_(1984) is used to explore the dependence of power on parame ters of the supply and demand system. The theoretical result is corroborated wit h a Monte Carlo experiment. The power results are used to analyze the U.S. deman d for poultry meat wherein price, but not quantity, is found to be predetermined Copyright 1986 by MIT Press.}, number={4}, journal={The Review of Economics and Statistics}, publisher={JSTOR}, author={Thurman, Walter N.}, year={1986}, month={Nov}, pages={638} }
 @misc{thurman_1986, place={Charleston, South Carolina}, title={Have Meat Price and Income Elasticities Changed? Their Connection with Changes in Marketing Channels}, note={Sponsored by The Southern Regional Research Committee (S-165) and the Board of Agriculture of the National Research Council}, author={Thurman, Walter N.}, year={1986}, month={Oct} }
 @article{thurman_standaert_1986, title={Reasons for Changes in Meat Consumption Composition}, volume={2}, note={newspaper article}, journal={Tar Heel Economist}, author={Thurman, Walter N. and Standaert, James E.}, year={1986}, month={Feb} }
 @inbook{tilley_hodge_oehmke_thurman_1984, title={A Framework for Evaluation of Research and Development Policies}, booktitle={The Economics of Research and Development Policy}, publisher={Praeger Publishers}, author={Tilley, G. and Hodge, J. and Oehmke, J. and Thurman, W.N.}, year={1984} }
 @article{baden_stroup_thurman_1981, title={MYTHS, ADMONITIONS AND RATIONALITY: THE AMERICAN INDIAN AS A RESOURCE MANAGER}, volume={19}, DOI={10.1111/j.1465-7295.1981.tb00607.x}, abstractNote={As concern over natural resource management has increased, modern societies have been warned that a new, less materialistic ethic will be required for man's survival. The American Indian cultures have been prominent among the ideals mentioned. This paper puts forth and cites evidence to support the economic arguments that incentives matter most. Ethical considerations are important to the extent that they influence institutions, which are crucial in determining incentives. Indian use of private property rights, and the problems caused when that solution was impractical, are featured.}, number={1}, journal={Economic Inquiry}, publisher={Wiley}, author={BADEN, JOHN and STROUP, RICHARD and THURMAN, WALTER}, year={1981}, month={Jan}, pages={132–143} }