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	Provedor de dados AgEcon (27) Autor Du, Xiaodong (27) Hayes, Dermot J. (11) Hennessy, David A. (11) Dong, Fengxia (6) Carriquiry, Miguel A. (5) Yu, Cindy L. (5) Elobeid, Amani E. (4) Fabiosa, Jacinto F. (4) Dumortier, Jerome (3) Edwards, William M. (3) Mulik, Kranti (2) Tepe, Fatma Sine (2) Baker, Mindy L. (1) Chavez, Eddie C. (1) Feng, Hongli (1) Gould, Brian W. (1) Lu, Jing (1) McPhail, Lihong Lu (1) Pan, Suwen (1) Tokgoz, Simla (1) Mais... Palavra-chave Resource /Energy Economics and Policy (15) Demand and Price Analysis (8) Agricultural and Food Policy (6) Crop Production/Industries (6) Land Economics/Use (6) Ethanol (5) Crack spread (3) Greenhouse gas emissions (3) Research Methods/ Statistical Methods (3) Agribusiness (2) Agricultural Finance (2) Biofuel (2) Biofuels policy (2) Crude oil prices (2) Excess stock returns (2) Financial Economics (2) GARCH effect (2) Gasoline prices (2) Gibbs sampling (2) Land-use change (2) Mais... Tipo do documento Working or Discussion Paper (14) Conference Paper or Presentation (11) Presentation (1) Working Paper (1) Ano 2012 (2) 2011 (5) 2010 (7) 2009 (6) 2008 (6) 2007 (1) Mais... País United States (27) Idioma Inglês (27)		Ordenar por:  Relevância Autor Título Ano Registros recuperados: 27 Primeira ... 1 2 ... Última Does a Rising Biofuels Tide Raise All Boats? A Study of Cash Rent Determinants for Iowa Farmland under Hay and Pasture AgEcon Du, Xiaodong; Hennessy, David A.; Edwards, William M.. Iowa’s farmland consists of over 16% hay crops and pastureland, a significant portion of which is under cash rental contracts. This study investigates the comparative relationships between cash rental rates for cropped land and non-cropped land, where the latter includes hay and pastureland. We find that higher crop prices resulting from biofuel demand induces land use conversion from non-cropped land to crop production and thus bids up non-cropped land rents. Compared with changes in cropped land cash rents, non-cropped farmland rents could increase by a higher percentage. Non-cropped land cash rental rates are largely determined by crop and feeder cattle prices, population density, soil quality, and proportion of non-cropped land in a specific area. A... Tipo: Working or Discussion Paper Palavras-chave: Biofuel; Pastureland; Cash rents; Random effects model; Resource /Energy Economics and Policy; Crop Production/Industries. Ano: 2008 URL: http://purl.umn.edu/44231 Testing Day’s Conjecture that More Nitrogen Decreases Crop Yield Skewness AgEcon Du, Xiaodong; Hennessy, David A.; Yu, Cindy L.. While controversy surrounds skewness attributes of typical yield distributions, a better understanding is important for agricultural policy assessment and for crop insurance rate setting. Day (1965) conjectured that crop yield skewness declines with an increase in low levels of nitrogen use, but higher levels have no effect. In a theoretical model based on the law of the minimum (von Liebig) technology, we find conditions under which Day’s conjecture applies. Employing four experimental plot datasets, we investigate the conjecture by introducing (a) a flexible Bayesian extension of the Just-Pope technology to incorporate skewness, and (b) a quantile-based measure of skewness shift. For corn yields, the Bayesian estimation provides strong evidence in favor... Tipo: Working or Discussion Paper Palavras-chave: Crop insurance; Gibbs sampler; Just and Pope technology; Negative skewness; Quantile regression.; Crop Production/Industries; Political Economy; Research Methods/ Statistical Methods; Risk and Uncertainty. Ano: 2010 URL: http://purl.umn.edu/93471 Sensitivity of Carbon Emission Estimates from Indirect Land-Use Change AgEcon 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 Geographic Determinants of Preferences along U.S. Crop Insurance Subsidy Schedule AgEcon Du, Xiaodong; Hennessy, David A.; Feng, Hongli. Tipo: Presentation Palavras-chave: Crop Production/Industries; Risk and Uncertainty. Ano: 2012 URL: http://purl.umn.edu/124190 Are Crop Yield Distributions Negatively Skewed? A Bayesian Examination AgEcon Du, Xiaodong; Hennessy, David A.; Yu, Cindy L.. Tipo: Conference Paper