Journal of Agricultural and Applied Economics
Опубликовано на портале: 24-11-2003Hikaru Hanawa Peterson, Lois Schertz Willett Journal of Agricultural and Applied Economics. 2000. Vol. 32. No. 3. P. 479-491.
A dynamic econometric model of the U.S. kiwifruit industry provides a framework for empirical analysis of small-scale commodities, particularly those used by producers for diversification. Production and marketing processes are explained by annual and monthly components, respectively. Results confirm that plantings were speculative and that economic feasibility critically impacts acreage retention as the industry matures. Prices at alternative outlets and fruit quality in storage affect monthly shipments. Flexibilities of monthly f.o.b. prices imply elastic kiwifruit demand, and imports are found to be substitutes. The industry could increase its average annual gross revenue by marketing the crop earlier in the season.
Опубликовано на портале: 17-02-2005Fred C. White Journal of Agricultural and Applied Economics. 1995. Vol. 27. No. 2. P. 437-445.
This study examines the valuation of research as intangible capital in agriculture using Tobin’s q theory. The market value of public research capital is estimated to be 8.6 times higher than conventional assets. Private research capital is valued 5.2 times higher than conventional assets. The estimated valuation multiplier for all farm assets dropped 1/3 over the last decade. In recent years the valuation multiplier has dropped below a dollar, which indicates the market is undervaluing farm assets.
Опубликовано на портале: 21-11-2003Jeffrey R. Stokes, Brian M. Brinch Journal of Agricultural and Applied Economics. 2001. Vol. 33. No. 3.
A model to value Federal Agricultural Mortgage Corporation (Farmer Mac) agricultural mortgage-backed securities (AMBS) is developed and numerically solved. The results suggest prepayment penalties currently being used by Farmer Mac reduce yields on AMBS considerably. Even with prepayment penalties, it can be advantageous for profit maximizing mortgagors to optimally prepay or even default on agricultural mortgages. The model is used to quantify prepayment and default risk by valuing the embedded options in the mortgages. Monte Carlo simulation is also used to determine the probability of optimal prepayment given the term structure assumption used to develop the model.
Variable Rate Nitrogen Application on Corn Fields: The Role of Spatial Variability and Weather [статья]
Опубликовано на портале: 24-11-2003Roland K. Roberts, S.B. Mahajanashetti, Burton C. English, James A. Larson, Donald D. Tyler Journal of Agricultural and Applied Economics. 2002. Vol. 34. No. 1. P. 111-129.
Meta-response functions for corn yields and nitrogen losses were estimated from EPIC-generated data for three soil types and three weather scenarios. These metamodels were used to evaluate variable rate (VRT) versus uniform rate (URT) nitrogen application technologies for alternative weather scenarios and policy options. Except under very dry conditions, returns per acre for VRT were higher than for URT and the economic advantage of VRT increased as realized rainfall decreased from expected average rainfall. Nitrogen losses to the environment from VRT were lower for all situations examined, except on fields with little spatial variability.
Vertical and Horizontal Coordination in the Agro-biotechnology Industry: Evidence and Implications [статья]
Опубликовано на портале: 09-03-2005Nicholas G. Kalaitzandonakes, Bruce Bjornson Journal of Agricultural and Applied Economics. 1997. Vol. 29. No. 1. P. 129-139.
Agro-biotechnology is evolving from a pre-commerical phase dominated by basic research science to a commercial phase oriented around marketing products. In pursuing innovation rents in the commercial phase, firms are reorienting their strategies around complementary marketing and distribution assets. This is impacting vertical and horizontal industry structure. Conversely, industry structure is also impacting firm strategies. Horizontal alliances and consolidation continue from the pre-commercial phase into the commercial phase, while vertical coordination and integration strategies are accelerating rapidly. Interplay between firm strategy and industry structure is too complex for firms to anticipate early in the pre-commercial phase for long-term strategy formulation.
Опубликовано на портале: 18-02-2005Roy R. Carriker Journal of Agricultural and Applied Economics. 1994. Vol. 26. No. 1. P. 80-99.
The federal government program for wetlands regulation is administered by the United States Army Corps of Engineers pursuant to Section 404 of the Clean Water Act. Proposals for amending and/or reforming the Section 404 program are included in Congressional deliberations regarding Clean Water Act reauthorization. Specific issues of public policy include the definition of “waters of the United States”, criteria for delineation of jurisdictional wetlands, definition of activities exempt from regulation, mitigation and classification of wetlands, and issues of property rights.
Опубликовано на портале: 21-11-2003John C. Whitehead, Thomas J. Hoban, William B. Clifford Journal of Agricultural and Applied Economics. 2001. Vol. 33. No. 1.
The North Carolina Agriculture Survey was designed to estimate the willingness to pay for agricultural research and extension programs. We find that North Carolina households are willing to pay between $218 and $401 million for food production programs and between $251 and $698 million for water quality programs annually. We find evidence of divergent validity and differences in the willingness to pay estimates from the single- bound and multiple-bound data.
Willingness to Plant Identity Preserved Crops: The Case of Mississippi SoybeansWillingness to Plant Identity Preserved Crops: The Case of Mississippi Soybeans [статья]
Опубликовано на портале: 21-11-2003Darren Hudson, Tom Jones Journal of Agricultural and Applied Economics. 2001. Vol. 33. No. 3.
The willingness to plant identity preserved (IP) crops was examined using Mississippi soybean producers as an example. A contingent valuation framework was used to assess the impacts of offered premiums on a producer’s probability of planting IP soybeans. Findings suggest that offered premiums significantly affect planting decisions. In addition, desire to learn more about IP production was found to increase the probability of planting, suggesting that desire to learn leads to experimentation. Finally, prior knowledge or experience planting IP crops significantly decreased the probability of planting.
Опубликовано на портале: 24-11-2003Jerry R. Skees, Kimberly Zeuli Journal of Agricultural and Applied Economics. 2000. Vol. 32. No. 2. P. 235-248.
While a carbon market offers substantial opportunities for US agriculture, regional differences in such a market are often ignored. This paper focuses on the advantages and challenges for agriculture in the South. The potential of two promising options are analyzed: conversion from cropland to forests and greater use of conservation tillage. It is argued that the right institutional arrangements can overcome three fundamental challenges to an efficient carbon market: transaction costs, risk, and perverse incentives. Some examples are given, such as the use of a farmer-owned organization and the provision of land use and carbon information by the government.
World Fibers Demand [статья]
Опубликовано на портале: 21-11-2003Kenneth W. Clements, Yihui Lan Journal of Agricultural and Applied Economics. 2001. Vol. 33. No. 1.
This paper analyses the world demand for fibers using the system-wide approach with three dimensions—product x space x time. We investigate to what extent differences in international consumption patterns of fibers can be explained by differences in incomes and prices faced by different consumers. A novel approach to cross-country consumption comparisons is employed to avoid the troublesome problem of what exchange rates to use when converting data into a common currency unit. We use data from the ten largest consuming countries to estimate demand systems and then examine how they perform in predicting consumption patterns in a large number of out-of-sample countries.
Опубликовано на портале: 27-04-2005Helen H. Jensen, Laurian Unnevehr, Miguel I. Gomez Journal of Agricultural and Applied Economics. 1998. Vol. 30. No. 1. P. 83-94.
Recently enacted food safety regulations require processors to meet product standards for microbial contamination in meat products. An analysis of the cost-effectiveness of several technological interventions for microbial control in beef and pork processing shows that marginal improvements in food safety can be obtained, but at increasing costs. The additional food safety intervention costs represent about 1% of total processing costs for beef and pork, Some interventions and combinations are more cost-effective than others.