TY - JOUR TI - A Complete Characterization of the Linear, Log-Linear, & Semi-Log Incomplete Demand System Models AU - von Haefen, Roger H. T2 - Journal of Agricultural & Resource Economics DA - 2002/12// PY - 2002/12// VL - 27 IS - 2 SP - 281–319 ER - TY - JOUR TI - A Complete Characterization of the Linear, Log-Linear, & Semi-Log Incomplete Demand System Models AU - Haefen AU - H, Roger T2 - Journal of Agricultural and Resource Economics DA - 2002/12/1/ PY - 2002/12/1/ VL - 27 IS - 2 SP - 281–319, ER - TY - SOUND TI - The Internalization of Reciprocal Benefits: An Analysis of Honeybee Pollination Markets AU - Rucker, Randal R. AU - Thurman, Walter N. AU - Burgett, Michael DA - 2002/// PY - 2002/// ER - TY - SOUND TI - The Economic Effects of Recent Change in Federal Peanut Policy AU - Chvosta, Jan AU - Thurman, Walter N. AU - Brown, A.Blake DA - 2002/7// PY - 2002/7// ER - TY - SOUND TI - The Economic Consequences of the Elimination of the Tobacco Program AU - Thurman, Walter N. AU - Brown, A.Blake DA - 2002/1// PY - 2002/1// ER - TY - JOUR TI - The payoffs to transgenic field crops: An assessment of the evidence AU - Marra, M. C. AU - Pardey, P. G. AU - Alston, J. M. T2 - Agbioforum DA - 2002/// PY - 2002/// VL - 5 IS - 2 SP - 43 ER - TY - JOUR TI - Weather risk, crop mix, and wealth in the semi-arid tropics AU - Lamb, R. L. T2 - Annual Activity Report of Department of Agricultural and Resource Economics DA - 2002/// PY - 2002/// IS - 25 ER - TY - JOUR TI - Farm economics to support the design of cost-effective Best Management Practice (BMP) programs to improve water quality: Nitrogen control in the Neuse River Basin, North Carolina AU - Wossink, G. A. A. AU - Osmond, D. L. T2 - Journal of Soil & Water Conservation DA - 2002/// PY - 2002/// VL - 57 IS - 4 SP - 213 ER - TY - JOUR TI - A market-forces policy for the new farm economy? AU - Lamb, R. L. T2 - Review of Agricultural Economics AB - This paper first discusses the changes that are bringing about the New Farm Economy. A wave of consolidation has shifted agricultural production to larger, lower cost producers in almost all sectors of agriculture. At the same time, supply chains represent a new form of ownership and control that is replacing commodity markets as the preferred way to market farm output. Both consolidation and the development of supply chains offer the possibility of producing a greater variety of safer, cheaper food. The paper argues that farm policy, crafted for the agriculture of the 1930s, is no longer necessary to raise or stabilize farm incomes, and is largely ineffective anyway. Moreover, farm policy impedes the market forces driving innovation and efficiency in the farm economy. Letting market forces guide the evolution of the farm economy, unfettered by outdated government programs and unnecessary farm subsidies, is the best way to harness the benefits of the New Farm Economy. Getting rid of government subsidies and control will lead to dramatically fewer farmers in agriculture; a policy to deal explicitly with those who will leave agriculture is needed. A transition policy is described that focuses on helping reduce the number of farmers by offering a buyout to farm producers which subsidizes their exit from farming and prevents reentry. DA - 2002/// PY - 2002/// DO - 10.1111/1467-9353.00081 VL - 24 IS - 1 SP - 15 ER - TY - JOUR TI - Exit of meat slaughter plants during implementation of the PR/HACCP regulations AU - Muth, M. K. AU - Karns, S. A. AU - Wohlgenant, M. K. AU - Anderson, D. W. T2 - Journal of Agricultural and Resource Economics DA - 2002/// PY - 2002/// VL - 27 IS - 1 SP - 187-203 ER - TY - BOOK TI - Applied computational economics and finance AU - Miranda, M. J. AU - Fackler, P. L. DA - 2002/// PY - 2002/// PB - Cambridge, MA: MIT Press SN - 0262134209 ER - TY - JOUR TI - Yield and economic return of ten peanut-based cropping systems AU - Jordan, DL AU - Bailey, JE AU - Barnes, JS AU - Bogle, CR AU - Bullen, SG AU - Brown, AB AU - Edmisten, KL AU - Dunphy, EJ AU - Johnson, PD T2 - AGRONOMY JOURNAL AB - Research was conducted in North Carolina at two locations from 1997 through 2000 to determine net returns of 10 cropping systems during a 4‐yr cropping cycle that included peanut ( Arachis hypogaea L.), cotton ( Gossypium hirsutum L.), soybean [ Glycine max (L.) Merr.], and corn ( Zea mays L.). Cylindrocladium black rot [caused by Cylindrocladium parasiticum ] (CBR) increased when soybean was included in the rotation sequence or when peanut was grown continuously. The CBR‐resistant cultivar NC 12C increased yield compared with the susceptible cultivar NC 7 when this disease was present. Cotton was a better rotation crop than corn at one of two locations with respect to peanut yield and gross economic value in the final year of the study. Net returns were substantially lower when peanut was marketed for export in the current federal program rather than at the quota price. However, the profitability ranking among cropping systems changed little regardless of marketing system. Crop yield and net return were influenced by crop selection, weather conditions, and commodity prices during the 4 yr. DA - 2002/// PY - 2002/// DO - 10.2134/agronj2002.1289 VL - 94 IS - 6 SP - 1289-1294 SN - 0002-1962 ER - TY - JOUR TI - Monte Carlo benchmarks for discrete response valuation methods: Reply AU - Huang, JC AU - Smith, VK T2 - LAND ECONOMICS AB - This response to a comment by Poe and Vossler on our earlier research (Huang and Smith 1998) agrees that our test of the equality of the Turnbull lower bound mean and English Auction mean was incorrect. However, this result was part of the review of literature and did not affect any of the primary conclusions of our earlier research. Moreover, further analysis of the sampling experiments suggests that the selection of true model specifications, hypothesized values for key preference parameters, and choice of estimating equations did not preclude negative biases in the estimates of willingness to pay from discrete response models. (JEL C93, D12, Q2) DA - 2002/11// PY - 2002/11// DO - 10.2307/3146857 VL - 78 IS - 4 SP - 617-623 SN - 0023-7639 ER - TY - JOUR TI - Absolute and relative consumption of married US households in 1960 and 1996: The Cleavers meet the Taylors AU - Walden, ML T2 - JOURNAL OF CONSUMER AFFAIRS AB - Consumer Expenditure Survey data for 1960 and 1996 are used to examine the real consumption of single‐earner and dual‐earner