Consulta: creatorFacets:"Hayes,   Dermot J."
Registros recuperados: 91
Data/hora: 08/06/2024 10:08:11

IMPACTS OF LIBERALIZING THE JAPANESE PORK MARKET
Provedor de dados: 31
Autores: Wahl,   Thomas I.; Hayes,   Dermot J.; Johnson,   Stanley R.
The Japanese pork market is protected by a complex set of restrictions, including a variable levy and an import tariff. The combination of these policies distorts the quantity, price, and form of Japanese pork imports. An important issue relevant to the liberalization of the Japanese pork market is the accurate measurement of the price wedge between Japanese and world pork prices. The analysis indicates that the tariff equivalent of the price wedge over the 1986-88 period was 44%. If the tariff equivalent of the price wedge is reduced over a ten-year period, Japanese pork imports are projected to increase by over 39% initially and by over 215% compared to baseline projections by the year 2000. Producer welfare can be maintained by a deficiency payment...
Tipo: Journal Article
Palavras-chave: International Relations/Trade.
Ano: 1992
URL: http://purl.umn.edu/30735

Insuring Against Losses from Transgenic Contamination: The Case of Pharmaceutical Maize
Provedor de dados: 31
Autores: Ripplinger,   David G.; Hayes,   Dermot J.; Goggi,   Susana; Lamkey,   Kendall R.
Concerns about the risk of food supply contamination and the resulting financial losses have limited the development and commercialization of certain pharmaceutical plants. This article develops an insurance pricing model that helps translate these concerns into a cost-benefit analysis. The model first estimates the physical dispersal of maize pollen subject to a number of weather parameters. This distribution is then validated with the limited amount of currently available field trial data. The physical distribution is then used to calculate the premium for a fair-valued insurance policy that would fund the destruction of possibly contaminated fields. The flexible framework can be readily adapted to other crops, management practices, and regions.
Tipo: Working or Discussion Paper
Palavras-chave: Contemporaneous fertility; Costs and benefits; Insurance; Pharmaceutical maize; Pollen dispersal; Risks and benefits; Stochastic model.
Ano: 2008
URL: http://purl.umn.edu/37332

Collective Marketing Arrangements for Geographically Differentiated Agricultural Products: Welfare Impacts and Policy Implications
Provedor de dados: 31
Autores: Lence,   Sergio H.; Marette,   Stephan; Hayes,   Dermot J.; Foster,   William E.
This paper examines the incentive of atomistic agricultural producers within a specific geographical region to differentiate and collectively market products. We develop a model that allows us to analyze the market and welfare effects of the main types of real-world producer organizations, using it to derive economic insights regarding the circumstances under which these organizations will evolve, and describing implications of the results obtained in the context of an ongoing debate between the European Union and United States. As the anticipated fixed costs of development and marketing increase and the anticipated size of the market falls, it becomes essential to increase the ability of the producer organization to control supply in order to ensure the...
Tipo: Working or Discussion Paper
Palavras-chave: Agricultural products; Collective promotion; Geographic indications; Supply control; Quality; Marketing.
Ano: 2006
URL: http://purl.umn.edu/18704

The Long-Run Impact of Corn-Based Ethanol on the Grain, Oilseed, and Livestock Sectors: A Preliminary Assessment
Provedor de dados: 31
Autores: Elobeid,   Amani E.; Tokgoz,   Simla; Hayes,   Dermot J.; Babcock,   Bruce A.; Hart,   Chad E.
Replaced with revised version of paper 11/17/06.
Tipo: Working or Discussion Paper
Palavras-chave: Biofuels; Commodity markets; Corn price; Energy markets; Ethanol; Resource /Energy Economics and Policy.
Ano: 2006
URL: http://purl.umn.edu/18290

Reconciling Chinese Meat Production and Consumption Data
Provedor de dados: 31
Autores: Fuller,   Frank H.; Hayes,   Dermot J.; Smith,   Darnell B.
Tipo: Working or Discussion Paper
Palavras-chave: Food Consumption/Nutrition/Food Safety; Livestock Production/Industries.
Ano: 1999
URL: http://purl.umn.edu/18421

AN ANALYSIS OF REGIONAL ECONOMIC GROWTH IN THE US MIDWEST
Provedor de dados: 31
Autores: Monchuk,   Daniel C.; Miranowski,   John A.; Hayes,   Dermot J.; Babcock,   Bruce A.
In this paper we examine more closely some of the forces that underlie economic growth at the county level. In an effort to describe a much more comprehensive regional economic growth model, we address a variety of different growth hypotheses by introducing a large number of growth related variables. When formulating our hypotheses and specifying our growth model we make liberal use of GIS mapping software to “"paint"” a picture of where growth spots exist and why. Our empirical estimation indicates amenities, state and local tax burdens, population, amount of agricultural activity, and demographics have important economic growth impacts.
Tipo: Conference Paper or Presentation
Palavras-chave: Community/Rural/Urban Development.
Ano: 2004
URL: http://purl.umn.edu/20369

CHINESE CONSUMER DEMAND FOR ANIMAL PRODUCTS AND IMPLICATIONS FOR U.S. PORK AND POULTRY EXPORTS
Provedor de dados: 31
Autores: Wang,   Qingbin; Fuller,   Frank H.; Hayes,   Dermot J.; Halbrendt,   Catherine K.
This paper examines Chinese consumer preference for major animal products and assesses the potential impacts of a reduction in China's import tariff on its pork and poultry demand and net import.  Our analysis suggests that China's demand for animal products will continue to grow as income increases.  Using a trade model, results of our scenario analysis indicate that a reduction in China's import tariffs will significantly increase its net pork and poultry imports and the U.S. will capture most of the increases.  Nevertheless, the impact on the market price in China and the U.S. is likely to be very small.
Tipo: Journal Article
Palavras-chave: Almost Ideal Demand System; China; Consumer demand; Demand elasticity; Food demand; Partial equilibrium model; Two-stage budgeting; U.S. meat export; Demand and Price Analysis; International Relations/Trade.
Ano: 1998
URL: http://purl.umn.edu/15102

Welfare Impacts of Property Rights in the Seed Industry
Provedor de dados: 31
Autores: Lence,   Sergio H.; Hayes,   Dermot J.; McCunn,   Alan; Smith,   Stephen C.; Niebur,   Bill.
The paper examines the welfare impact of different intellectual property right (IPR) regimes in private sector seed research.  The model takes into account the period after expiration of IPR protection, and requires a simultaneous equilibrium in the markets for R&amp;D, seeds, and final product (grain).  Simulation results show that with the exception of R&amp;D productivity, the optimal level of IPR protection is remarkably insensitive to parameters of the model.  There is a range of IPR appropriability levels where the interests of consumers and producers (taken together) are complementary to the interests of R&amp;D firms, and another range of appropriability levels where the welfare of producers and consumers can be increased only at the expense of the...
Tipo: Conference Paper or Presentation
Palavras-chave: Crop Production/Industries.
Ano: 2003
URL: http://purl.umn.edu/22187

The Trade-off between Bioenergy and Emissions When Land Is Scarce
Provedor de dados: 31
Autores: Kauffman,   Nathan S.; Hayes,   Dermot J.
Agricultural biofuels require the use of scarce land, and this land has opportunity cost. We explore the objective function of a social planner who includes a land constraint in the optimization decision to minimize environmental cost. The results show that emissions should be measured on a per acre basis. Conventional agricultural life cycle assessments for biofuels report carbon emissions on a per gallon basis, thereby ignoring the implications of land scarcity and implicitly assuming an infinite supply of the inputs needed for production. Switchgrass and corn are then modeled as competing alternatives to show how the inclusion of a land constraint can influence life cycle rankings and alter policy conclusions.
Tipo: Working or Discussion Paper
Palavras-chave: Biofuels; Biomass; Energy policy; Land use; Life cycle analysis.; Land Economics/Use; Resource /Energy Economics and Policy.
Ano: 2011
URL: http://purl.umn.edu/98626

INSURING EGGS IN BASKETS
Provedor de dados: 31
Autores: Hart,   Chad E.; Hayes,   Dermot J.; Babcock,   Bruce A.
The vast majority of crop and revenue insurance policies sold in the United States are single-crop policies that insure against low yields or low revenues for each crop grown on a particular farm. This practice of insuring one crop at a time runs counter to the traditional risk management practice of diversifying across several enterprises to avoid putting all of ones eggs in a single basket. This paper examines the construction of whole-farm crop revenue insurance programs to include livestock. The whole-farm insurance product covers crop revenues from corn and soybeans and livestock revenues from hog production. The results show that at coverage levels of 95 percent or lower, the fair insurance premiums for this product on a well-diversified Iowa hog...
Tipo: Working or Discussion Paper
Palavras-chave: Correlations; Diversification; Livestock; Volatilities; Whole-farm revenue insurance; Livestock Production/Industries; Risk and Uncertainty.
Ano: 2003
URL: http://purl.umn.edu/18497

Loan Deficiency Payments or the Loan Program?
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Babcock,   Bruce A.
Tipo: Working or Discussion Paper
Palavras-chave: Agricultural and Food Policy.
Ano: 1998
URL: http://purl.umn.edu/18285

