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A CASE STUDY OF TIMELINESS IN THE SELECTION OF RISK-EFFICIENT MACHINERY COMPLEMENTS 31
Wetzstein, Michael E.; Musser, Wesley N.; McClendon, Ronald W.; Edwards, David M..
The importance of timeliness is investigated in the selection of machinery complements for double-crop wheat and soybean production in the southeastern coastal plain. An intertemporal stochastic simulation model was developed to generate probability distributions that were evaluated with stochastic dominance analysis. This research investigated the importance of intertemporal production linkages and adequate soil moisture on machinery selection. Failure to include these dimensions can result in erroneous machinery choices.
Tipo: Journal Article Palavras-chave: Farm Management.
Ano: 1990 URL: http://purl.umn.edu/29998
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A CROSS-COUNTRY COMPARISON OF EFFICIENCY OF FIRMS IN THE FOOD INDUSTRY 31
Acheampong, Yvonne J.; Wetzstein, Michael E..
Stochastic frontier analysis is used to determine the relative efficiency of firms in the food industry in industrialized countries. Using panel data analysis, the firm-specific factors, firm-size, the corporate tax rate and number of years of operation and country-specific effects as potential sources of efficiency are investigated. Relevant implications are discussed.
Tipo: Conference Paper or Presentation Palavras-chave: Agribusiness; Industrial Organization.
Ano: 2000 URL: http://purl.umn.edu/21859
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A Dynamic Optimal Crop Rotation Model in Acreage Response 31
Cai, Ruohong; Bergstrom, John C.; Mullen, Jeffrey D.; Wetzstein, Michael E..
This paper presents a dynamic crop rotation model that shows how crop yield and price volatility could impact crop mix and acreage response under crop rotation considerations. Specifically, a discrete Markov decision model is utilized to optimize producers’ crop rotation decision within a finite horizon. By maximizing net present value of expected current and future profits, a modified Bellman equation helps develop optimum planting decisions. This model is capable of simulating crop rotations with different lengths and structures. Specifically, the corn-soybeans rotations were simulated using the crop rotation model.
Tipo: Working or Discussion Paper Palavras-chave: Crop rotation; Acreage response; Bellman equation; Crop Production/Industries; Research Methods/ Statistical Methods.
Ano: 2011 URL: http://purl.umn.edu/103949
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A Farm-level Approach to the Methyl Bromide Phase-out: Identifying Alternatives and Maximizing Net Worth Using Stochastic Dominance and Optimization Procedures. 31
Byrd, Mark M.; Escalante, Cesar L.; Wetzstein, Michael E.; Fonsah, Esendugue Greg.
Alternative fumigant and herbicide systems for Georgia's pepper farms are analyzed relative to soon-to-be phased-out methyl bromide system. Stochastic dominance analyses identify two alternatives exceeding MeBr's yield and financial efficiency. A programming model using simulation-optimization techniques provides important implications on the pepper farms' economic viability under these alternative systems.
Tipo: Conference Paper or Presentation Palavras-chave: Crop Production/Industries.
Ano: 2006 URL: http://purl.umn.edu/35265
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ALTERNATIVE METHODS OF FORECASTING AGRICULTURAL WATER DEMAND: A CASE STUDY ON THE FLINT RIVER BASIN IN GEORGIA 31
Banerjee, Swagata (Ban); Gunter, Lewell F.; Bramblett, Jimmy; Wetzstein, Michael E..
Future agricultural water demands are determined by employing forecasts from irrigated crop acreage models. Forecasts of prices and yields, and variances and covariances of crop returns are employed for forecasting crop acreage. Results provide insights into the value of rational expectations in forecasting agricultural water demand.
Tipo: Conference Paper or Presentation Palavras-chave: Resource /Energy Economics and Policy.
Ano: 2004 URL: http://purl.umn.edu/34650
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AN ECONOMIC EVALUATION OF A MULTI-AREA RECREATION SYSTEM 31
Wetzstein, Michael E..
Tipo: Journal Article Palavras-chave: Resource /Energy Economics and Policy.
Ano: 1982 URL: http://purl.umn.edu/30456
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AN ECONOMIC EVALUATION OF SOYBEAN STINK BUG CONTROL ALTERNATIVES FOR THE SOUTHEASTERN UNITED STATES 31
Chyen, David; Wetzstein, Michael E.; McPherson, Robert M.; Givan, William D..
Methyl parathion or Penncap M (an encapsulated methyl parathion) are used extensively throughout the United States for controlling stink bug pests in soybeans, Glycine Max (L.) Merrill. However, this insecticide is highly toxic to mammals, birds, and non-target arthropods, and thus is less environmentally sound than other insecticides. For environmental and human health considerations, investigating alternative insecticides for control is desired. For this investigation, research based on field experimental data from Florida, Georgia, and Louisiana during the 1988 and 1989 growing seasons were employed. Results indicate that alternative, currently available, and less toxic insecticides may reduce producer costs, increase yield, and improve soybean...
Tipo: Journal Article Palavras-chave: Crop Production/Industries.