households. Both real consumption quantities and budget shares of consumption categories were found to differ by household earner type. However, both real consumption quantities and budget shares of the majority of consumption categories were more similar for singleearner households and dual‐earner households with two full‐time workers in 1996 than in 1960. Also, the savings rate of all household earner types improved significantly from 1960 to 1996. DA - 2002/// PY - 2002/// DO - 10.1111/j.1745-6606.2002.tb00421.x VL - 36 IS - 1 SP - 77-98 SN - 0022-0078 ER - TY - JOUR TI - Inducing patterns of correlation and substitution in repeated logit models of recreation demand AU - Herriges, JA AU - Phaneuf, DJ T2 - AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS AB - Abstract Repeated logit models are among the most commonly applied methods for modeling seasonal recreation demand. In this article we examine the capabilities of the repeated nested logit and repeated mixed logit models to capture patterns of error correlation and demand substitution. Particular attention is paid to the use of the mixed logit framework to generalize the strong assumptions on correlation patterns across sites and choice occasions imbedded in the nested logit model. We examine the implications for the range of price elasticities allowed in both models based on the implied correlation structures. DA - 2002/11// PY - 2002/11// DO - 10.1111/1467-8276.00055 VL - 84 IS - 4 SP - 1076-1090 SN - 0002-9092 KW - elasticities KW - mixed logit KW - nested logit KW - recreation demand KW - wetlands ER - TY - JOUR TI - The impact of 'no opinion' response options on data quality - Non-attitude reduction or an invitation to satisfice? AU - Krosnick, J. A. AU - Holbrook, A. L. AU - Berent, M. K. AU - Carson, R. T. AU - Hanemann, W. M. AU - Kopp, R. J. AU - Mitchell, R. C. AU - Presser, S. AU - Ruud, P. A. AU - Smith, V. K. AU - Moody, W. R. AU - Green, M. C. AU - Conaway, M. T2 - Public Opinion Quarterly AB - According to many seasoned survey researchers, offering a no-opinion option should reduce the pressure to give substantive responses felt by respondents who have no true opinions. By contrast, the survey satisficing perspective suggests that no-opinion options may discourage some respondents from doing the cognitive work necessary to report the true opinions they do have. We address these arguments using data from nine experiments carried out in three household surveys. Attraction to no-opinion options was found to be greatest among respondents lowest in cognitive skills (as measured by educational attainment), among respondents answering secretly instead of orally, for questions asked later in a survey, and among respondents who devoted little effort to the reporting process. The quality of attitude reports obtained (as measured by over-time consistency and responsiveness to a question manipulation) was not compromised by the omission of no-opinion options. These results suggest that inclusion of no-opinion options in attitude measures may not enhance data quality and instead may preclude measurement of some meaningful opinions. DA - 2002/// PY - 2002/// DO - 10.1086/341394 VL - 66 IS - 3 SP - 371-403 ER - TY - JOUR TI - Measuring agricultural sustainability in terms of efficiency: the case of Dutch sugar beet growers AU - De Koeijer, TJ AU - Wossink, GAA AU - Struik, PC AU - Renkema, JA T2 - JOURNAL OF ENVIRONMENTAL MANAGEMENT AB - Sustainability embraces socio-economic and bio-ecological dimensions or attributes. This paper presents a conceptual framework for quantifying sustainability on the basis of efficiency theory commonly used in economics. The conceptual model is implemented using Data Envelopment Analysis (DEA). Sustainability is measured for a sample of Dutch sugar beet growers. The average technical efficiency was only 50%. A positive correlation was found between technical efficiency and sustainable efficiency. Differences in efficiency among farmers were persistent within and between years. We conclude that there is considerable scope for improving the sustainability of arable farming by better management. DA - 2002/9// PY - 2002/9// DO - 10.1006/jema.2002.0578 VL - 66 IS - 1 SP - 9-17 SN - 1095-8630 KW - sustainability KW - environmental efficiency KW - technical efficiency KW - economic efficiency KW - profit efficiency KW - data envelopment analysis ER - TY - JOUR TI - Involving watershed stakeholders: An issue attribute approach to determine willingness and need AU - Smutko, LS AU - Klimek, SH AU - Perrin, CA AU - Danielson, LE T2 - JOURNAL OF THE AMERICAN WATER RESOURCES ASSOCIATION AB - ABSTRACT: The development of effective solutions for addressing nonpoint source pollution on a watershed basis often involves watershed stakeholders. However, success in engaging stakeholders in collaborative decision making processes varies, as watershed managers are faced with the challenges inherent to finding the right process for the decisions needed and in successfully engaging stakeholders in that process. Two characteristics that may provide guidance for determining the appropriateness of applying a collaborative process to a watershed problem are the need to collaborate and the willingness of stakeholders to engage in a collaborative decision making process. By examining seven attributes of the issues confronted by stakeholders in a collaborative process, the consequences of these attributes on the need for collaboration and stakeholders' willingness to engage can be estimated. The issue attributes include: level of uncertainty, balance of information, risk, time horizon of effects, urgency of decision, distribution of effects, and clarity of problem. The issue attribute model was applied to two collaborative decision making processes conducted by the same watershed stakeholder group in a North Carolina coastal watershed. Need and willingness to engage did not coincide for either issue; that is, stakeholders were more willing to engage on the issue that required less need for their involvement. DA - 2002/8// PY - 2002/8// DO - 10.1111/j.1752-1688.2002.tb05540.x VL - 38 IS - 4 SP - 995-1006 SN - 1752-1688 KW - water policy/regulation/decision making KW - environmental conflict resolution KW - water quality KW - collaborative decision making KW - watershed management KW - watershed stakeholders ER - TY - JOUR TI - Optimal linear contracts with heterogeneous agents AU - Levy, A