Economic Impact of a Ban on the Use of Over-the-Counter Antibiotics in U.S. Swine Rations
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Jensen,   Helen H.; Backstrom,   Lennart; Fabiosa,   Jacinto F.
Antibiotic drugs are currently used in 90 percent of starter feeds, 75 percent of grower feeds, more than 50 percent of finishing feeds and at least 20 percent of sow feeds (USDA/APHIS). A ban on the use of feed-grade antibiotics would lead to changes in production processes and practices in production of pork, and hence would have an economic impact on the U.S. pork industry and pork market. This study considers the economic effects of a ban in pork production, with no change of regulation on other meats. The analysis uses a set of technical assumptions that are based in large part on a historical analysis of how the Swedish ban influenced the Swedish pork industry to anticipate the potential economic effects. A range of cases is examined. The cases use...
Tipo: Working or Discussion Paper
Palavras-chave: Antibiotic; Ban; Economic impact; Finishing feeds; Grower feeds; Hog farms; Over-the-counter; Pork industry; Pork market; Sow; Starter feeds; Livestock Production/Industries.
Ano: 1999
URL: http://purl.umn.edu/18667

Market Impact of Domestic Offset Programs
Provedor de dados: 31
Autores: Brown,   Tristan; Elobeid,   Amani E.; Dumortier,   Jerome; Hayes,   Dermot J.
Three recent reports have estimated the market impacts of domestic offset programs, including afforestation, contained in the American Clean Energy and Security Act (ACES). The magnitude of these estimated impacts motivates this study. We show that with carbon prices as low as $30 per metric ton, a significant number of U.S. crop acres would be used to grow trees and this would cause price increases for some U.S. commodities. Although we present only one carbon price scenario, the modeling approach that we use suggests that the acreage and price impacts we describe here would increase at higher carbon prices.
Tipo: Working or Discussion Paper
Palavras-chave: Afforestation; Agricultural sector; Commodity prices; Land-use change.; Agribusiness; Land Economics/Use; Resource /Energy Economics and Policy.
Ano: 2010
URL: http://purl.umn.edu/56345

Impact of the South Korea-U.S. Free Trade Agreement on the U.S. Livestock Sector
Provedor de dados: 31
Autores: Fabiosa,   Jacinto F.; Hayes,   Dermot J.; Dong,   Fengxia.
The recently signed Korea-U.S. Free Trade Agreement (KORUS FTA) grants the U.S. livestock industry with preferential access to South Korea's import market. This study evaluates the likely impacts of the KORUS FTA on the U.S. livestock sector.  Using the Food and Agricultural Policy Research Institute's modeling system, we find that livestock prices increase by 0.5% to 3.8% under the agreement. And together with an expansion by 381 to 883 million pounds in meat exports, the value of U.S. exports increase by close to U.S.$2 billion, or a 15.2% increase.  Because of differential baseline starting market shares and differential rates and staging specifications, the beef sector results are primarily driven by trade diversion impacts, while a combination of...
Tipo: Working or Discussion Paper
Palavras-chave: Dairy; Free trade agreement; Livestock; Poultry; Trade creation and diversion.; International Relations/Trade; Livestock Production/Industries.
Ano: 2007
URL: http://purl.umn.edu/7701

AJAE Appendix: Welfare Impacts of Cross-Country Spillovers in Agricultural Research
Provedor de dados: 31
Autores: Lence,   Sergio H.; Hayes,   Dermot J.
The material contained herein is supplementary to the article named in the title and published in the American Journal of Agricultural Economics, Volume 90, Number 1, February 2008
Tipo: Journal Article
Palavras-chave: Research and Development/Tech Change/Emerging Technologies.
Ano: 2008
URL: http://purl.umn.edu/7106

ECONOMIC PERSPECTIVES ON GMO MARKET SEGREGATION
Provedor de dados: 31
Autores: Miranowski,   John A.; Moschini,   GianCarlo; Babcock,   Bruce A.; Duffy,   Michael D.; Wisner,   Robert N.; Beghin,   John C.; Hayes,   Dermot J.; Lence,   Sergio H.; Baumel,   C. Phillip; Harl,   Neil E.
Genetically modified organisms (GMO) crops have become increasingly popular with Iowa farmers over the past few years.  The current genetic modifications are focused on pest management technologies.  Although there were early efforts by environmental activists to disrupt the adoption of GMO technology, few concerns were raised by U.S. food retailers and consumers.  The primary concern was getting European Union (EU) regulatory approval for each GMO crop variety event as late as spring 1999.  The situation has changed dramatically in the last few months, and the current situation is highly uncertain.  This paper provides the economic perspective on the issues surrounding non-GMO/GMO market segregation, the potential price impacts that may materialize with...
Tipo: Working or Discussion Paper
Palavras-chave: Marketing; Research and Development/Tech Change/Emerging Technologies.
Ano: 1999
URL: http://purl.umn.edu/18232

Inference Based on Alternative Bootstrapping Methods in Spatial Models with an Application to County Income Growth in the United States
Provedor de dados: 31
Autores: Monchuk,   Daniel C.; Hayes,   Dermot J.; Miranowski,   John A.
This study examines correlates with aggregate county income growth across the 48 contiguous states from 1990 to 2001. Since visual inspection of the variable to be explained shows a clear spatial relationship and to control for potentially endogenous variables, we estimate a two-stage spatial error model. Given the lack of theoretical and asymptotic results for such models, we propose and implement a number of spatial bootstrap algorithms, including one allowing for heteroskedasticity, to infer parameter significance. Among the results of a comparison of the marginal effects in rural versus non-rural counties, we find that outdoor recreation and natural amenities favor positive growth in rural counties, densely populated rural areas enjoy stronger growth,...
Tipo: Working or Discussion Paper
Palavras-chave: County income growth; Rural development; Spatial bootstrapping.
Ano: 2008
URL: http://purl.umn.edu/37377

INSURING AGAINST LOSSES FROM TRANSGENIC CONTAMINATION
Provedor de dados: 31
Autores: Ripplinger,   David G.; Hayes,   Dermot J.; Lamkey,   Kendall R.
Concerns about contamination of the food supply and the financial losses that would result have limited the promise of certain genetically engineered plants. This article addresses the situation by constructing an insurance pricing model to protect against those losses.  The model first estimates the physical dispersal of corn pollen subject to a number of parameters.  This physical distribution is then used to calculate the premium for fair valued insurance that would be necessary to destroy contaminated fields.  The flexible framework can be readily adapted to other crops, management practices, and regions.
Tipo: Conference Paper or Presentation
Palavras-chave: Contemporaneous fertility; Insurance; Lagrangian stochastic model; Pharmaceutical-corn; Pollen dispersal; Crop Production/Industries; Risk and Uncertainty.
Ano: 2004
URL: http://purl.umn.edu/20350

Policy and Forecasting Models for the Chinese, South Korean, Australian, and European Union Meat Sectors
Provedor de dados: 31
Autores: Shaw,   Ian; Shaffer,   John A.; Premakumar,   V.; Hayes,   Dermot J.
Tipo: Working or Discussion Paper
Palavras-chave: Livestock Production/Industries.
Ano: 1997
URL: http://purl.umn.edu/18651

Welfare Impacts of Cross-Country Spillovers in Agricultural Research
Provedor de dados: 31
Autores: Lence,   Sergio H.; Hayes,   Dermot J.
The welfare implications of intellectual property protection (IPP) for private sector agricultural research are analyzed, focusing on the realistic cases in which countries provide different IPP levels, technology spills over across countries, and the public sector is involved in research. A model is developed to determine who benefits from, and who should pay for, the associated research. The paper contains some interesting results on the implications of a harmonization of IPP policies through multilateral agreements or via technology that allows research firms to prevent the copying of plants and animals that express traits that have emerged from their research.
Tipo: Working or Discussion Paper
Palavras-chave: Biotechnology; GURTs; Intellectual property; Research spillover; Welfare analysis; Research and Development/Tech Change/Emerging Technologies.
Ano: 2007
URL: http://purl.umn.edu/9375

A Nonlinear Offset Program to Reduce Nitrous Oxide Emissions Induced by Excessive Nitrogen Application
Provedor de dados: 31
Autores: Rosas,   Francisco; Babcock,   Bruce A.; Hayes,   Dermot J.
On average, U.S. farmers choose to apply nitrogen fertilizer at a rate that exceeds the ex post agronomically optimal rate. The technology underlying the yield response to nitrogen rewards producers who over apply in years when rainfall is excessive. The overapplication of nutrients has negative environmental consequences because the nitrogen that is not taken up by the plant will typically volatilize causing N2O emissions, or leach causing water pollution. We present a nonlinear offset program that induces farmers to reduce their nitrogen applications to the level that will be consumed by the plant in a typical year and, as a result, reduce N2O emissions from agriculture. The offset program is nonlinear because of the nonlinear relationship between N2O...
Tipo: Working or Discussion Paper
Palavras-chave: Carbon offsets; Nitrogen fertilizer; Nitrous oxide; Pollution; Uncertainty; Crop Production/Industries; Environmental Economics and Policy; Production Economics; Risk and Uncertainty.
Ano: 2011
URL: http://purl.umn.edu/103914

TRADE LIBERALIZATION IN THE INTERNATIONAL PORK SECTOR: ANALYSIS OF ZERO-FOR-ZERO OPTION
Provedor de dados: 31
Autores: Meilke,   Karl D.; Hayes,   Dermot J.; Surry,   Yves R.; Fabiosa,   Jacinto F.; Fuller,   Frank H.
This paper was presented at the INTERNATIONAL TRADE IN LIVESTOCK PRODUCTS SYMPOSIUM in Auckland, New Zealand, January 18-19, 2001.  The Symposium was sponsored by: the International Agricultural Trade Research Consortium, the Venture Trust, Massey University, New Zealand, and the Centre for Applied Economics and Policy Studies, Massey University.  Dietary changes, especially in developing countries, are driving a massive increase in demand for livestock products.  The objective of this symposium was to examine the consequences of this phenomenon, which some have even called a "revolution." How are dietary patterns changing, and can increased demands for livestock products be satisfied from domestic resources? If so, at what cost?  What will be the flow-on...
Tipo: Conference Paper or Presentation
Palavras-chave: International Relations/Trade.
Ano: 2001
URL: http://purl.umn.edu/14546

