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| Collins, Robert A.; Gbur, Edward E.. |
| Since nearly the entire U.S. output of agricultural commodities is produced by proprietors with limited liability, it is important to understand how limited liability affects decision in a risky environment. This article extends the work of Robinson and Barry; Robinson and Lev; and Robinson, Barry, and Burghart. It provides a rigorous derivation of one of their objective functions, compares it to standard risk analysis tools, and suggests several methods of empirical implementation. Under some conditions, utility maximization in the limited liability environment is consistent with optimization of Roy's safety-first criterion, while in other situations Freund's mean-variance criterion is appropriate. However, it is easy to demonstrate cases where neither... |
| Tipo: Journal Article |
Palavras-chave: Risk and Uncertainty. |
| Ano: 1991 |
URL: http://purl.umn.edu/32617 |
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| Collins, Robert A.; Baker, Gregory A.. |
| The popular press has triumphantly announced that the cause of the obesity epidemic is “junk food.” After a moment’s reflection, however, it seems likely that the true causal structure of the obesity epidemic can be neither single-equation nor univariate. Therefore, while the hypothesis that “junk food” is the cause of obesity has little a priori plausibility, these articles in the popular press present a testable hypothesis that, in spite of some measurement impossibilities, is tested here. While one can always argue about p values etc., it is safe to say that the results show no evidence to indicate support for a causal link. The second section of the paper explains this result and suggests a rudimentary structural model of obesity that begins to address... |
| Tipo: Journal Article |
Palavras-chave: Obesity; Junk food; Granger-causality; Research Methods/ Statistical Methods; Teaching/Communication/Extension/Profession; Q10; Q16. |
| Ano: 2009 |
URL: http://purl.umn.edu/53799 |
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| Collins, Robert A.. |
| Recent reorganizations of agricultural cooperatives have created concern that the cooperative form of business may not be well suited to the agribusiness environment of the 1990s. Potential institutional changes in the cooperative form of organization require objective analysis of the etiology of these reorganizations. Previous research evaluated internal features of the cooperative that may create economic incentives to convert the co-op to a corporation. This article focuses on external factors that may also be related to cooperative conversions. Informal evaluation of the limited evidence suggests that these factors merit further study. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1991 |
URL: http://purl.umn.edu/32593 |
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| Collins, Robert A.; Karp, Larry S.. |
| This article reviews various models that may be used to explain optimal leverage choice for the proprietary farmer in a stochastic dynamic environment and develops a new model that highlights the risk of failure rather than the usual concept of risk as the variability of wealth. The model suggests that in addition to the usual factors, farm financial leverage is affected by age, wealth, and the opportunity cost of farming. |
| Tipo: Journal Article |
Palavras-chave: Farm Management. |
| Ano: 1993 |
URL: http://purl.umn.edu/30962 |
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| Collins, Robert A.. |
| Recent interest in equity financing for commercial agriculture has created the need to reexamine the required rate of return for agricultural equity. The required rates of return for ten publicly held firms with agricultural operations are examined with arbitrage pricing theory. The results suggest that the required rate of return for this group of firms is similar to the required rate of return for an average share of stock. |
| Tipo: Journal Article |
Palavras-chave: Agricultural Finance. |
| Ano: 1988 |
URL: http://purl.umn.edu/32116 |
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