T. Drugova, V. F. Pozo, Kynda R. Curtis, T. Fortenbery
We compare the volatility of organic wheat prices to that of conventional wheat prices using historical measures. To reduce uncertainty, we examine the possibility of cross hedging using conventional wheat futures and the ability of futures to forecast the organic premium. Results provide evidence that conventional futures can be used to cross hedge organic wheat price risk,but results depend on the method used to impute the missing values. We also find a long-run equilibrium relationship between organic wheat prices and conventional wheat futures prices.Finally, futures prices contain some information useful in predicting organic prices in the short run.
{"title":"Organic Wheat Prices and Premium Uncertainty: Can Cross Hedging and Forecasting Play a Role?","authors":"T. Drugova, V. F. Pozo, Kynda R. Curtis, T. Fortenbery","doi":"10.22004/AG.ECON.292331","DOIUrl":"https://doi.org/10.22004/AG.ECON.292331","url":null,"abstract":"We compare the volatility of organic wheat prices to that of conventional wheat prices using historical measures. To reduce uncertainty, we examine the possibility of cross hedging using conventional wheat futures and the ability of futures to forecast the organic premium. Results provide evidence that conventional futures can be used to cross hedge organic wheat price risk,but results depend on the method used to impute the missing values. We also find a long-run equilibrium relationship between organic wheat prices and conventional wheat futures prices.Finally, futures prices contain some information useful in predicting organic prices in the short run.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68536409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The U.S. Endangered Species Act is often criticized as “pitting people against wildlife" by conserving habitat at the cost of jobs, but relatively little is known about the labor market effects of listing a species under the Endangered Species Act. We examine changes in employment associated with the lesser prairie chicken, which was listed as threatened in May 2014. Using county-level employment data and variation in suitable prairie chicken habitat, we apply a difference-in-differences strategy to measure the employment effects of the listing decision. We find evidence that employment declined about 1.5% in affected counties. The effect is proportional to habitat, which means counties with relatively more habitat experienced a larger share of employment losses.
{"title":"Do Regulations to Protect Endangered Species on Private Lands Affect Local Employment? Evidence from the Listing of the Lesser Prairie Chicken","authors":"Richard T. Melstrom, Kangil Lee, Jacob P. Byl","doi":"10.22004/AG.ECON.276499","DOIUrl":"https://doi.org/10.22004/AG.ECON.276499","url":null,"abstract":"The U.S. Endangered Species Act is often criticized as “pitting people against wildlife\" by conserving habitat at the cost of jobs, but relatively little is known about the labor market effects of listing a species under the Endangered Species Act. We examine changes in employment associated with the lesser prairie chicken, which was listed as threatened in May 2014. Using county-level employment data and variation in suitable prairie chicken habitat, we apply a difference-in-differences strategy to measure the employment effects of the listing decision. We find evidence that employment declined about 1.5% in affected counties. The effect is proportional to habitat, which means counties with relatively more habitat experienced a larger share of employment losses.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47021270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Most communist economies were dominated by large collective farms. Today, smaller family farms often coexist with larger corporate and collective farms in these countries. The roles of other-regarding preferences and social norms have been largely neglected in the debate on farmers’ organizational choices. We conducted lab-in-the-field ultimatum game experiments with 397 cotton farmers from collective and family farms. Large and statistically significant differences existed in the rejection behavior among the two farm types. Punishment of unfair behavior explained organizational choice, both with and without controlling for other factors. We conclude that the continuation of dual farm structures requires tailored policy support.
{"title":"Should I Stay or Should I Go? A Behavioral Approach to Organizational Choice in Tajikistan’s Agriculture","authors":"Malte Müller, Jens Rommel","doi":"10.22004/AG.ECON.276506","DOIUrl":"https://doi.org/10.22004/AG.ECON.276506","url":null,"abstract":"Most communist economies were dominated by large collective farms. Today, smaller family farms often coexist with larger corporate and collective farms in these countries. The roles of other-regarding preferences and social norms have been largely neglected in the debate on farmers’ organizational choices. We conducted lab-in-the-field ultimatum game experiments with 397 cotton farmers from collective and family farms. Large and statistically significant differences existed in the rejection behavior among the two farm types. Punishment of unfair behavior explained organizational choice, both with and without controlling for other factors. We conclude that the continuation of dual farm structures requires tailored policy support.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45033793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ioannis Skevas, Xueqin Zhu, V. Shestalova, G. Emvalomatis
This study examines the impact of policies and intensification on the environmental performance of Dutch dairy farms in the period 2001-2010 using a hyperbolic distance function. The results indicate that the change from the Mineral Accounting System to the combination of the Application Standards Policy with decoupled payments has not significantly changed farms' hyperbolic efficiency. Farms receiving agri-environmental and animal welfare payments are less hyperbolically efficient than those that do not, highlighting greater decreases in desirable outputs than decreases in undesirable outputs. Finally, intensification increases hyperbolic efficiency, suggesting that intensive practices may increase production without harming the environment.