Dynamics of Biofuel Stock Prices: A Bayesian Approach
Provedor de dados: 31
Autores: Du,   Xiaodong; Hayes,   Dermot J.; Yu,   Cindy L.
We use Bayesian Markov Chain Monte Carlo methods to investigate the linkage between the volatility of ethanol security prices and the uncertainty surrounding the profitability of ethanol production and the price variations of non-ethanol energy securities. The joint evolution of return and volatility is modeled as a stochastic process that incorporates jumps in both return and volatility. While a strong and significant correlation is found between the volatility of ethanol securities and profit uncertainty from June 2005 to July 2008, the dynamic pattern of ethanol stock volatility is strikingly similar to that of the S&amp;P 500 energy sector index in the more recent period. Our evidence lends support to the findings in the literature on rational learning...
Tipo: Working or Discussion Paper
Palavras-chave: Jumps; Rational learning; Stochastic volatility; Technological innovation.; Demand and Price Analysis; Financial Economics; Resource /Energy Economics and Policy.
Ano: 2009
URL: http://purl.umn.edu/53825

Crop-Based Biofuel Production under Acreage Constraints and Uncertainty
Provedor de dados: 31
Autores: Baker,   Mindy L.; Hayes,   Dermot J.; Babcock,   Bruce A.
A myriad of policy issues and questions revolve around understanding the bioeconomy. To gain insight, we develop a stochastic and dynamic general equilibrium model and capture the uncertain nature of key variables such as crude oil prices and commodity yields. We also incorporate acreage limitations on key feedstocks such as corn, soybeans, and switchgrass. We make standard assumptions that investors are rational and engage in biofuel production only if returns exceed what they can expect to earn from alternative investments. The Energy Independence and Security Act of 2007 mandates the use of 36 billion gallons of biofuels by 2022, with significant requirements for cellulosic biofuel and biodiesel production. We calculate the level of tax credits required...
Tipo: Conference Paper or Presentation
Palavras-chave: Crop Production/Industries; Resource /Energy Economics and Policy.
Ano: 2008
URL: http://purl.umn.edu/6352

CROP INSURANCE RATES AND THE LAWS OF PROBABILITY
Provedor de dados: 31
Autores: Babcock,   Bruce A.; Hart,   Chad E.; Hayes,   Dermot J.
Increased crop insurance subsidies have increased the demand for insurance at coverage levels higher than the traditional level of 65 percent. Premium rates for higher levels of yield insurance under the Federal Actual Production History (APH) program equal the premium rate at the 65 percent coverage level multiplied by a rate relativity factor that varies by coverage level but not by crop or region. In this paper, we examine the consistency of these constant rate relativity factors with the laws of probability by determining the maximum 65 percent premium rate that is consistent with a well-defined yield distribution. We find that more than 50 percent of U.S. counties have premium rates for corn, soybeans, and wheat that are not consistent with the laws...
Tipo: Working or Discussion Paper
Palavras-chave: Risk and Uncertainty.
Ano: 2002
URL: http://purl.umn.edu/18345

A Welfare Analysis of the U.S. Ethanol Subsidy
Provedor de dados: 31
Autores: Du,   Xiaodong; Hayes,   Dermot J.; Baker,   Mindy L.
Based on a transparent analytical model of multiple markets including corn, ethanol, gasoline, and transportation fuel, this study estimates the welfare changes for consumers and producers resulting from ethanol production and related support polices in 2007. The welfare estimation takes into account the second-best gain from eliminating loan deficiency payments. The results suggest the total social cost is about $0.78 billion for given market parameters. We validate the model’s underlying assumption and test for the results’ sensitivity to assumed parameters.
Tipo: Working or Discussion Paper
Palavras-chave: Consumer surplus; Deadweight loss; Ethanol; Subsidy; Substitution.; Resource /Energy Economics and Policy.
Ano: 2008
URL: http://purl.umn.edu/44538

Meat Exports or Soybean Exports? An Iowa Perspective
Provedor de dados: 31
Autores: Hayes,   Dermot J.
Tipo: Working or Discussion Paper
Palavras-chave: International Relations/Trade.
Ano: 1995
URL: http://purl.umn.edu/18319

Towards an Integrated Global Agricultural Greenhouse Gas Model: Greenhouse Gases from Agriculture Simulation Model (GreenAgSiM)
Provedor de dados: 31
Autores: Dumortier,   Jerome; Hayes,   Dermot J.
The Greenhouse Gases from Agriculture Simulation Model (GreenAgSiM) presented in this paper aims to quantify emissions from agricultural activity on a global scale. The model takes emissions into account that are directly attributable to agricultural production, such as enteric fermentation (methane), manure management (methane and nitrous oxide), and agricultural soil management (nitrous oxide). Furthermore, carbon stock differences from land-use change (carbon dioxide) induced by agriculture are included in the model. The model will provide policy makers with information about the greenhouse gas implications of policy changes.
Tipo: Working or Discussion Paper
Palavras-chave: Agriculture; Greenhouse gas emissions; Land-use change; Methane; Nitrous oxide; Soil carbon.; Resource /Energy Economics and Policy.
Ano: 2009
URL: http://purl.umn.edu/49760

THE CHINESE MARKET FOR U.S. PORK EXPORTS
Provedor de dados: 31
Autores: Hayes,   Dermot J.
China feeds twenty-two percent of the world's population on seven percent of its arable land. In contrast, the U.S. and Canada own seventeen percent of the world's arable land, but feed only five percent of its people. As China's income increases, its people will demand more livestock products, including poultry, dairy, beef, and eggs, and more alcohol. Potential Chinese import demand for pork is examined in this paper. The question facing Chinese policymakers is whether to follow their current policy of food self-sufficiency or allow imports of pork muscle and variety meats. Projections of Chinese production and consumption indicate that, by the year 2007, China could import up to 9.1 million metric tons (product weight equivalent) of pork. The current...
Tipo: Working or Discussion Paper
Palavras-chave: China trade; Livestock; Feedgrains; Meat; International Relations/Trade; F1.
Ano: 1997
URL: http://purl.umn.edu/29173

Biofuels: Potential Production Capacity, Effects on Grain and Livestock Sectors, and Implications for Food Prices and Consumers
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Babcock,   Bruce A.; Fabiosa,   Jacinto F.; Tokgoz,   Simla; Elobeid,   Amani E.; Yu,   Tun-Hsiang (Edward); Dong,   Fengxia; Hart,   Chad E.; Chavez,   Eddie C.; Pan,   Suwen; Carriquiry,   Miguel A.; Dumortier,   Jerome.
We examined four evolution paths of the biofuel sector using a partial equilibrium world agricultural sector model in CARD that includes the new RFS in the 2007 EISA, a two-way relationship between fossil energy and biofuel markets, and a new trend toward corn oil extraction in ethanol plants. At one extreme, one scenario eliminates all support to the biofuel sector when the energy price is low, while the other extreme assumes no distribution bottleneck in ethanol demand growth when the energy price is high. The third scenario considers a pure market force driving ethanol demand growth because of the high energy price, while the last is a policy-induced shock with removal of the biofuel tax credit when the energy price is high. Standard results hold where...
Tipo: Journal Article
Palavras-chave: Biofuel; EISA; Ethanol; Tax credit; World agricultural sector model; Agribusiness; Consumer/Household Economics; Crop Production/Industries; Demand and Price Analysis; International Relations/Trade; Livestock Production/Industries; Political Economy; Production Economics; Resource /Energy Economics and Policy; Q13; Q18; Q38.
Ano: 2009
URL: http://purl.umn.edu/53093

Impact of Ethanol Production on U.S. and Regional Gasoline Prices and On the Profitability of U.S. Oil Refinery Industry
Provedor de dados: 31
Autores: Du,   Xiaodong; Hayes,   Dermot J.
Using pooled regional time-series data and panel data estimation, we quantify the impact of monthly ethanol production on monthly retail regular gasoline prices. This analysis suggests that the growth in ethanol production has caused retail gasoline prices to be $0.29 to $0.40 per gallon lower than would otherwise have been the case. The analysis shows that the negative impact of ethanol on gasoline prices varies considerably across regions. The Midwest region has the biggest impact, at $0.39/gallon, while the Rocky Mountain region had the smallest impact, at $0.17/gallon. The results also indicate that ethanol production has significantly reduced the profit margin of the oil refinery industry. The results are robust with respect to alternative model...
Tipo: Conference Paper or Presentation
Palavras-chave: Crack spread; Crude oil prices; Ethanol; Gasoline prices; Resource /Energy Economics and Policy.
Ano: 2008
URL: http://purl.umn.edu/6353

The Budgetary and Producer Welfare Effects of Revenue Insurance
Provedor de dados: 31
Autores: Hennessy,   David A.; Babcock,   Bruce A.; Hayes,   Dermot J.
The efficiency of redistribution of a government provided revenue insurance program is compared with the 1990 farm program.  The results indicate the revenue insurance would be more efficient because it would provide subsidies when and only when revenue is low and marginal utility is high, and it works on the component of the objective function (revenue) that is of greatest relevance to producers.  Simulation results indicate that a revenue insurance scheme that guarantees 75 percent of expected revenue to risk-averse producers could provide approximately the same level of benefits as the 1990 program, at as little as one-fourth the cost.
Tipo: Working or Discussion Paper
Palavras-chave: Risk and Uncertainty.
Ano: 1997
URL: http://purl.umn.edu/18628