AU - Vukina, T T2 - EUROPEAN REVIEW OF AGRICULTURAL ECONOMICS AB - Journal Article Optimal linear contracts with heterogeneous agents Get access Armando Levy, Armando Levy Corresponding author: Tomislav Vukina, Department of Agricultural and Resource Economics, North Carolina State University, Raleigh, NC 27695‐8109, USA. E‐mail: tom_vukina@ncsu.edu Search for other works by this author on: Oxford Academic Google Scholar Tomislav Vukina Tomislav Vukina Search for other works by this author on: Oxford Academic Google Scholar European Review of Agricultural Economics, Volume 29, Issue 2, 1 June 2002, Pages 205–217, https://doi.org/10.1093/eurrag/29.2.205 Published: 01 June 2002 DA - 2002/6/1/ PY - 2002/6/1/ DO - 10.1093/eurrag/29.2.205 VL - 29 IS - 2 SP - 205-217 SN - 0165-1587 KW - moral hazard KW - heterogeneous abilities KW - transaction costs ER - TY - JOUR TI - Weakly coupled molecular photonic wires: Synthesis and excited-state energy-transfer dynamics AU - Ambroise, A AU - Kirmaier, C AU - Wagner, RW AU - Loewe, RS AU - Bocian, DF AU - Holten, D AU - Lindsey, JS T2 - JOURNAL OF ORGANIC CHEMISTRY AB - Molecular photonic wires, which absorb light and undergo excited-state energy transfer, are of interest as biomimetic models for photosynthetic light-harvesting systems and as molecular devices with potential applications in materials chemistry. We describe the stepwise synthesis of four molecular photonic wires. Each wire consists of an input unit, transmission element, and output unit. The input unit consists of a boron-dipyrrin dye or a perylene-monoimide dye (linked either at the N-imide or the C9 position); the transmission element consists of one or three zinc porphyrins affording short or long wires, respectively; and the output unit consists of a free base (Fb) porphyrin. The components in the arrays are joined in a linear architecture via diarylethyne linkers (an ethynylphenyl linker is attached to the C9-linked perylene). The wires have been examined by static absorption, static fluorescence, and time-resolved absorption spectroscopy. Each wire (with the exception of the C9-linked perylene wire) exhibits a visible absorption spectrum that is the sum of the spectra of the component parts, indicating the relatively weak electronic coupling between the components. Excitation of each wire at the wavelength where the input unit absorbs preferentially (typically 480-520 nm) results in emission almost exclusively from the Fb porphyrin. The static emission and time-resolved data indicate that the overall rate constants and quantum efficiencies for end-to-end (i.e., input to output) energy transfer are as follows: perylene-(N-imide)-linked short wire, (33 ps)(-1) and >99%; perylene-(C9)-linked short wire, (26 ps)(-1) and >99%; boron-dipyrrin-based long wire, (190 ps)(-1) and 81%; perylene-(N-imide)-linked long wire, (175 ps)(-1) and 86%. Collectively, the studies provide valuable insight into the singlet-singlet excited-state energy-transfer properties in weakly coupled molecular photonic wires. DA - 2002/5/31/ PY - 2002/5/31/ DO - 10.1021/jo025561i VL - 67 IS - 11 SP - 3811-3826 SN - 1520-6904 ER - TY - JOUR TI - The economic impacts of the recreational bluefin tuna fishery in Hatteras, North Carolina AU - Bohnsack, BL AU - Ditton, RB AU - Stoll, , JR AU - Chen, RJ AU - Novak, R AU - Smutko, LS T2 - NORTH AMERICAN JOURNAL OF FISHERIES MANAGEMENT AB - Little is known about a recreational fishery for bluefin tuna Thunnus thynnus that emerged in the winter months (1994–1996) near Hatteras, North Carolina. Our research sought to better understand this developing fishery, especially the extent of local and statewide economic impacts and the resultant implications for public and private fisheries management decision making at the local level. We used a quota-based sampling approach to collect names and addresses from charter and private boat anglers in Hatteras; 1,051 anglers were sampled and received a mail questionnaire soon after project personnel intercepted them. Technicians recorded a total of 1,390 bluefin tuna boat trips (1,020 charter boat trips and 370 private boat trips) between January 15 and March 22, 1997. These 1,390 trips resulted in an estimated 6,546 angler-days of bluefin tuna fishing from Hatteras. Trips by North Carolina residents accounted for only 15.6% of the total number of trips. Each angler spent an average of US$1,005 in the Hatteras area on his/her trip. Anglers who reported their boat retained a legal-sized bluefin tuna spent slightly less on their trips and per day of fishing than anglers who released all bluefin tuna caught. Overall, the population of bluefin tuna anglers in the Hatteras area spent $3,635,654 locally and $212,036 elsewhere in the state of North Carolina. These expenditures resulted in a total output of $4,627,108 and $5,032,870 on the Hatteras-area economy and North Carolina economy, respectively. The $3,436,654 in direct expenditures made by nonlocal anglers for local goods and services generated an additional $991,500 in economic output, resulting in a total output of $4,627,108 (output multiplier = 1.35) and 126 full and part-time jobs attributable to this fishery in 1997. At the state level, the bluefin tuna fishery had a similar economic impact, because many of the anglers were not North Carolina residents. Specifically, the total output associated with this fishery at the state level was $5,032,870. We suggest development of a community-based management strategy for encouraging catch-and-release fishing. Such a strategy provides a useful means for postponing quota closure, while fostering more overall fishing expenditures at the local level than would have been the case otherwise. DA - 2002/2// PY - 2002/2// DO - 10.1577/1548-8675(2002)022<0165:TEIOTR>2.0.CO;2 VL - 22 IS - 1 SP - 165-176 SN - 0275-5947 ER - TY - JOUR TI - Estimating and testing the compensated double-log demand model AU - Alston, JM AU - Chalfant, JA AU - Piggott, NE T2 - APPLIED ECONOMICS AB - In spite of the proliferation of flexible functional forms for consumer demand systems, the double-log demand model continues to be popular, especially in applied work calling for single-equation models. It is usually estimated in uncompensated form. It can also be estimated in compensated form, by deflating the income variable alone using Stone's price index. The compensated form has the same right-hand side as a single-equation version of the