{"title":"The impact of agri-environmental policies and production intensification on the environmental performance of Dutch dairy farms","authors":"Ioannis Skevas, Xueqin Zhu, V. Shestalova, G. Emvalomatis","doi":"10.22004/AG.ECON.276503","DOIUrl":"https://doi.org/10.22004/AG.ECON.276503","url":null,"abstract":"This study examines the impact of policies and intensification on the environmental performance of Dutch dairy farms in the period 2001-2010 using a hyperbolic distance function. The results indicate that the change from the Mineral Accounting System to the combination of the Application Standards Policy with decoupled payments has not significantly changed farms' hyperbolic efficiency. Farms receiving agri-environmental and animal welfare payments are less hyperbolically efficient than those that do not, highlighting greater decreases in desirable outputs than decreases in undesirable outputs. Finally, intensification increases hyperbolic efficiency, suggesting that intensive practices may increase production without harming the environment.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41481605","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We evaluate Coloradans’ preferences for policies decreasing the need for agricultural water transfers using two choice experiments with different frames—one highlighting policy choices and one emphasizing ex post impacts on prices, urban landscaping, and base charges. We find that a majority of users state a willingness to face private costs to reduce agricultural water transfers. Latent-class analysis is used to describe heterogeneity in opinion groups, showing that a minority of urban, lower-income participants would prefer to fallow agricultural land than to pay for alternative policies. This opinion group increases in size in the impact-framed survey.
{"title":"Public Opinion on ColoradoWater Rights Transfers: Are Policy Preferences Consistent with Concerns over Impacts?","authors":"J. Stone, M. Costanigro, C. Goemans","doi":"10.22004/AG.ECON.276502","DOIUrl":"https://doi.org/10.22004/AG.ECON.276502","url":null,"abstract":"We evaluate Coloradans’ preferences for policies decreasing the need for agricultural water transfers using two choice experiments with different frames—one highlighting policy choices and one emphasizing ex post impacts on prices, urban landscaping, and base charges. We find that a majority of users state a willingness to face private costs to reduce agricultural water transfers. Latent-class analysis is used to describe heterogeneity in opinion groups, showing that a minority of urban, lower-income participants would prefer to fallow agricultural land than to pay for alternative policies. This opinion group increases in size in the impact-framed survey.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42938245","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Geraldo Costa, Andres A. Trujillo‐Barrera, J. Pennings
We analyze the relationships among liquidity costs, volume, and volatility in the Brazilian agricultural futures market, along with the role of market concentration. We estimate a structural three-equation IV–GMM model using data from Bolsa, Brasil, Balcao corn and live cattle contracts from March 2014 to February 2016. Results show a negative association between liquidity costs and volume and a positive association between liquidity costs and volatility. Market concentration impacts corn and live cattle differently. Concentration contributes to volume reduction for live cattle and to liquidity costs reduction for corn. Our findings shed light on the microstructure of emerging markets.
{"title":"Concentration and Liquidity Costs in Emerging Commodity Exchanges","authors":"Geraldo Costa, Andres A. Trujillo‐Barrera, J. Pennings","doi":"10.22004/ag.econ.276504","DOIUrl":"https://doi.org/10.22004/ag.econ.276504","url":null,"abstract":"We analyze the relationships among liquidity costs, volume, and volatility in the Brazilian agricultural futures market, along with the role of market concentration. We estimate a structural three-equation IV–GMM model using data from Bolsa, Brasil, Balcao corn and live cattle contracts from March 2014 to February 2016. Results show a negative association between liquidity costs and volume and a positive association between liquidity costs and volatility. Market concentration impacts corn and live cattle differently. Concentration contributes to volume reduction for live cattle and to liquidity costs reduction for corn. Our findings shed light on the microstructure of emerging markets.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47499606","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study analyzes the optimal response of the government to food fraud while accounting for the asymmetric effects of food fraud on consumers and producers, the endogeneity of the producer quality choice, and asymmetries in the probability of food fraud detection. While the government can, theoretically, deter food fraud through a significant increase in the certification costs and/or the monitoring-punishing system, the analysis shows that the optimal policy response depends on the efficiency of dishonest producers, the type of food fraud, the political objectives of the government, and the relative costs of different types of enforcement. In addition to accounting for the asymmetric effects of food fraud, the explicit consideration of agent heterogeneity and the endogeneity of the producer quality enables us to show that, contrary to what is traditionally beleived, the effect of enforcement on the purity of labeling and the average product quality depends on the efficiency of dishonest producers. Intriguingly, when the public law enforcement agency officials engage in bribery, the monitoring and punishment system without addressing corruption does not decrease the fraudulent behavior but, instead, increases the incentives to commit fraud.