The Feasibility of Broiler Production in Iowa
Provedor de dados: 31
Autores: Hayes,   Dermot J.
Tipo: Working or Discussion Paper
Palavras-chave: Livestock Production/Industries.
Ano: 1996
URL: http://purl.umn.edu/18307

Option Pricing on Renewable Commodity Markets
Provedor de dados: 31
Autores: Jin,   Na; Lence,   Sergio H.; Hart,   Chad E.; Hayes,   Dermot J.
Options markets on agricultural commodities with maturities that exceed 13 months seldom trade. Our hypothesis is that this market failure is due to the absence of an accurate option pricing model for commodities where mean reversion can be expected. Standard option pricing models assume proportionality between price variance and time to maturity. This proportionality is not a valid assumption for commodities where supply response works to bring prices back to production costs. The model suggests that  traditional option pricing models will overprice long-term options on these markets.
Tipo: Conference Paper or Presentation
Palavras-chave: Commodity futures and option; Price mean reverting; Seasonality; Agricultural Finance; Financial Economics.
Ano: 2010
URL: http://purl.umn.edu/60955

The Impact of Ethanol Production on U.S. and Regional Gasoline Markets:  An Update to 2012
Provedor de dados: 31
Autores: Du,   Xiaodong; Hayes,   Dermot J.
We update the findings of the impact of ethanol production on U.S. and regional gasoline markets as reported previously in Du and Hayes (2009 and 2011), by extending the data to December 2011. The results indicate that over the period of January 2000 to December 2011, the growth in ethanol production reduced wholesale gasoline prices by $0.29 per gallon on average across all regions. The Midwest region experienced the biggest negative impact of $0.45/gallon, while the regions of East Coast, West Coast, and Gulf Coast experienced negative impacts of similar magnitudes around $0.20/gallon. Based on the data of 2011 only, the marginal impacts on gasoline prices are found to be substantially higher given the increasing ethanol production and higher crude oil...
Tipo: Working Paper
Palavras-chave: Resource /Energy Economics and Policy.
Ano: 2012
URL: http://purl.umn.edu/123722

Lessons from the Danish ban on feed-grade antibiotics
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Jensen,   Helen H.
McDonald's Corporation, one of the largest buyers of meat in the U.S. fast-food industry, recently adopted a policy that prohibits its direct suppliers from using medically important antibiotics as growth promotants in food animals after 2004. Although the implications of such a voluntary ban in the United States remain to be seen, recent experiences in Denmark provide some comparable evidence on the effects for hog production. An economic analysis, compiled from information gleaned from interviews with Danish veterinarians, farmers, economists, and industry analysts, estimates the economic costs of an antibiotics ban on pork producers in the United States. Denmark first imposed a ban in pork production at the finishing stage, which was considered a...
Tipo: Working or Discussion Paper
Palavras-chave: Antibiotics; Economic costs of regulation; Food safety; Pork production; Livestock Production/Industries.
Ano: 2003
URL: http://purl.umn.edu/36919

Speculation and Volatility Spillover in the Crude Oil and Agricultural Commodity Markets: A Bayesian Analysis
Provedor de dados: 31
Autores: Du,   Xiaodong; Yu,   Cindy L.; Hayes,   Dermot J.
This paper assesses the roles of various factors influencing the volatility of crude oil prices and the possible linkage between this volatility and agricultural commodity markets. Stochastic volatility models are applied to weekly crude oil, corn, and wheat futures prices from November 1998 to January 2009. Model parameters are estimated using Bayesian Markov chain Monte Carlo methods. The main results are as follows. Speculation, scalping, and petroleum inventories are found to be important in explaining oil price variation. Several properties of crude oil price dynamics are established, including mean-reversion, a negative correlation between price and volatility, volatility clustering, and infrequent compound jumps. We find evidence of volatility...
Tipo: Working or Discussion Paper
Palavras-chave: Gibbs sampling; Merton jump; Leverage effect; Stochastic volatility.; Agricultural and Food Policy; Resource /Energy Economics and Policy.
Ano: 2009
URL: http://purl.umn.edu/50073

The Impact of Price-Induced Hedging Behavior on Commodity Market Volatility
Provedor de dados: 31
Autores: Kauffman,   Nathan S.; Hayes,   Dermot J.
The utility maximization problem of a grain producer is formulated and solved numerically under prospect theory as an alternative to expected utility theory. Conventional theory posits that the optimal hedging position of a producer is not affected solely due to changes in the level of futures prices. However, a strong degree of positive correlation is apparent in the data. Our results show that with prospect theory serving as the underlying behavioral framework, the optimal hedge of a producer is affected by changes in futures price levels. The implications of this price-induced hedging behavior on spot prices and volatility are subsequently considered.
Tipo: Conference Paper or Presentation
Palavras-chave: Futures markets; Hedging; Prospect theory; Risk preferences; Agribusiness; Institutional and Behavioral Economics; Risk and Uncertainty; D03; D81; G11; Q13.
Ano: 2011
URL: http://purl.umn.edu/103242

Livestock Revenue Insurance
Provedor de dados: 31
Autores: Hart,   Chad E.; Babcock,   Bruce A.; Hayes,   Dermot J.
This study outlines several possible structures for livestock revenue insurance. The policies take the form of an exotic option—an Asian basket option. The actuarially fair premiums for these policies are equal to the prices of the options they represent. Due to the complexity of pricing Asian basket options, we have combined two techniques for pricing options to reach the actuarially fair premiums. Projected premiums, producer welfare, and program efficiency are evaluated for the insurance products and existing market tools. Using efficiency ratios and certainty equivalent returns, we compare the insurance policies to strategies involving existing futures and options.
Tipo: Working or Discussion Paper
Palavras-chave: Insurance; Livestock; Revenue; Options; Asian basket option; Premiums; Livestock Production/Industries; Risk and Uncertainty.
Ano: 2000
URL: http://purl.umn.edu/18356

Creating a Geographically Linked Brand for High-Quality Beef: A Case Study
Provedor de dados: 31
Autores: Clemens,   Roxanne; Lawrence,   John D.; Hayes,   Dermot J.; Babcock,   Bruce A.
Worldwide, a segment of consumers can afford to pay substantial price premiums for very high quality agricultural products with attributes those consumers value. At the same time, many U.S. farmers are producing these high-quality products but are not using market mechanisms that allow them to take fullest advantage of price premiums. This paper describes a pilot program developed to commercialize an origin-based collective brand for very high quality beef. We hypothesize that, if successful, the program would create potential for cattle producers to take fuller advantage of price premiums often captured elsewhere in the marketing channel. Specifically, the pilot program analyzed two mechanisms for differentiating and marketing very high quality beef: a...
Tipo: Working or Discussion Paper
Palavras-chave: Certification mark; Collective brands; Consumer assurance; Geographic origin; Process verification; Marketing.
Ano: 2007
URL: http://purl.umn.edu/8509

How Market Efficiency and the Theory of Storage Link Corn and Ethanol Markets
Provedor de dados: 31
Autores: Mallory,   Mindy L.; Hayes,   Dermot J.; Irwin,   Scott H.
In this article we use the theories of market efficiency and supply of storage to develop a conceptual link between the corn and ethanol markets and explore statistical evidence for the link. We propose that a long-run no-profit condition is established in distant futures markets for ethanol, corn, and natural gas and then use the theory of storage to define an inter-temporal equilibrium among these prices. The relationship shows that under certain conditions, future price expectations will influence current spot prices and that a short-term relationship between input and output prices will exist. This short-term relationship will contain fixed costs. We demonstrate validity of the theory using a structural price model and then by means of time-series...
Tipo: Working or Discussion Paper
Palavras-chave: Arbitrage; Cointegration; Corn; Energy; Ethanol; Futures; Price-analysis; Storage.; Crop Production/Industries; Demand and Price Analysis; Marketing; Risk and Uncertainty.
Ano: 2010
URL: http://purl.umn.edu/97611

A Comparative Analysis of Regional Production Costs of Fed Beef Produced for the U.S. and Japanese Markets
Provedor de dados: 31
Autores: Sankey,   Lee; Hayes,   Dermot J.; Clemens,   Roxanne.
This study compared and analyzed actual 1989 production costs for representative regional feedlots in the U.S. The results show that grain-surplus regions have lower total costs and poorer feeding efficiencies. The analysis suggests that Iowa has a comparative advantage in producing heavily marbled beef required by the Japanese market. Southwestern states have an advantage in producing leaner beef and stand to benefit if U.S. consumers develop a taste for Select-quality beef.
Tipo: Journal Article
Palavras-chave: Cattle production; Cattle feeding; Beef industry location; Competitiveness; Agribusiness; Livestock Production/Industries.
Ano: 1993
URL: http://purl.umn.edu/62329

MODELING THE EFFECTS OF PASTURE EXPANSION ON EMISSIONS FROM LAND-USE CHANGE
Provedor de dados: 31
Autores: Dumortier,   Jerome; Hayes,   Dermot J.; Carriquiry,   Miguel A.; Dong,   Fengxia; Du,   Xiaodong; Elobeid,   Amani E.; Fabiosa,   Jacinto F.; Mulik,   Kranti.
We present a global agricultural greenhouse gas model that assesses emissions from land-use change. In addition to evaluating shifts in and out of crop production, we develop a pasture model to assess extensification and intensification of global livestock production based on herd size and stocking rate. We apply the model to a scenario that introduces a tax on me-thane emissions from cattle in the United States. The resulting expansion of pasture in the rest of the world leads to substantially higher emissions than without the tax. The yearly average emissions from the tax are 260 metric tons of CO2-equivalent.
Tipo: Conference Paper or Presentation
Palavras-chave: Land-use change; Greenhouse gas emissions; Pasture expansion; Pasture extensification; Land Economics/Use; Q15; Q17; Q18; Q54.
Ano: 2010
URL: http://purl.umn.edu/95944