popular linear approximation to the Almost Ideal demand model, facilitating the construction of a test for choosing between the two alternatives. This paper demonstrates these results, develops the specification test, and illustrates its application using US meat consumption data. Simulations suggest that the test is well-behaved with good power in typical applications. DA - 2002/6// PY - 2002/6// DO - 10.1080/00036840110086003 VL - 34 IS - 9 SP - 1177-1186 SN - 0003-6846 ER - TY - JOUR TI - Use of mathematical models to estimate characteristics of pyrethroid resistance in tobacco budworm and bollworm (Lepidoptera : Noctuidae) field populations AU - Livingston, MJ AU - Carlson, GA AU - Fackler, PL T2 - JOURNAL OF ECONOMIC ENTOMOLOGY AB - Journal Article Use of Mathematical Models to Estimate Characteristics of Pyrethroid Resistance in Tobacco Budworm and Bollworm (Lepidoptera: Noctuidae) Field Populations Get access M. J. Livingston, M. J. Livingston 1 1United States Department of Agriculture, Animal and Plant Health Inspection Service, Policy and Program Development, Policy Analysis and Development, 4700 River Road, Unit 119, Riverdale, MD 20737 (e-mail: michael.j.livingston@aphis.usda.gov). Search for other works by this author on: Oxford Academic PubMed Google Scholar G. A. Carlson, G. A. Carlson 2 2Department of Agricultural and Resource Economics, North Carolina State University, Box 8109, Raleigh, NC 2769 Search for other works by this author on: Oxford Academic PubMed Google Scholar P. L. Fackler P. L. Fackler 2 2Department of Agricultural and Resource Economics, North Carolina State University, Box 8109, Raleigh, NC 2769 Search for other works by this author on: Oxford Academic PubMed Google Scholar Journal of Economic Entomology, Volume 95, Issue 5, 1 October 2002, Pages 1008–1017, https://doi.org/10.1093/jee/95.5.1008 Published: 01 October 2002 DA - 2002/10// PY - 2002/10// DO - 10.1603/0022-0493-95.5.1008 VL - 95 IS - 5 SP - 1008-1017 SN - 0022-0493 KW - Heliothis virescens KW - Helicoverpa zea KW - pyrethroid resistance KW - mathematical model KW - relative fitness estimates KW - fitness cost ER - TY - JOUR TI - Mechanical refrigeration and the integration of perishable commodity markets AU - Goodwin, BK AU - Grennes, TJ AU - Craig, LA T2 - EXPLORATIONS IN ECONOMIC HISTORY AB - In this paper, we provide a history of the economic impact of mechanical refrigeration in the United States. We also examine spatial and temporal aspects of market integration. Specifically, we examine seasonal fluctuations in prices and analyze regional integration of markets for butter. We test the null hypothesis of no integration before and after the advent and adoption of refrigerated shipping and warehousing using 31 years of monthly data. We find strong evidence of spatially integrated markets after adoption. Our results indicate that the adoption of mechanical refrigeration brought about a significant dampening of seasonal fluctuations of butter prices and a tightening of spatial price linkages. We conclude that the adoption of mechanical refrigeration had a significant impact on both temporal and spatial butter price relationships. DA - 2002/4// PY - 2002/4// DO - 10.1006/exeh.2002.0781 VL - 39 IS - 2 SP - 154-182 SN - 0014-4983 ER - TY - JOUR TI - Inverse demand systems and choice of functional form AU - Holt, MT T2 - EUROPEAN ECONOMIC REVIEW AB - Barten (Empirical Economics 18 (1993) 129) recently advocated estimation of a synthetic demand system that mechanically nests four other popular differential demand models. This paper follows a similar strategy, but in the context of four inverse share-equation demand systems: The Inverse Translog Demand System (ITLDS); the Inverse Almost Ideal Demand System (IAIDS); the Inverse Lewbel Demand System (ILDS); and the Inverse Non-Separable Linear Expenditure System (INLES). Each of these specifications is artificially nested in a Hybrid Inverse Demand System (HIDS). An empirical application to three categories of quarterly U.S. meat demand data over the period 1961–1996 indicates the HIDS is a preferred specification. DA - 2002/1// PY - 2002/1// DO - 10.1016/S0014-2921(00)00088-X VL - 46 IS - 1 SP - 117-142 SN - 0014-2921 KW - bootstrapped LR tests KW - hybrid model KW - inverse demand systems KW - non-nested tests KW - choice of functional form ER - TY - JOUR TI - Hedging foreign currency, freight, and commodity futures portfolios - A note AU - Haigh, MS AU - Holt, MT T2 - JOURNAL OF FUTURES MARKETS AB - Abstract Foreign exchange hedging ratios are simultaneously estimated alongside freight and commodity ratios in a time‐varying portfolio framework. Foreign exchange futures are by far the most important derivative instrument used to reduce uncertainty for traders. Our results lend support to the decision by the London International Financial Futures Exchange to cease trading the Baltic International Freight Futures Exchange freight futures contract because of its low levels of trading activity that likely resulted from its apparent unattractiveness as a hedging instrument. @ 2002 Wiley Periodicals, Inc. Jrl Fut Mark 22:1205–1221, 2002 DA - 2002/12// PY - 2002/12// DO - 10.1002/fut.10050 VL - 22 IS - 12 SP - 1205-1221 SN - 1096-9934 ER - TY - JOUR TI - Benefit transfer via preference calibration: "Prudential algebra" for policy AU - Smith, VK AU - Van Houtven, G AU - Pattanayak, SK T2 - LAND ECONOMICS AB - This paper proposes a new approach to benefit transfer. The method assumes a specific form for preferences and uses available benefit information to identify and calibrate the preference parameters to match the existing benefit estimates. This approach assures economic consistency of the transfers. Benefit measures can never be inconsistent with household income. The logic also offers a series of potentially observable “predictions” that can be used to gauge the plausibility of benefit transfers. When multiple benefit estimates from different methods are available such as hedonic property value, travel cost demand, and contingent valuation, the framework uses the definition of the benefit concept from each method in a single preference function to reconcile differences. It provides a specific way to take account of baseline conditions and scope effects (i.e., the size of the proposed change) consistently in the transfer. The method is illustrated using estimates for benefit measure changes in water quality from three studies: travel cost demand, hedonic property value, and contingent valuation analysis. (JEL Q26) DA - 2002/2// PY - 2002/2// DO - 10.2307/3146928 VL - 78 IS - 1 SP - 132-152 SN - 0023-7639 ER - TY - JOUR TI - Identifying the sign of the slope of a monotonic function via OLS AU - Inoue, A T2 - ECONOMICS LETTERS AB - Abstract This paper derives a necessary and sufficient condition for identifying the sign of the derivative of an unknown monotonic function by the method of weighted average derivatives. While OLS has a weighted average derivative representation, it does not necessarily satisfy the condition except for restrictive cases. DA - 2002/5// PY - 2002/5// DO - 10.1016/S0165-1765(02)00002-2 VL - 75 IS - 3 SP - 419-424 SN - 0165-1765 KW - monotonicity KW - OLS KW - weighted average derivatives ER - TY - JOUR TI - Bootstrapping smooth functions of slope parameters and innovation variances in VAR(infinity) models AU - Inoue, A AU - Kilian, L T2 - INTERNATIONAL ECONOMIC REVIEW AB - It is common to conduct bootstrap inference in vector autoregressive (VAR) models based on the assumption that the underlying data‐generating process is of finite‐lag order. This assumption is implausible in practice. We establish the asymptotic validity of the residual‐based bootstrap method for smooth functions of VAR slope parameters and innovation variances under the alternative assumption that a sequence of finite‐lag order VAR models is fitted to data generated by a VAR process of possibly infinite order. This class of statistics includes measures of predictability and orthogonalized impulse responses and variance decompositions. Our approach provides an alternative to the use of the asymptotic normal approximation and can be used even in the absence of closed‐form solutions for the variance of the estimator. We illustrate the practical relevance of our findings for applied work, including the evaluation of macroeconomic models. DA - 2002/5// PY - 2002/5// DO - 10.1111/1468-2354.t01-1-00016 VL - 43 IS - 2 SP - 309-331 SN - 0020-6598 ER - TY - JOUR TI - Combining time-varying and dynamic multi-period optimal hedging models AU - Haigh, MS AU - Holt, MT T2 - EUROPEAN REVIEW OF AGRICULTURAL ECONOMICS AB - Journal Article Combining time‐varying and dynamic multi‐period optimal hedging models Get access Michael S. Haigh, Michael S. Haigh Corresponding author: Michael S. Haigh, Department of Agricultural and Resource Economics, University of Maryland, College Park, MD 20742, USA. E‐mail: mhaigh@arec.umd.edu Search for other works by this author on: Oxford Academic Google Scholar Matthew T. Holt Matthew T. Holt Search for other works by this author on: Oxford Academic Google Scholar European Review of Agricultural Economics, Volume 29, Issue 4, 1 December 2002, Pages 471–500, https://doi.org/10.1093/eurrag/29.4.471 Published: 01 December 2002 Article history Received: 01 June 2002 Published: 01 December 2002 DA - 2002/12// PY - 2002/12// DO - 10.1093/eurrag/29.4.471 VL - 29 IS - 4 SP - 471-500 SN - 0165-1587 KW - bivariate GARCH KW - dynamic programming KW - multi-period hedging ER - TY - JOUR TI - Development and implementation of a long-term agricultural systems study: Challenges and opportunities AU - Mueller, J. P. AU - Barbercheck, M. E. AU - Bell, M. AU - Brownie, C. AU - Creamer, N. G. AU - Hitt, A. AU - Hu, S. AU - King, L. AU - Linker, H. M. AU - Louws, F. J. AU - Marlow, S. AU - Marra, M. AU - Raczkowski, C. W. AU - Susko, D. J. AU - Wagger, M. G. T2 - HortTechnology DA - 2002/// PY - 2002/// VL - 12 IS - 3 SP - 362-368 ER - TY - JOUR TI - Crack spread hedging: Accounting for time-varying volatility spillovers in the energy futures markets AU - Haigh, M. S. AU - Holt, M. T. T2 - Journal of Applied Econometrics DA - 2002/// PY - 2002/// DO - 10.1002/jac.628 VL - 17 IS - 3 SP - 269-289 ER - TY - JOUR TI - Lags in Real Property Revaluations and Estimates of Shortfalls in Property Tax Collections in North Carolina AU - Walden, M. L. AU - Denaux, Z. T2 - Journal of Agricultural and Applied Economics AB - Abstract Financing local public goods is a major issue in many communities, especially those that have experienced rapid growth. This paper analyzes problems associated with locally collected real property taxes where the real property tax base is only revaluated at long time intervals. Using counties in North Carolina as the subject of the analysis, we find that effective real property tax rates fall between revaluations. We calculate that a system of taxing market values of real property at a constant legislated tax rate would have yielded additional annual revenues of $320 million for North Carolina counties over 1980 to 1995. DA - 2002/// PY - 2002/// DO - 10.1017/s1074070800002248 VL - 34 IS - 1 SP - 205-214 ER - TY - JOUR TI - Incentives for investment in advanced pollution abatement technology in emission permit markets with banking AU - Phaneuf, D. J. AU - Requate, T. T2 - Environmental and Resource Economics DA - 2002/// PY - 2002/// VL - 22 IS - 3 SP - 369-390 ER - TY - JOUR TI - Reproduction, mastitis, and body condition of seasonally calved Holstein and Jersey cows in confinement or pasture systems AU - Washburn, SP AU - White, SL AU - Green, JT AU - Benson, GA T2 - JOURNAL OF DAIRY SCIENCE AB - Dairy cows in confinement and pasture-based feeding systems were compared across four spring-calving and three fall-calving replicates for differences in reproduction, mastitis, body weights, and body condition scores. Feeding systems and replicates included both Jersey and Holstein cows. Cows in confinement were fed a total mixed ration, and cows on pasture were supplemented with concentrates and provided baled hay or haylage when pasture supply was limiting. Breeding periods were for 75 d in spring or fall. Reproductive performance did not differ significantly due to feeding system or season. Jerseys had higher conception rates (59.6 vs. 49.5 +/- 3.3%) and higher percentages of cows pregnant in 75 d (78.1 vs. 57.9 +/- 3.9%) than Holsteins. Cows in confinement had 1.8 times more clinical mastitis and eight times the rate of culling for mastitis than did cows on pasture. Jerseys had half as many clinical cases of mastitis per cow as Holsteins. Only 41 +/- 5% of confinement Holsteins remained for a subsequent lactation, starting within the defined calving season compared with 51 +/- 5% of pastured Holsteins and 71 and 72 +/- 5% of Jerseys, respectively. Body weights and condition