or Presentation Palavras-chave: Crop Production/Industries. Ano: 2010 URL: http://purl.umn.edu/60988 Speculation and Volatility Spillover in the Crude Oil and Agricultural Commodity Markets: A Bayesian Analysis AgEcon 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 Modeling the Effects of Pasture Expansion on Emissions from Land-Use Change AgEcon 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 Planting Real Option in Cash Rent Valuation AgEcon Du, Xiaodong; Hennessy, David A.. After entering into farmland rental contracts in the fall, a tenant farmer has the planting flexibility to choose between corn and soybeans. Failure to account for this switching option will bias estimates of what farmers should pay to rent land. Applying contingent claims analysis methods, this study explicitly derives the real option value function. Comparative statics with respect to the volatilities of underlying state variables and their correlations are derived and discussed. Dynamic hedging deltas in this real option context are also developed. Monte Carlo simulation results show that the average cash rent valuation for the real option approach is 11% higher than that for the conventional net present value (NPV) method. The simulated dynamic hedging... Tipo: Working or Discussion Paper Palavras-chave: Cash rent; Delta hedging; Monte Carlo simulation; Multivariate GARCH; Real option; Ricardian rent; Farm Management; Research Methods/ Statistical Methods. Ano: 2008 URL: http://purl.umn.edu/6307 Determinants of Iowa Cropland Cash Rental Rates: Testing Ricardian Rent Theory AgEcon Du, Xiaodong; Hennessy, David A.; Edwards, William M.. Based on the Ricardian rent theory, this study employs the variable profit function to analyze the determinants of Iowa cropland cash rental rates using county-level panel data from 1987 to 2005. Accounting for spatial and temporal autocorrelations, responses of local cash rental rates to changes in output prices and other exogenous variables are estimated. We find that Iowa cash rental rates are largely determined by output/input prices, soil quality, relative location, and other county-specific factors. Cash rents go up by $79 for a $1 increase in corn price in the short run. The marginal value of cropland quality, as represented by row-crop corn suitability rating index, is about $1.05. Ethanol plants are not found to have a significant local effect on... Tipo: Working or Discussion Paper Palavras-chave: Bargaining; Basis; Ethanol; Land quality shadow price; Rate of adjustment; Spatial autocorrelation; Land Economics/Use. Ano: 2007 URL: http://purl.umn.edu/7700 The Impact of Ethanol Production on U.S. and Regional Gasoline Markets: An Update to 2012 AgEcon 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 A Welfare Analysis of the U.S. Ethanol Subsidy AgEcon 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 The Impact of Ethanol Production on US and Regional Gasoline Markets: An Update to May 2009 AgEcon 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 World Market Impacts of High Biofuel Use in the European Union AgEcon Carriquiry, Miguel A.; Dong, Fengxia; Du, Xiaodong; Elobeid, Amani E.; Fabiosa, Jacinto F.; Chavez, Eddie C.; Pan, Suwen. This study examines the world market impact of an expansion in the biofuel sector in the European Union with particular focus on indirect land-use impacts. In the first scenario, an increase of 1 million tonnes oil equivalent (Mtoe) of wheat ethanol use in the European Union expands world land area used in agricultural commodity production by 366,000 hectares, representing an increase of 0.039% in total area. In the second scenario, an increase of 1 Mtoe of rapeseed oil biodiesel use in the European Union expands world land area by 352,000 hectares, representing an increase of 0.038% in total area. With additional land use somewhat close between the two scenarios, the main difference is the spatial distribution of the sources of additional supply. Because... Tipo: Working or Discussion Paper Palavras-chave: Biofuels; Land use; Partial equilibrium model; Rapeseed oil biodiesel scenario; Wheat ethanol scenario.; Agricultural and Food Policy; Demand and Price Analysis; Land Economics/Use; Resource /Energy Economics and Policy. Ano: 2010 URL: http://purl.umn.edu/91923 The Impact of Biofuels Policy on Agribusiness Stock Prices AgEcon Tepe, Fatma Sine; Du, Xiaodong; Hennessy, David A.. Corn markets are important for many industries. These include the seed, fertilizer, meat production/processing and agricultural machinery sectors, all of which are highly concentrated. Oligopoly theory suggests that corn input and field equipment suppliers likely benefit from policies that support corn markets, such as U.S. biofuels policy, while meat companies likely lose. This study investigates the impact of biofuels policy on U.S. agribusiness stock prices. Corn futures prices are found to have a structural change in November 2006, consistent with the expansion of U.S. biofuels policy support. A linear two-factor (S&P500 and corn prices) equilibrium asset pricing model is estimated on two subsamples, one before and one after the estimated change... Tipo: Conference Paper or Presentation Palavras-chave: Biofuels policy; Excess stock returns; GARCH effect; Linear factor model.; Agribusiness; Agricultural and Food Policy; Agricultural Finance; D43; L13; Q14. Ano: 2010 URL: http://purl.umn.edu/60987 Inside the Black Box: Price Linkage and Transmission Between Energy and Agricultural Markets AgEcon Du, Xiaodong; McPhail, Lihong Lu. This study addresses the complex relationship between energy and agricultural markets—represented by corn, ethanol, and gasoline prices—particularly in light of the growth in biofuel production. Contemporaneous price response and transmission of market shocks are investigated in a simultaneous-equation system to disclose fundamental driving forces before and after the development of large-scale ethanol production. We use a dynamic conditional correlation multivariate GARCH model to demonstrate a strengthening relationship among corn, ethanol, and gasoline prices. We identify a structural change point at March 25, 2008 using the test by Bai and Perron (2003). The strengthened market relationship is further illustrated by variance decomposition based on a... Tipo: Conference Paper or Presentation Palavras-chave: Corn; Ethanol; Gasoline; Structural break; Structural VAR; GARCH; Agricultural and Food Policy; Demand and Price Analysis; Research Methods/ Statistical Methods; Resource /Energy Economics and Policy; C32; Q11; Q4. Ano: 2011 URL: http://purl.umn.edu/103268 The Impact of Ethanol Production on U.S. and Regional Gasoline Prices and on the Profitability of the U.S. Oil Refinery Industry AgEcon 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 MODELING THE EFFECTS OF PASTURE EXPANSION ON EMISSIONS FROM LAND-USE CHANGE AgEcon 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 Dynamics of Biofuel Stock Prices: A Bayesian Approach AgEcon 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&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 Impact of Ethanol Production on U.S. and Regional Gasoline Prices and On the Profitability of U.S. Oil Refinery Industry AgEcon 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 Determinants of Iowa Cropland Cash Rental Rates: Testing Ricardian Rent Theory AgEcon Du, Xiaodong; Hennessy, David A.; Edwards, William M.. Based on the Ricardian rent theory, this study employs the variable profit function to analyze the determinants of Iowa cropland cash rental rates using county-level panel data from 1987 to 2005. Accounting for spatial and temporal autocorrelations, responses of local cash rental rates to changes in output prices and other exogenous variables are estimated. We find that Iowa cash rental rates are largely determined by output/input prices, soil quality, relative location, and other county-specific factors. Cash rents go up by $79 for a $1 increase in corn price in the short run. The marginal value of cropland quality, as represented by row-crop corn suitability rating index, is about $1.05. Ethanol plants are not found to have a significant local effect on... Tipo: Conference Paper or Presentation Palavras-chave: Land Economics/Use. Ano: 2008 URL: http://purl.umn.edu/6355 Registros recuperados: 27 Primeira ... 1 2 ... Última

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