Inference Based on Alternative Bootstrapping Methods in Spatial Models with an Application to County Income Growth in the United States
Provedor de dados: 31
Autores: Monchuk,   Daniel C.; Hayes,   Dermot J.; Miranowski,   John A.; Lambert,   Dayton M.
This study examines aggregate county income growth across the 48 contiguous states from 1990 to 2005. To control for endogeneity we estimate a two-stage spatial error model and infer parameter significance by implementing a number of spatial bootstrap algorithms. We find that outdoor recreation and natural amenities favor positive growth in rural counties, densely populated rural areas enjoy stronger growth, and property taxes correlate negatively with rural growth. We also compare estimates from the aggregate county income growth model with per capita income growth and find that these two growth processes can be quite different.
Tipo: Working or Discussion Paper
Palavras-chave: County income growth; Rural development; Spatial bootstrapping.; Community/Rural/Urban Development.
Ano: 2010
URL: http://purl.umn.edu/62189

Are Loan Deficiency Payments Too Low in Iowa?
Provedor de dados: 31
Autores: Babcock,   Bruce A.; Hayes,   Dermot J.; Kaus,   Phillip J.
Tipo: Working or Discussion Paper
Palavras-chave: Agricultural and Food Policy.
Ano: 1998
URL: http://purl.umn.edu/18283

The Budgetary and Resource Allocation Effects of Revenue Assurance
Provedor de dados: 31
Autores: Hennessy,   David A.; Babcock,   Bruce A.; Hayes,   Dermot J.
The efficiency of redistribution and the level of government costs of revenue assurance are compared with current farm programs.  The results suggest that a revenue assurance program that uses a fixed base acreage and actual or county average yields to assure whole farm revenues could provide a significant improvement over existing policies.  The result derives in large part because revenue assurance works only when needed and it works on the component of the objective function (revenue) that is of greatest relevance to producers.  Also a fixed base revenue assurance scheme would eliminate resource misallocation costs associated with current programs.  A revenue assurance scheme that guaranteed 100 percent of base revenues would provide almost as much...
Tipo: Working or Discussion Paper
Palavras-chave: Risk and Uncertainty.
Ano: 1995
URL: http://purl.umn.edu/18519

RESPONSE TO AN ASYMMETRIC DEMAND FOR ATTRIBUTES: AN APPLICATION TO THE MARKET FOR GENETICALLY MODIFIED CROPS
Provedor de dados: 31
Autores: Lence,   Sergio H.; Hayes,   Dermot J.
Tipo: Conference Paper or Presentation
Palavras-chave: Demand and Price Analysis; Research and Development/Tech Change/Emerging Technologies.
Ano: 2001
URL: http://purl.umn.edu/18956

Long-Term and Global Tradeoffs between Bio-Energy, Feed, and Food
Provedor de dados: 31
Autores: Tokgoz,   Simla; Elobeid,   Amani E.; Fabiosa,   Jacinto F.; Hayes,   Dermot J.; Babcock,   Bruce A.; Yu,   Tun-Hsiang (Edward); Dong,   Fengxia; Hart,   Chad E.; Beghin,   John C.
Projections of U.S. ethanol production and its impacts on planted acreage, crop prices, livestock production and prices, trade, and retail food costs are presented under the assumption that current tax credits and trade policies are maintained. The projections were made using a multi-product, multi-country deterministic partial equilibrium model. The impacts of higher oil prices, a drought combined with an ethanol mandate, and removal of land from the Conservation Reserve Program (CRP) relative to baseline projections are also presented. The results indicate that expanded U.S. ethanol production will cause long-run crop prices to increase. In response to higher feed costs, livestock farmgate prices will increase enough to cover the feed cost increases....
Tipo: Conference Paper or Presentation
Palavras-chave: Biofuels; Corn acreage; Crop prices; Ethanol production; Food prices; Resource /Energy Economics and Policy.
Ano: 2007
URL: http://purl.umn.edu/9811

Greenhouse Gas and Nitrogen Fertilizer Scenarios for U.S. Agriculture and Global Biofuels
Provedor de dados: 31
Autores: Elobeid,   Amani E.; Carriquiry,   Miguel A.; Fabiosa,   Jacinto F.; Mulik,   Kranti; Hayes,   Dermot J.; Babcock,   Bruce A.; Dumortier,   Jerome; Rosas,   Francisco.
This analysis uses the 2011 FAPRI-CARD (Food and Agricultural Policy Research Institute–Center for Agricultural and Rural Development) baseline to evaluate the impact of four alternative scenarios on U.S. and world agricultural markets, as well as on world fertilizer use and world agricultural greenhouse gas emissions. A key assumption in the 2011 baseline is that ethanol support policies disappear in 2012. The baseline also assumes that existing biofuel mandates remain in place and are binding. Two of the scenarios are adverse supply shocks, the first being a 10% increase in the price of nitrogen fertilizer in the United States, and the second, a reversion of cropland into forestland. The third scenario examines how lower energy prices would impact world...
Tipo: Working or Discussion Paper
Palavras-chave: Afforestation; Energy price; Ethanol tax credit; Fertilizer; Partial equilibrium model; Policy analysis; Agricultural and Food Policy; Demand and Price Analysis; Resource /Energy Economics and Policy.
Ano: 2011
URL: http://purl.umn.edu/107043

PROGRESS TOWARD A SINGLE MARKET: THE NEW INSTITUTIONAL ECONOMICS OF THE NAFTA LIVESTOCK SECTORS
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Kerr,   William A.
Tipo: Conference Paper or Presentation
Palavras-chave: International Relations/Trade; Livestock Production/Industries.
Ano: 1997
URL: http://purl.umn.edu/16888

The Impact of EEP Removal on U.S. Wheat
Provedor de dados: 31
Autores: Meyers,   William H.; Smith,   Darnell B.; Hayes,   Dermot J.; Mohanty,   Samarendu; Elmore,   Steven L.; Rude,   James; Fuller,   Frank H.; Premakumar,   V.; Chaudhary,   Sudhir.
Tipo: Working or Discussion Paper
Palavras-chave: Crop Production/Industries; International Relations/Trade.
Ano: 1997
URL: http://purl.umn.edu/18302

Lessons from the Danish Ban on Feed-Grade Antibiotics
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Jensen,   Helen H.
Tipo: Journal Article
Palavras-chave: Livestock Production/Industries.
Ano: 2003
URL: http://purl.umn.edu/93711

U.S. Farm Policy and the Variability of Commodity Prices and Farm Revenues
Provedor de dados: 31
Autores: Lence,   Sergio H.; Hayes,   Dermot J.
A dynamic, three-commodity rational-expectations storage model is used to compare the impact of the Federal Agricultural Improvement and Reform (FAIR) Act of 1996 with a freemarket policy and with the agricultural policies that preceded the FAIR Act. Results support the hypothesis that the changes made when FAIR was enacted did not lead to permanent significant increases in the volatility of farm prices or revenues. An important finding is that the main economic impacts of the Pre-FAIR scenario, relative to the free-market regime were to transfer income to farmers and to substitute government storage for private storage in a way that did little to support prices or to stabilize farm incomes.
Tipo: Working or Discussion Paper
Palavras-chave: FAIR Act; Farm prices; Free-market policy; Rational-expectations storage model; Revenue; Agricultural and Food Policy.
Ano: 2000
URL: http://purl.umn.edu/18371

What Do Livestock Feeders Want from Seed Corn Companies?
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Wendt,   Noah.
This report combines existing research and further economic analysis to suggest that, with one notable exception, animal feed customer are unlikely to be willing to pay a premium for many of the genetic modifications that are under development in seed corn. This conclusion is based on an assessment of apparent economic barriers to adoption of new genetic modifications; barriers that are unique to the animal feed industry. The conclusion contradicts previous work by the co-author of this paper, Dermot Hayes, and others at Iowa State University.* First, and most important, the widespread use of least-cost rations in the animal feed industry ensures that any genetic modification will be valued at the commodity cost of the modification. This makes the...
Tipo: Working or Discussion Paper
Palavras-chave: Agribusiness; Livestock Production/Industries.
Ano: 2000
URL: http://purl.umn.edu/18295

Crop-Based Biofuel Production under Acreage Constraints and Uncertainty
Provedor de dados: 31
Autores: Baker,   Mindy L.; Hayes,   Dermot J.; Babcock,   Bruce A.
A myriad of policy issues and questions revolve around understanding the bioeconomy. To gain insight, we develop a stochastic and dynamic general equilibrium model and capture the uncertain nature of key variables such as crude oil prices and commodity yields. We also incorporate acreage limitations on key feedstocks such as corn, soybeans, and switchgrass. We make standard assumptions that investors are rational and engage in biofuel production only if returns exceed what they can expect to earn from alternative investments. The Energy Independence and Security Act of 2007 mandates the use of 36 billion gallons of biofuels by 2022, with significant requirements for cellulosic biofuel and biodiesel production. We calculate the level of tax credits required...
Tipo: Working or Discussion Paper
Palavras-chave: Biodiesel; Biofuels; Cellulosic; Dynamic; Ethanol; General equilibrium; Monte Carlo; Market; Crop Production/Industries; Political Economy; Resource /Energy Economics and Policy; Risk and Uncertainty.
Ano: 2008
URL: http://purl.umn.edu/6314