scores were generally higher for confinement cows than pastured cows, and Jerseys had higher condition scores and lower body weights than Holsteins. In summary, pastured cows had fewer clinical cases of mastitis, lower body condition scores, and lower body weights than confinement cows. Holsteins were less likely to rebreed, had more mastitis, higher culling rates, and lower body condition scores than Jerseys. DA - 2002/1// PY - 2002/1// DO - 10.3168/jds.S0022-0302(02)74058-7 VL - 85 IS - 1 SP - 105-111 SN - 0022-0302 KW - reproduction KW - mastitis KW - confinement KW - pasture ER - TY - JOUR TI - Pollutant export from various land uses in the upper Neuse River Basin AU - Line, DE AU - White, NM AU - Osmond, DL AU - Jennings, GD AU - Mojonnier, CB T2 - WATER ENVIRONMENT RESEARCH AB - Because of the relatively high variability of pollutant export from urban land uses, a significant number of monitoring studies, including data from many storms, are needed to adequately characterize export from urban land uses. Pollutant runoff from six small drainage areas with different land uses was monitored for at least 20 storm events over the course of more than 1 year. The land uses included single-family residential, golf course, industrial, dairy cow pasture, construction site, and wooded site. Average event mean concentrations and total annual load were computed for nitrogen forms, total phosphorus, and sediment from the land uses. Annual total nitrogen export was greatest for the construction land use during the house-building phase, followed closely by the residential and golf course land uses. Total phosphorus export was greatest for the golf course site followed by the pasture and residential land uses. Sediment export was greatest for the construction site during the rough grading phase, which averaged more than 10 times more sediment export than any of the other sites. To estimate export from a multiuse urban watershed, total nitrogen, phosphorus, and sediment export from the residential, golf course, and construction sites were averaged. The average total nitrogen, phosphorus, and sediment export from the three land uses was, respectively, 269, 302, and 256% greater than the corresponding exports from the wooded site, which was considered similar to the predevelopment land use. Additionally, analyses of rainfall samples indicated that a considerable portion of the nitrogen export from these sites likely comes from nitrogen in rainfall. DA - 2002/// PY - 2002/// DO - 10.2175/106143002X139794 VL - 74 IS - 1 SP - 100-108 SN - 1061-4303 KW - urban runoff KW - land use KW - pollutant export KW - rainfall ER - TY - JOUR TI - Parametric and semiparametric modeling of the off-farm labor supply of agrarian households in transition Bulgaria AU - Goodwin, BK AU - Holt, MT T2 - AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS AB - Abstract The reaction of labor marketsto economic reforms is an important indicator of the progress of transition. Because of diminished government support and the breakup of state and collective enterprises, labor market adjustments in the transition economies have been particularly severe in the agricultural sector. Thisarticle evaluatesthe off‐farm labor market for a sample of agrarian households in transition Bulgaria. We give particular attention to the distributional assumptions that underlie standard approaches to the evaluation of labor supply. A variety of specification tests are considered and support for standard maximum likelihood estimates which rely on normality as a maintained hypothesis is mixed. Alternative semiparametric (distribution‐free) estimators are also considered. The empirical results indicate that, five years after the initiation of the transition, off‐farm labor supply patterns for Bulgarian agricultural households are similar to what is commonly observed in developed market economies. Labor supply is positively affected by factors such as education and work experience which are hypothesized to increase off‐farm wages. Social benefit programs providing monetary or in‐kind support payments are shown to significantly decrease off‐farm work. DA - 2002/2// PY - 2002/2// DO - 10.1111/1467-8276.00252 VL - 84 IS - 1 SP - 184-209 SN - 0002-9092 KW - economic transition KW - labor supply KW - semiparametric estimation ER - TY - JOUR TI - Milk production and economic measures in confinement or pasture systems using seasonally calved Holstein and Jersey cows AU - White, SL AU - Benson, GA AU - Washburn, SP AU - Green, JT T2 - JOURNAL OF DAIRY SCIENCE AB - This 4-yr study examined total lactation performance of dairy cows in two feeding systems: pasture-based and confinement.Spring and fall calving herds were used and each seasonal herd had 36 cows on pasture and 36 cows in confinement with 282 Holstein and 222 Jersey cows included over seven seasonal replicates.Pasture-fed cows received variable amounts of grain and baled haylage depending upon pasture availability.Confinement cows received a total mixed ration with corn silage as the primary forage.Data were collected on milk production, feed costs, and other costs.Pasturefed cows produced 11.1% less milk than confinement cows.Across treatments, Jerseys produced 23.3% less milk than Holsteins, but calving season and various interactions were not significant.Feed costs averaged $0.95/cow per day lower for pastured cows than confinement cows.Feed costs were lower for Jerseys than Holsteins and for cows calving in spring.Income over feed costs averaged $7.05 ± 0.34 for confinement Holsteins, $6.89 ± 0.34 for pastured Holsteins, $5.68 ± 0.34 for confinement Jerseys, and $5.36 ± 0.34 for pastured Jerseys; effects of breed were significant but treatment, season, and interactions were not.Economic factors such as labor for animal care, manure handling, forage management, and cow culling rates favored pastured cows.Higher fertility and lower mastitis among Jerseys partially offsets lower income over feed cost compared with Holsteins.Milk production was lower in this study for pasture-based systems but lower feed costs, lower culling costs, and other economic factors indicate that pasture-based systems can be competitive with confinement systems. DA - 2002/1// PY - 2002/1// DO - 10.3168/jds.S0022-0302(02)74057-5 VL - 85 IS - 1 SP - 95-104 SN - 0022-0302 KW - pasture KW - total mixed ration KW - production KW - economics ER - TY - JOUR TI - Effect of feed withdrawal prior to