{"title":"Optimal Policy Response to Food Fraud","authors":"Syed Imran Ali Meerza, K. Giannakas, A. Yiannaka","doi":"10.22004/AG.ECON.273858","DOIUrl":"https://doi.org/10.22004/AG.ECON.273858","url":null,"abstract":"This study analyzes the optimal response of the government to food fraud while accounting for the asymmetric effects of food fraud on consumers and producers, the endogeneity of the producer quality choice, and asymmetries in the probability of food fraud detection. While the government can, theoretically, deter food fraud through a significant increase in the certification costs and/or the monitoring-punishing system, the analysis shows that the optimal policy response depends on the efficiency of dishonest producers, the type of food fraud, the political objectives of the government, and the relative costs of different types of enforcement. In addition to accounting for the asymmetric effects of food fraud, the explicit consideration of agent heterogeneity and the endogeneity of the producer quality enables us to show that, contrary to what is traditionally beleived, the effect of enforcement on the purity of labeling and the average product quality depends on the efficiency of dishonest producers. Intriguingly, when the public law enforcement agency officials engage in bribery, the monitoring and punishment system without addressing corruption does not decrease the fraudulent behavior but, instead, increases the incentives to commit fraud.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2018-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41601077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Understanding individual discounting behavior of future costs and benefits is critical for designing environmental policy. Although there is some empirical evidence of hyperbolic discounting, others have found that exponential discounting is more accurate when behavioral factors are properly considered. Further, there is little research on how environmental discount rates differ from monetary rates. We use experimental methods to determine how individuals discount monetary and environmental goods. Our findings suggest that individual discounting behavior is approximately exponential, environmental goods are discounted at lower rates than monetary goods, and discount rates vary widely across environmental goods when accounting for appropriate behavioral factors.
{"title":"Discounting Environmental Goods","authors":"Gareth P. Green, T. Richards","doi":"10.22004/AG.ECON.273447","DOIUrl":"https://doi.org/10.22004/AG.ECON.273447","url":null,"abstract":"Understanding individual discounting behavior of future costs and benefits is critical for designing environmental policy. Although there is some empirical evidence of hyperbolic discounting, others have found that exponential discounting is more accurate when behavioral factors are properly considered. Further, there is little research on how environmental discount rates differ from monetary rates. We use experimental methods to determine how individuals discount monetary and environmental goods. Our findings suggest that individual discounting behavior is approximately exponential, environmental goods are discounted at lower rates than monetary goods, and discount rates vary widely across environmental goods when accounting for appropriate behavioral factors.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2018-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68533442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Although several studies have estimated economic impacts of antimicrobials for growth promotion, little is known about economic impacts of the common animal health management strategy known as metaphylaxis: administering antimicrobials to groups of animals to prevent disease. This article develops a new framework to map animal disease to producer profitability and determine societal economic impacts surrounding metaphylactic use of antimicrobials in beef cattle production. Results indicate the direct net return value of metaphylaxis to the U.S. fed cattle industry is at least $532 million. Beef producer surplus losses of $1.8 billion would be associated with eliminating metaphylaxis.
{"title":"Value of Arrival Metaphylaxis in U.S. Cattle Industry","authors":"E. Dennis, T. Schroeder, D. Renter, D. Pendell","doi":"10.22004/AG.ECON.273448","DOIUrl":"https://doi.org/10.22004/AG.ECON.273448","url":null,"abstract":"Although several studies have estimated economic impacts of antimicrobials for growth promotion, little is known about economic impacts of the common animal health management strategy known as metaphylaxis: administering antimicrobials to groups of animals to prevent disease. This article develops a new framework to map animal disease to producer profitability and determine societal economic impacts surrounding metaphylactic use of antimicrobials in beef cattle production. Results indicate the direct net return value of metaphylaxis to the U.S. fed cattle industry is at least $532 million. Beef producer surplus losses of $1.8 billion would be associated with eliminating metaphylaxis.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2018-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48990635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Linkages between agricultural commodity and energy prices have become more complex with increased ethanol production. The concern is whether the new corn–ethanol links lead to volatilityspillover transmission between food and energy prices. We investigate asymmetric volatility spillovers between oil, corn, and ethanol prices using a BEKK-multivariate-GARCH approach. Additionally, we use daily, weekly, and monthly futures prices to examine whether the use of different-frequency data leads to inconsistent results. The results support the existence of asymmetric volatility transmission between corn and ethanol prices. Furthermore, the volatilityspillover effects are different for the different-frequency prices, and positive and negative price changes generate inconsistent results.
{"title":"Asymmetric Price Volatility Transmission between U.S. Biofuel, Corn, and Oil Markets","authors":"S. Saghaian, M. Nemati, C. Walters, Bo Chen","doi":"10.2139/SSRN.2906336","DOIUrl":"https://doi.org/10.2139/SSRN.2906336","url":null,"abstract":"Linkages between agricultural commodity and energy prices have become more complex with increased ethanol production. The concern is whether the new corn–ethanol links lead to volatilityspillover transmission between food and energy prices. We investigate asymmetric volatility spillovers between oil, corn, and ethanol prices using a BEKK-multivariate-GARCH approach. Additionally, we use daily, weekly, and monthly futures prices to examine whether the use of different-frequency data leads to inconsistent results. The results support the existence of asymmetric volatility transmission between corn and ethanol prices. Furthermore, the volatilityspillover effects are different for the different-frequency prices, and positive and negative price changes generate inconsistent results.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2018-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68427453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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