U.S. FARM POLICY AND THE VARIABILITY OF COMMODITY PRICES AND FARM REVENUES
Provedor de dados: 31
Autores: Lence,   Sergio H.; Hayes,   Dermot J.
A dynamic three-commodity rational-expectations storage model is used to compare the impact of the Federal Agricultural Improvement and Reform (FAIR) Act of 1996 with a free-market policy, and with the agricultural policies that preceded the FAIR Act. Results support the hypothesis that the changes enacted by FAIR did not lead to permanent significant increases in the volatility of farm prices or revenues. An important finding is that the main economic impacts of the pre-FAIR scenario, relative to the free-market regime, were to transfer income to farmers and to substitute government storage for private storage in a way that did little to support prices or to stabilize farm incomes.
Tipo: Conference Paper or Presentation
Palavras-chave: FAIR Act; Price volatility; Storage; Agricultural and Food Policy.
Ano: 2000
URL: http://purl.umn.edu/18937

An Insurance Approach to Risk Management in the Ethanol Industry
Provedor de dados: 31
Autores: Paulson,   Nicholas D.; Babcock,   Bruce A.; Hart,   Chad E.; Hayes,   Dermot J.
The vast majority of crop and revenue insurance policies sold in the United States are single-crop policies that insure against low yields or revenues for each crop grown on the farm. But, increasingly, producer income is based more on the value of crops that have been converted into a value-added product such as ethanol. Moreover, the recent increases in energy and com-modity price levels and volatilities emphasize the importance of risk management to ethanol investors. This paper uses an insurance approach to outline a risk management tool which mimics the gross margin level of a typical corn-based ethanol plant. The gross margin, pre-mium, and indemnity levels are calculated on a per bushel basis to enable producers/investors to utilize the product...
Tipo: Journal Article
Palavras-chave: Corn-based ethanol; Insurance; Risk management; Correlation; Monte Carlo; Resource /Energy Economics and Policy; Risk and Uncertainty.
Ano: 2008
URL: http://purl.umn.edu/44738

The Impact of Chinese Accession to the World Trade Organization on U.S. Meat and Feed-Grain Producers
Provedor de dados: 31
Autores: Fuller,   Frank H.; Hayes,   Dermot J.
Tipo: Working or Discussion Paper
Palavras-chave: International Relations/Trade; Livestock Production/Industries.
Ano: 1998
URL: http://purl.umn.edu/18447

The Budgetary and Resource Allocation Effects of Revenue Assurance: Summary of Results
Provedor de dados: 31
Autores: Hennessy,   David A.; Babcock,   Bruce A.; Hayes,   Dermot J.
Tipo: Working or Discussion Paper
Palavras-chave: Public Economics.
Ano: 1995
URL: http://purl.umn.edu/18306

Implied Objectives of U.S. Biofuel Subsidies
Provedor de dados: 31
Autores: Rubin,   Ofir D.; Carriquiry,   Miguel A.; Hayes,   Dermot J.
Biofuel subsidies in the United States have been justified on the following grounds: energy independence, a reduction in greenhouse gas emissions, improvements in rural development related to biofuel plants, and farm income support. The 2007 energy act emphasizes the first two objectives. In this study, we quantify the costs and benefits that different biofuels provide. We consider the first two objectives separately and show that each can be achieved with a lower social cost than that of the current policy. Then, we show that there is no evidence to disprove that the primary objective of biofuel policy is to support farm income. Current policy favors corn production and the construction of corn-based ethanol plants. We find that favoring corn happens to...
Tipo: Working or Discussion Paper
Palavras-chave: Biofuels; Biofuel subsidies; Energy security; Feedstock; Greenhouse gas emissions; Social preferences; Value-added agriculture; Agricultural Finance; Political Economy; Resource /Energy Economics and Policy.
Ano: 2008
URL: http://purl.umn.edu/6333

Chapter 06: EXPERIMENTAL AUCTIONS TO MEASURE WILLINGNESS TO PAY FOR FOOD SAFETY
Provedor de dados: 31
Autores: Fox,   John A.; Shogren,   Jason F.; Hayes,   Dermot J.; Kliebenstein,   James B.
This book was originally published by Westview Press, Boulder CO, 1995.
Tipo: Book Chapter
Palavras-chave: Food safety; Experimental economics; Auctions; Willingness to pay; Food Consumption/Nutrition/Food Safety.
Ano: 1995
URL: http://purl.umn.edu/25986

The Chinese Market for U.S. Pork Exports
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Clemens,   Roxanne.
Tipo: Working or Discussion Paper
Palavras-chave: International Relations/Trade; Livestock Production/Industries.
Ano: 1997
URL: http://purl.umn.edu/18304

An Analysis of Regional Economic Growth in the U.S. Midwest
Provedor de dados: 31
Autores: Monchuk,   Daniel C.; Miranowski,   John A.; Hayes,   Dermot J.; Babcock,   Bruce A.
In this paper we examine some of the economic forces that underlie economic growth at the county level. In an effort to describe a much more comprehensive regional economic growth model, we address a variety of different growth hypotheses by introducing a large number of growth related variables. When formulating our hypotheses and specifying our growth model we make liberal use of GIS (geographical information systems) mapping software to "paint" a picture of where growth spots exist. Our empirical estimation indicates that amenities, state and local tax burdens, population, amount of primary agriculture activity, and demographics have important impacts on economic growth.
Tipo: Working or Discussion Paper
Palavras-chave: Amenities; Fiscal policy; Rural income growth; Community/Rural/Urban Development.
Ano: 2005
URL: http://purl.umn.edu/18552

Reinsuring Group Revenue Insurance with Exchange-Provided Revenue Contracts
Provedor de dados: 31
Autores: Babcock,   Bruce A.; Hayes,   Dermot J.; Griffin,   Steven C.
Building on recent work by Mirand and Glauber (1997), this report shows that it is feasible to use exchange-based contracts as a substitute for the Standard Reinsurance Agreement (SRA). The contract we analyze here is a Group Revenue Contract, which would allow producers to guarantee against reductions in county-level revenues. The insurance company would then purchase put options on an exchange-based revenue contract to protect against statewide revenue shortfalls. The analysis suggests that this reinsurance tool would eliminate most though not all of the systemic risk associated with this product. The insurance company would have to purchase supplemental reinsurance to complement the exchange-based product, but the level of reinsurance needed would not...
Tipo: Working or Discussion Paper
Palavras-chave: Exchange-based revenue; Agricultural insurance; Reinsurance; Risk management; Risk and Uncertainty.
Ano: 1999
URL: http://purl.umn.edu/18408

Systemic Risk in U.S. Crop and Revenue Insurance Programs
Provedor de dados: 31
Autores: Mason,   Chuck; Hayes,   Dermot J.; Lence,   Sergio H.
The present study estimates the probability density function of the Federal Risk Management Agency's (RMA) net income from reinsuring crop insurance for corn, wheat, and soybeans. Based on 1997 data, it is estimated that there is a 5 percent probability that RMA will need to reimburse at least $1 billion to insurance companies, and that the fair value of RMA's reinsurance services to insurance firms equals $78.7 million. In addition, various hedging strategies are examined for their potential to reduce RMA's reinsurance risk. The risk reduction achievable by hedging is appreciable, but use of derivative contracts alone is clearly no panacea.
Tipo: Working or Discussion Paper
Palavras-chave: Crop Production/Industries; Risk and Uncertainty.
Ano: 2001
URL: http://purl.umn.edu/18481

The Impact of Ethanol Production on U.S. and Regional Gasoline Prices and on the Profitability of the U.S. Oil Refinery Industry
Provedor de dados: 31
Autores: Du,   Xiaodong; Hayes,   Dermot J.
Using pooled regional time-series data and panel data estimation, we quantify the impact of monthly ethanol production on monthly retail regular gasoline prices. This analysis suggests that the growth in ethanol production has caused retail gasoline prices to be $0.29 to $0.40 per gallon lower than would otherwise have been the case. The analysis shows that the negative impact of ethanol on gasoline prices varies considerably across regions. The Midwest region has the biggest impact, at $0.39/gallon, while the Rocky Mountain region had the smallest impact, at $0.17/gallon. The results also indicate that ethanol production has significantly reduced the profit margin of the oil refinery industry. The results are robust with respect to alternative model...
Tipo: Working or Discussion Paper
Palavras-chave: Crack spread; Crude oil prices; Ethanol; Gasoline prices; Demand and Price Analysis; Resource /Energy Economics and Policy.
Ano: 2008
URL: http://purl.umn.edu/6235

China's Role in World Livestock and Feed-Grain Markets?
Provedor de dados: 31
Autores: Hayes,   Dermot J.
Tipo: Working or Discussion Paper
Palavras-chave: International Relations/Trade; Livestock Production/Industries.
Ano: 1998
URL: http://purl.umn.edu/18315

OPTION PRICING ON RENEWABLE COMMODITY MARKETS
Provedor de dados: 31
Autores: Lence,   Sergio H.; Hayes,   Dermot J.
Practitioners Abstract:      The paper motivates and proposes a closed form option pricing model for markets such as grains or livestock where the price level can be expected to revert to expected production costs. The model suggests that traditional option pricing models will overprice long term options on these markets.
Tipo: Conference Paper or Presentation
Palavras-chave: Marketing.
Ano: 2002
URL: http://purl.umn.edu/19053