slaughter on prevalence of gastric ulcers in pigs AU - Eisemann, JH AU - Morrow, WEM AU - See, MT AU - Davies, PR AU - Zering, K T2 - JOURNAL OF THE AMERICAN VETERINARY MEDICAL ASSOCIATION AB - Abstract Objective —To determine whether withdrawing feed from pigs prior to slaughter had any effects on prevalence or severity of gastric ulcers. Design —Split-plot design. Animals —873 pigs. Procedures —At the finishing barn, pigs were assigned to 30 pens. Feed withdrawal times (0, 12, or 24 hours) were assigned to pens at random, and pigs in each pen were marketed in 3 groups over a period of 4 weeks. The first marketing group consisted of the 10 heaviest pigs in each pen, the second consisted of the next 10 heaviest, and the third consisted of all remaining pigs. Feed was withheld from all pigs in each pen prior to removal of each marketing group. Thus, feed was withheld once, twice, or 3 times for pigs in the first, second, and third marketing groups, respectively. Results —Feed withdrawal time was not significantly associated with ulcer score at the time of slaughter. Ulcer scores and prevalence of chronic damage were higher in the third marketing group, regardless of feed withdrawal time. Prevalence of severe damage, prevalence of chronic damage, and prevalence of esophageal constriction increased as carcass weight decreased. No pigs died of gastric ulceration. Conclusion and Clinical Relevance —Results suggest that withdrawal of feed from pigs prior to slaughter does not increase damage to the stomach and that repeated feed withdrawal does not result in fatal gastric ulceration. ( J Am Vet Med Assoc 2002;220:503–506) DA - 2002/2/15/ PY - 2002/2/15/ DO - 10.2460/javma.2002.220.503 VL - 220 IS - 4 SP - 503-506 SN - 0003-1488 ER - TY - JOUR TI - Effect of withdrawing feed from swine on meat quality and prevalence of Salmonella colonization at slaughter AU - Morrow, WEM AU - See, MT AU - Eisemann, JH AU - Davies, PR AU - Zering, K T2 - JOURNAL OF THE AMERICAN VETERINARY MEDICAL ASSOCIATION AB - To determine whether withholding feed from pigs prior to slaughter had any effects on meat quality, percentage of pigs with Salmonella spp in cecal contents during slaughter, or percentage of pigs with lacerations of the gastrointestinal tract during slaughter.Split-plot design.873 pigs.At the finishing barn, pigs were assigned to 30 pens. Feed withdrawal times were assigned to pens at random, and pigs in each pen were marketed in 3 groups. The first marketing group consisted of the 10 heaviest pigs in each pen, the second consisted of the next 10 heaviest pigs, and the third consisted of all remaining pigs.Withdrawing feed improved the redness score assigned to the meat but did not have any other significant effects on carcass composition or meat quality. The percentage of pigs with Salmonella spp in the cecal contents decreased from the first (73%) to the second (64%) to the third (52%) marketing group. However, isolation of Salmonella spp from cecal contents was not associated with feed withdrawal time or with pen prevalence of Salmonella shedding during the 2 months prior to slaughter. Feed withdrawal time and marketing group did not have any significant effects on overall prevalence of gastrointestinal tract lacerations.Results suggest that withdrawal of feed from pigs prior to slaughter does not increase the prevalence of Salmonella colonization or the risk of carcass contamination associated with gastrointestinal tract lacerations during slaughter but only slightly enhances meat quality. DA - 2002/2/15/ PY - 2002/2/15/ DO - 10.2460/javma.2002.220.497 VL - 220 IS - 4 SP - 497-502 SN - 0003-1488 ER - TY - JOUR TI - Price elasticities, joint products, and international trade AU - Piggott, NE AU - Wohlgenant, MK T2 - AUSTRALIAN JOURNAL OF AGRICULTURAL AND RESOURCE ECONOMICS AB - This paper extends the basic results of Houck's insight for derived demand elasticities for the case of joint products by allowing for the possibility of the joint and raw products being traded. Theoretical relationships between individual demands for a set of jointly–produced commodities that are traded and composite demand for the raw product from which the joint products originate are derived. It is shown that while the derived price elasticity of domestic demand retains the same form as Houck's original formula, the relevant price elasticities of demand to include in the formula are elasticities of total demand instead of domestic demand elasticities. Using the USA soybean industry as an example, this generalised formula that takes into account trade is implemented to calculate the elasticity of total demand for USA soybeans. The usefulness of this formula for policy–makers to trace out the impacts of changes in market conditions and trade policy in the joint–products, and how it will impact the price elasticity of domestic and total demand for the raw product, is demonstrated. DA - 2002/12// PY - 2002/12// DO - 10.1111/1467-8489.t01-1-00056 VL - 46 IS - 4 SP - 487-500 SN - 1364-985X ER - TY - PCOMM TI - GM crops and the pesticide paradigm AU - Welsh, R AU - Hubbell, B AU - Ervin, DE AU - Jahn, M DA - 2002/6// PY - 2002/6// DO - 10.1038/nbt0602-548 SP - 548-549 ER - TY - JOUR TI - A random utility model for total maximum daily loads: Estimating the benefits of watershed-based ambient water quality improvements AU - Phaneuf, DJ T2 - WATER RESOURCES RESEARCH AB - A random utility maximization (RUM) model is presented for the purpose of providing benefits estimates to aid in the implementation of the total maximum daily load (TMDL) process. The specific application is to North Carolina, for which the 1994 Environmental Protection Agency (EPA) National Demand for Water‐Based Recreation Survey is used to characterize the demand for water recreation in the state as a function of ambient water quality. The RUM choice set is defined to include all 8‐digit hydrological units or watersheds in the state, allowing benefits estimates to match the spatial aggregate of interest for the TMDL process. Water quality measures are linked to the choice set via the use of EPA's Index of Watershed Index database. A significant relationship between watershed‐level water quality and recreation trip taking behavior is found. Per trip and aggregate benefits estimates are presented for watershed, river basin, and statewide improvements in water quality. DA - 2002/11// PY - 2002/11// DO - 10.1029/2001wr000959 VL - 38 IS - 11 SP - SN - 0043-1397 KW - TMDL KW - random utility model KW - water quality KW - recreation demand ER - TY - JOUR TI - Treating open space as an urban amenity AU - Smith, VK AU - Poulos, C AU - Kim, H T2 - RESOURCE AND ENERGY ECONOMICS AB - In “the welfare economics of city bigness”, George Tolley asserts that the virtual price of amenities can be used to judge the efficiency of a urban spatial land use patterns. Expanding this test to open space amenities is not straightforward because those amenities are especially difficult to characterize. Bockstael and Irwin [Economics and the land use—environment link. In: Tietenberg, T., Folmer, H. (Eds.), International Yearbook of Environmental and Resource Economics, 2000/2001. Edward Edgar, Cheltenhan, UK, 2000] suggest that open space amenities and their virtual prices depend on whether surrounding land uses are fixed or adjustable. This paper estimates hedonic price functions over nearly 30 years to evaluate, whether the distinctions between fixed and adjustable land uses help in measuring the value of open space amenities. DA - 2002/2// PY - 2002/2// DO - 10.1016/S0928-7655(01)00055-0 VL - 24 IS - 1-2 SP - 107-129 SN - 0928-7655 KW - hedonic price analysis KW - land use KW - open space amenities KW - valuation ER - TY - JOUR TI - Optimal storage by crop producers AU - Fackler, PL AU - Livingston, MJ T2 - AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS AB - Abstract When post‐harvest marketing strategies are restricted by disallowing speculative purchases, sales out of storage becomes an irreversible decision and the dynamic marketing problem becomes analogous to the optimal exercise of a financial option. The optimal marketing strategy is to hold at low prices and to sell at high prices with a cutoff price function marking the boundary between low and high prices. A method for estimating the cut‐off price function is developed and applied to Illinois soybean prices. The decision rule is demonstrated to result in substantial gains from storage. DA - 2002/8// PY - 2002/8// DO - 10.1111/1467-8276.00325 VL - 84 IS - 3 SP - 645-659 SN - 0002-9092 KW - commodity marketing KW - options KW - storage ER - TY - JOUR TI - Market efficiency in agricultural futures markets AU - McKenzie, AM AU - Holt, MT T2 - APPLIED ECONOMICS AB - Market efficiency and unbiasedness are tested in four agricultural commodity futures markets - live cattle, hogs, corn, and soybean meal - using cointegration and error correction models with GQARCH-in-mean processes. Results indicate each market is unbiased in the long run, although cattle, hogs and corn futures markets exhibit short-run inefficiencies and pricing biases. Models for cattle and corn outperform futures prices in out-of-sample forecasting. Results also suggest short-run time-varying risk premiums in cattle and hog futures markets. DA - 2002/8/15/ PY - 2002/8/15/ DO - 10.1080/00036840110102761 VL - 34 IS - 12 SP - 1519-1532 SN - 0003-6846 ER - TY - JOUR TI - Is meta-analysis a Noah's ark for non-market valuation? AU - Smith, V. K. AU - Pattanayak, S. K. T2 - Environmental and Resource Economics DA - 2002/// PY - 2002/// VL - 22 IS - 1-2 SP - 271-296 ER - TY - JOUR TI - Interjurisdictional housing prices in locational equilibrium AU - Sieg, H AU - Smith, VK AU - Banzhaf, HS AU - Walsh, R T2 - JOURNAL OF URBAN ECONOMICS AB - In this study, we discuss how to construct interjurisdictional housing price indexes that are consistent with locational equilibrium theory. In theoretical models, housing is assumed to be homogeneous, which provides problems in empirical analysis. We provide conditions that allow us to treat heterogeneous housing as if it were homogeneous. The same conditions that allow us to develop a quantity index for housing, also imply that we can estimate interjurisdictional housing price indexes using hedonic price regressions. Locational equilibrium models impose a number of restrictions regarding the co-movement of housing price indexes, local public goods, and mean income levels. We propose to use these properties of locational equilibrium models to evaluate the different price index estimates. We estimate a variety of price indexes using a unique panel data set of housing transactions in Southern California. Our empirical results, by and large, support our approach. DA - 2002/7// PY - 2002/7// DO - 10.1016/S0094-1190(02)00007-4 VL - 52 IS - 1 SP - 131-153 SN - 1095-9068 KW - housing prices KW - locational equilibrium KW - interjurisdictional sorting KW - price index KW - empirical analysis KW - aggregation ER - TY - JOUR TI - Information, addiction, and 'bad choices': lessons from a century of cigarettes AU - Sloan, FA AU - Smith, VK AU - Taylor, DH T2 - ECONOMICS LETTERS AB - This study describes government interventions during the 1900s and their effects on cigarette consumption within a rational addiction framework. With annual data for the 20th century, impacts of specific antismoking information events disappear. U.S. per capita cigarette demand changed before any information about health effects of smoking was widely distributed. DA - 2002/10// PY - 2002/10// DO - 10.1016/S0165-1765(02)00134-9 VL - 77 IS - 2 SP - 147-155 SN - 0165-1765 KW - smoking KW - rational addiction KW - information KW - advertising ER - TY - JOUR TI - Bootstrapping autoregressive processes with possible unit roots AU - Inoue, A AU - Kilian, L T2 - ECONOMETRICA AB - EconometricaVolume 70, Issue 1 p. 377-391 Bootstrapping Autoregressive Processes with Possible Unit Roots Atsushi Inoue, Atsushi Inoue Department of Agricultural and Resource Economics, North Carolina State University, [email protected]Search for more papers by this authorLutz Kilian, Lutz Kilian Department of Economics, University of Michigan, [email protected]Search for more papers by this author Atsushi Inoue, Atsushi Inoue Department of Agricultural and Resource Economics, North Carolina State University, [email protected]Search for more papers by this authorLutz Kilian, Lutz Kilian Department of Economics, University of Michigan, [email protected]Search for more papers by this author First published: 12 December 2003 https://doi.org/10.1111/1468-0262.00281Citations: 71AboutPDF 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 Citing Literature Volume70, Issue1January 2002Pages 377-391 RelatedInformation DA - 2002/1// PY - 2002/1// DO - 10.1111/1468-0262.00281 VL - 70 IS - 1 SP - 377-391 SN - 0012-9682 ER -