OPTION PRICING ON RENEWABLE COMMODITY MARKETS
Provedor de dados: 31
Autores: Lence,   Sergio H.; Hayes,   Dermot J.
The paper motivates and proposes a closed-form option-pricing model for markets such as grains or livestock where the price level can be expected to revert to expected production costs. The model suggests that traditional option pricing models will overprice long-term options on these markets.
Tipo: Working or Discussion Paper
Palavras-chave: Marketing.
Ano: 2002
URL: http://purl.umn.edu/18457

Sensitivity of Carbon Emission Estimates from Indirect Land-Use Change
Provedor de dados: 31
Autores: Dumortier,   Jerome; Hayes,   Dermot J.; Carriquiry,   Miguel A.; Dong,   Fengxia; Du,   Xiaodong; Elobeid,   Amani E.; Fabiosa,   Jacinto F.; Tokgoz,   Simla.
We analyze the sensitivity of greenhouse gas (GHG) emissions from land-use change to modifications in assumptions concerning crop area, yield, and deforestation. For this purpose, we run a modified version of the Center for Agricultural and Rural Development (CARD) Agricultural Outlook Model, which was used previously to assess the impacts of energy price increases and biofuel policy changes on land conversion. To calculate the GHG implications of agricultural activity, we use GreenAgSiM, a model developed to evaluate emissions from land conversion and agricultural production. Both models are applied to scenarios that lead to higher US ethanol production. The results are contrasted with the findings of Searchinger et al., and we explain the role of model...
Tipo: Working or Discussion Paper
Palavras-chave: Biofuel; Crop yield; Greenhouse gas emissions; Indirect land-use change.; Agricultural and Food Policy; Crop Production/Industries; Land Economics/Use; Resource /Energy Economics and Policy.
Ano: 2009
URL: http://purl.umn.edu/51945

VALUING AMBIGUITY: THE CASE OF GENETICALLY ENGINEERED GROWTH ENHANCERS
Provedor de dados: 31
Autores: Buhr,   Brian L.; Hayes,   Dermot J.; Shogren,   Jason F.; Kliebenstein,   James B.
A split-valuation method is developed and implemented to elicit the willingness to pay to consume- or avoid consuming- a product of ambiguous quality. The split-valuation method uses experimental auction markets to separate and value the positive and negative attributes of the ambiguous good. The results show that the method can be used to successfully value a good ambiguous quality. Our application reveals that for a sample of students at a midwestern land-grant institution, the average respondent is willing to pay a premium for meat produced with the use of a genetically engineered growth enhancer that has 30% to 60% fewer calories and is 10% to 20% leaner.
Tipo: Journal Article
Palavras-chave: Consumer/Household Economics.
Ano: 1993
URL: http://purl.umn.edu/30963

A Study of the Factors that Influence Consumer Attitudes Toward Beef Products Using the Conjoint Market Analysis Tool
Provedor de dados: 31
Autores: Mennecke,   Brian; Townsend,   Anthony M.; Hayes,   Dermot J.; Lonergan,   Steven.
This study utilizes an analysis technique commonly used in marketing, the conjoint method, to examine the relative utilities of a set of beef steak characteristics considered by a national sample of 1,432 U.S. consumers, as well as additional localized samples representing undergraduate students at a business college and in an animal science department. The analyses indicate that among all respondents, region of origin is by far the most important characteristic; this is followed by animal breed, traceability, the animal feed used, and beef quality. Alternatively, the cost of cut, farm ownership, the non-use of growth promoters, and whether the product is guaranteed tender were the least important factors. Results for animal science undergraduates are...
Tipo: Working or Discussion Paper
Palavras-chave: Conjoint market analysis; Consumer preferences; Country of origin; Steak quality; Traceability; Transactions costs; Food Consumption/Nutrition/Food Safety; Livestock Production/Industries.
Ano: 2006
URL: http://purl.umn.edu/18539

Japanese Beef Policy and GATT Negotiations: An Analysis of Reducing Assistance to Beef Producers
Provedor de dados: 31
Autores: Wahl,   Thomas I.; Hayes,   Dermot J.; Williams,   Gary W.
Tipo: Working or Discussion Paper
Palavras-chave: International Development; Livestock Production/Industries.
Ano: 1987
URL: http://purl.umn.edu/51242

INSURING UNCERTAINTY IN VALUE-ADDED AGRICULTURE: ETHANOL PRODUCTION
Provedor de dados: 31
Autores: Paulson,   Nicholas D.; Babcock,   Bruce A.; Hart,   Chad E.; Hayes,   Dermot J.
A wide variety of insurance products is available to agricultural producers to insure against yield or price risks in the markets for the raw commodities they produce. Value-added enterprises, such as ethanol production, have been expanding over the last decade. This paper outlines the development of an insurance product aimed at corn producers who are members of an ethanol production cooperative. The product has the potential to provide these producers with a new and useful risk management tool to insure against price risks in the markets for corn, distillers dried grains with solubles (DDGS), ethanol, and natural gas. Monte Carlo analysis is used to develop fair premiums at various coverage levels. A historical correlation structure is imposed on the...
Tipo: Working or Discussion Paper
Palavras-chave: Correlations; Ethanol; Insurance; Risk management; Value-added agriculture; Resource /Energy Economics and Policy; Risk and Uncertainty.
Ano: 2004
URL: http://purl.umn.edu/18375

Pork Production in Iowa: An Industry at a Crossroads
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Otto,   Daniel M.; Lawrence,   John D.
Tipo: Working or Discussion Paper
Palavras-chave: Livestock Production/Industries.
Ano: 1996
URL: http://purl.umn.edu/18293

Livestock Production and Feed Use by Rural Households in China: A Survey Report
Provedor de dados: 31
Autores: Fuller,   Frank H.; Hu,   Dinghuan; Huang,   Jikun; Hayes,   Dermot J.
This report documents data and other information gathered from a survey of rural households in China. The survey was conducted as part of a research project aimed at assessing the potential for meat and feed grain exports to China. Responses to the survey questions provide information about grain and livestock production practices, costs of production, animal inventories, and feeding practices. The report describes the survey and collection process, summarizes selected data from the survey, and provides anecdotal information about livestock production and marketing in Chongqing, Sichuan, Shandong, and Jilin provinces.
Tipo: Working or Discussion Paper
Palavras-chave: China; Cost of production; Feed use; Livestock marketing; Livestock production; Surveys; Livestock Production/Industries.
Ano: 2001
URL: http://purl.umn.edu/18671

Optimal Chinese Agricultural Trade Patterns under the Laws of Comparative Advantage
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Fuller,   Frank H.
Using Chinese agricultural and resources data and an adaptation of the Heckscher-Ohlin-Vanek (HOV) international trade model, this paper projects what Chinese trade, production, and consumption patterns would be if China allowed the laws of comparative advantage to direct production and trade decisions. This work is motivated by the fact that current production and consumption patterns in China are likely very different from those that would exist under complete liberalization. Any econometric-based model must use current production patterns as a base against which policy changes can be evaluated; however, the greater role of market forces following trade liberalization may render the conclusions of the econometric model invalid.
Tipo: Working or Discussion Paper
Palavras-chave: Agricultural trade; Chinese agriculture; Comparative advantage; Heckscher-Ohlin-Vanek model; International Relations/Trade.
Ano: 1999
URL: http://purl.umn.edu/18467

Yield and Area Elasticities. A Cost Function Approach with Uncertainty
Provedor de dados: 31
Autores: Rosas,   Francisco; Hayes,   Dermot J.
This paper develops a method to jointly estimate crop yield elasticities and area elasticities with respect to output prices based on a theoretically consistent model. The model uses a duality theory approach for the multi-output and multi-input firm, and introduces uncertainty in the level of target output which conditions the cost minimization problem, in the output prices and in the conditional input demand functions. The underlying production technology is conditioned on fixed inputs, both allocatable and non-allocatable. Up to our knowledge, there have been no theoretical developments of this type of models for multioutput technologies. Our approach is also novel because no previous model of this type has introduced the effects of allocatable fixed...
Tipo: Conference Paper or Presentation
Palavras-chave: Yield elasticities; Area elasticities; Duality theory; Cost function; Uncertainty; Production Economics.
Ano: 2010
URL: http://purl.umn.edu/61345

The Market for U.S. Meat Exports in Eastern Canada
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Clemens,   Roxanne.
Tipo: Working or Discussion Paper
Palavras-chave: International Relations/Trade; Livestock Production/Industries.
Ano: 1999
URL: http://purl.umn.edu/18414

Whole-Farm Revenue Insurance for Crop and Livestock Producers
Provedor de dados: 31
Autores: Babcock,   Bruce A.; Hayes,   Dermot J.
Tipo: Working or Discussion Paper
Palavras-chave: Risk and Uncertainty.
Ano: 1999
URL: http://purl.umn.edu/18312

Emerging Biofuels: Outlook of Effects on U.S. Grain, Oilseed, and Livestock Markets
Provedor de dados: 31
Autores: Tokgoz,   Simla; Elobeid,   Amani E.; Fabiosa,   Jacinto F.; Hayes,   Dermot J.; Babcock,   Bruce A.; Yu,   Tun-Hsiang (Edward); Dong,   Fengxia; Hart,   Chad E.; Beghin,   John C.
Replaced with revised version of paper 06/04/08.
Tipo: Working or Discussion Paper
Palavras-chave: Biofuels; Corn acreage; Crop prices; Ethanol production; Food prices; Crop Production/Industries; Resource /Energy Economics and Policy.
Ano: 2007
URL: http://purl.umn.edu/10009

Modeling the Effects of Pasture Expansion on Emissions from Land-Use Change
Provedor de dados: 31
Autores: Dumortier,   Jerome; Hayes,   Dermot J.; Carriquiry,   Miguel A.; Dong,   Fengxia; Du,   Xiaodong; Elobeid,   Amani E.; Fabiosa,   Jacinto F.; Mulik,   Kranti.
Replaced with revised version of paper 12/14/2010.
Tipo: Working or Discussion Paper
Palavras-chave: Pasture expansion; Greenhouse gas emissions; Land-use change; Pasture extensification; Land Economics/Use; Resource /Energy Economics and Policy; Q15; Q17; Q18; Q54.
Ano: 2010
URL: http://purl.umn.edu/57262

The Impact of Ethanol Production on US and Regional Gasoline Markets: An Update to May 2009
Provedor de dados: 31
Autores: Du,   Xiaodong; Hayes,   Dermot J.
This report updates the findings in Du and Hayes 2009 by extending the data to December 2010 and concludes that over the sample period from January 2000 to December 2010, the growth in ethanol production reduced wholesale gasoline prices by $0.25 per gallon on average. The Midwest region experienced the biggest impact, with a $0.39/gallon reduction, while the East Coast had the smallest impact at $0.16/gallon. Based on the data of 2010 only, the marginal impacts on gasoline prices are found to be substantially higher given the much higher ethanol production and crude oil prices. The average effect increases to $0.89/gallon and the regional impact ranges from $0.58/gallon in the East Coast to $1.37/gallon in the Midwest. In addition, we report on a related...
Tipo: Working or Discussion Paper
Palavras-chave: Crack ratio; Crack spread; Import elasticity; Crop Production/Industries; Demand and Price Analysis; Production Economics; Resource /Energy Economics and Policy.
Ano: 2011
URL: http://purl.umn.edu/103916

Biofuels: Potential Production Capacity, Effects on Grain and Livestock Sectors, and Implications for Food Prices and Consumers
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Babcock,   Bruce A.; Fabiosa,   Jacinto F.; Tokgoz,   Simla; Elobeid,   Amani E.; Yu,   Tun-Hsiang (Edward); Dong,   Fengxia; Hart,   Chad E.; Chavez,   Eddie C.; Pan,   Suwen; Carriquiry,   Miguel A.; Dumortier,   Jerome.
We examine four scenarios for the evolution of the biofuel sector using a partial equilibrium model of the world agricultural sector. The model includes the new Renewable Fuels Standard in the 2007 energy act, the two-way relationship between fossil energy and biofuel markets, and a new trend toward corn oil extraction in ethanol plants. At one extreme, one scenario eliminates all support to the biofuel sector when the energy price is low, while the other extreme assumes no distribution bottleneck in ethanol demand growth when the energy price is high. Of the remaining two scenarios, one considers a pure market force driving ethanol demand growth because of the high energy price while the other is a policy-induced shock with removal of the biofuel tax...
Tipo: Working or Discussion Paper
Palavras-chave: Biofuels; EISA; Ethanol; Tax credit; World agricultural sector model.; Agricultural and Food Policy.
Ano: 2009
URL: http://purl.umn.edu/48597

FARMER-OWNED BRANDS?
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Lence,   Sergio H.; Stoppa,   Andrea.
The paper lays out the economic arguments in favor of the establishment of farmer-owned brands in midwestern agriculture and presents four case studies based on successful efforts in this area in the United States and European Union. The case studies involve Parma Ham, Brunello di Montalcino wine, Vidalia onions, and a third-party verification organization. The studies show that these brands can be profitable for farmers and emphasize the importance of restricting the supply of any successful brand. One of the case studies shows that this type of supply control can conflict with antitrust regulations.
Tipo: Working or Discussion Paper
Palavras-chave: Antitrust; Brands; Farm profitability; Farmer-owned brands; Origin control; Value-added agriculture; Marketing.
Ano: 2003
URL: http://purl.umn.edu/18287

Speculation and Volatility Spillover in the Crude Oil and Agricultural Commodity Markets: A Bayesian Analysis
Provedor de dados: 31
Autores: Du,   Xiaodong; Yu,   Cindy L.; Hayes,   Dermot J.
This paper assesses the roles of various factors influencing the volatility of crude oil prices and the possible linkage between this volatility and agricultural commodity markets. Stochastic volatility models are applied to weekly crude oil, corn and wheat futures prices from November 1998 to January 2009. Model parameters are estimated using Bayesian Markov chain Monte Carlo methods. The main results are as follows. Speculation, scalping, and petroleum inventories are found to be important in explaining oil price variation. Several properties of crude oil price dynamics are established including mean-reversion, a negative correlation between price and volatility, volatility clustering, and infrequent compound Poisson jumps. We find evidence of volatility...
Tipo: Conference Paper or Presentation
Palavras-chave: Gibbs sampling; Merton jump; Leverage effect; Stochastic volatility; Demand and Price Analysis; Financial Economics; Resource /Energy Economics and Policy; G13; Q4.
Ano: 2009
URL: http://purl.umn.edu/49276

LAND ALLOCATION IN THE PRESENCE OF ESTIMATION RISK
Provedor de dados: 31
Autores: Lence,   Sergio H.; Hayes,   Dermot J.
Estimation risk occurs when parameters relevant for decision making are uncertain. Bayes'’ criterion is consistent with expected-utility maximization in the presence of estimation risk. This article examines optimal (Bayes’') land allocations and land allocations obtained using the traditional plug-in approach and two alternative decision rules. Bayes’' allocations are much better economically than the other allocations when there are few sample observations relative to activities. Calculation of certainty equivalent returns (CERs) with estimation risk is also discussed and illustrated. CERs are typically (and incorrectly) calculated with the plug-in approach. Plug-in CERs may be extremely misleading.
Tipo: Journal Article
Palavras-chave: Land Economics/Use.
Ano: 1995
URL: http://purl.umn.edu/30929

The Trade-off Between Bioenergy and Emissions When Land Is Scarce
Provedor de dados: 31
Autores: Kauffman,   Nathan S.; Hayes,   Dermot J.
Agricultural biofuels require the use of scarce land, and this land has opportunity cost. We explore the objective function of a social planner who includes a land constraint in the optimization decision to minimize environmental cost. The results show that emissions should be measured on a per acre basis. Conventional agricultural life cycle assessments for biofuels report carbon emissions on a per gallon basis, thereby ignoring the implications of land scarcity and implicitly assuming an infinite supply of the inputs needed for production. Switchgrass and corn are then modeled as competing alternatives to show how the inclusion of a land constraint can influence life cycle rankings and alter policy conclusions.
Tipo: Conference Paper or Presentation
Palavras-chave: Biofuels; Biomass; Energy policy; Land use; Life cycle analysis; Agricultural and Food Policy; Environmental Economics and Policy; Q16; Q48; Q58.
Ano: 2011
URL: http://purl.umn.edu/103246

EXPERIMENTAL METHODS IN CONSUMER PREFERENCE STUDIES
Provedor de dados: 31
Autores: Fox,   John A.; Hayes,   Dermot J.; Shogren,   Jason F.; Kliebenstein,   James B.
Controlled experimental auctions can be used to elicit preferences for food products. We describe results from two series of experiments in which subjects revealed their willingness-to-pay for safer food. In one series, the risk reduction technology was not specified; in the other, it was identified as food irradiation. The results provide some evidence on the acceptability of food irradiation as a risk reduction technology.
Tipo: Journal Article
Palavras-chave: Consumer/Household Economics.
Ano: 1996
URL: http://purl.umn.edu/27070

ECONOMIC IMPACT OF A BAN ON THE USE OF OVER THE COUNTER ANTIBIOTICS IN U.S. SWINE RATIONS
Provedor de dados: 31
Autores: Hayes,   Dermot J.; Jensen,   Helen H.; Backstrom,   Lennart; Fabiosa,   Jacinto F.
The U.S. pork industry routinely adds antibiotics to rations of weaned pigs both to prevent illness before symptoms emerge and to increase growth rates.  The European Union (EU) is in the process of restricting feed use of antibiotics, and the U.S. is currently reviewing the practice.  The strategic issue facing U.S. pork producers is whether another food safety dispute with the EU is worthwhile.  This paper evaluates the economic impact of such a ban in the U.S.  The analysis uses a set of technical assumptions derived from the experience of a similar ban in Sweden and finds such a ban would increase production costs per head between $5.24 and $6.05; net profit would decline $0.79 per head.  On the consumer side, the effects of a ban would raise the...
Tipo: Journal Article
Palavras-chave: Food Consumption/Nutrition/Food Safety; Livestock Production/Industries.
Ano: 2001
URL: http://purl.umn.edu/34371

Response to an Asymmetric Demand for Attributes: An Application to the Market for Genetically Modified Crops
Provedor de dados: 31
Autores: Lence,   Sergio H.; Hayes,   Dermot J.
A framework is developed for examining the price and welfare effects of the introduction of genetically modified (GM) crops. In the short run, non-GM grain generally becomes another niche product. However, more profound market effects are observed under some reasonable parameterizations. In the long run, consumer and producer welfare are usually greater after the introduction of GM technology. Nevertheless, in all instances some consumers and some producers lose. When identity preservation is expensive and cost savings are relatively small, both producer and consumer welfare are lower after introducing GM technology. Interestingly, this outcome is obtained even though all agents are individually rational.
Tipo: Working or Discussion Paper
Palavras-chave: Asymmetric demand; Consumer response; Genetically modified (GM) crops; Market response; Non-GM crops; Price signals; Welfare analysis; Marketing; Research and Development/Tech Change/Emerging Technologies.
Ano: 2001
URL: http://purl.umn.edu/18699