Ano: 1992 URL: http://purl.umn.edu/29640
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An Ethanol Blend Wall Shift is Prone to Increase Petroleum Gasoline Demand 31
Qiu, Cheng; Colson, Gregory; Zhang, Zibin; Wetzstein, Michael E..
The US Environmental Protection Agency announced a waiver allowing an increase in the Fuel-Ethanol blend limit (the “blend wall” ) from 10% (E10) to 15% (E15) on October,2010.Justifications for the waiver are reduced vehicle fuel prices and less consumption of petroleum gasoline, leading to energy security. In this paper, employing Monte Carlo simulations and Savitzky-Golay smoothing filter, an empirical study examines this waiver revealing an anomaly where a relaxation of this blend wall elicits a demand response. Under a wide range of elasticities, this demand response can actually increase the consumption of petroleum gasoline and thus lead to greater energy insecurity. The economics supporting this result and associated policy implications are...
Tipo: Conference Paper or Presentation Palavras-chave: Blend wall; Energy security; Ethanol; Resource /Energy Economics and Policy.
Ano: 2011 URL: http://purl.umn.edu/98795
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AN EVALUATION OF INTEGRATED PEST MANAGEMENT WITH HETEROGENEOUS PARTICIPATION 31
Wetzstein, Michael E.; Musser, Wesley N.; Linder, David K.; Douce, G. Keith.
Principal component analysis in employed to develop indices that distinguish between participants and nonparticipants in Integrated Pest Management (IPM) programs. Results of incorporating these indices into yield, net return, and production cost functions for cotton producers indicate that both yield and costs increase as the degree of producer participation in IPM increases. Although these results are inconsistent with previous research, they are consistent with the theoretical relationship between IPM and conventional input usage.
Tipo: Journal Article Palavras-chave: Crop Production/Industries.
Ano: 1985 URL: http://purl.umn.edu/32308
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Assessing the Effects of Climate Change on Farm Production and Profitability: Dynamic Simulation Approach 31
Cai, Ruohong; Bergstrom, John C.; Mullen, Jeffrey D.; Wetzstein, Michael E..
In this paper, a dynamic optimization model was developed to simulate how farm-level realized price and profitability respond to yield change which was induced by climate change. Producers' acreage response was included in the dynamic model considering crop rotation effect. In the crop rotation model, a modified Bellman equation was used to dynamically optimize the net present value of farm profit for a five-year interval. This simulation process was repeated through the year 2050. Then yield, price, and acreage response were compiled to generate realized profit. Results generally indicated that reduction in crop yields due to climate change results in reduced farm profitability for most of the states studied. Predicted climate change is more likely to...
Tipo: Conference Paper or Presentation Palavras-chave: Dynamic simulation model; Acreage response; Crop rotation; Expected price; Realized price; Agricultural Finance; Crop Production/Industries; Environmental Economics and Policy; Farm Management; Land Economics/Use; Production Economics; Productivity Analysis; Risk and Uncertainty.
Ano: 2011 URL: http://purl.umn.edu/103420
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BIODIESEL AS A SUBSTITUTE FOR PETROLEUM DIESEL IN A STOCHASTIC ENVIRONMENT 31
Tareen, Irfan Y.; Duffield, James A.; Wetzstein, Michael E..
Policy makers should consider price volatility effects when determining appropriate spending levels for alternative fuel programs.
Tipo: Conference Paper or Presentation Palavras-chave: Resource /Energy Economics and Policy.
Ano: 1999 URL: http://purl.umn.edu/21675
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BIODIESEL AS A SUBSTITUTE FOR PETROLEUM DIESEL IN A STOCHASTIC ENVIRONMENT 31
Tareen, Irfan Y.; Wetzstein, Michael E.; Duffield, James A..
The objective of the research presented in this paper is the development of a stochastic adoption threshold. The option pricing approach for modeling investment under uncertainty is extended for the case of comparing two stochastic input prices associated with inputs that are perfect substitutes in a production process. Based on this methodology, a threshold decision rule influenced by the drift and volatility of these two input prices is developed. Theoretical results established an empirical link for measuring the tradeoff of a relatively more expensive input (biodiesel) with lower price drift and volatility compared with a lower but more volatile priced input (petroleum diesel).
Tipo: Journal Article Palavras-chave: Option pricing; Production; Renewable fuels; Technology adoption under uncertainty; Resource /Energy Economics and Policy.
Ano: 2000 URL: http://purl.umn.edu/15505
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Can the U.S. Ethanol Industry Compete in the Alternative Fuels' Market? 31
Zhang, Zibin; Vedenov, Dmitry V.; Wetzstein, Michael E..
The U.S. ethanol fuel industry has experienced preferential treatment from federal and state governments ever since the Energy Tax Act of 1978 exempted 10% ethanol/gasoline blend (gasohol) from the federal excise tax. Combined with a 54¢/gal ethanol import tariff, this exemption was designed to provide incentives for the establishment and development of a U.S. ethanol industry. Despite these tax exemptions, until recently, the U.S. ethanol fuel industry was unable to expand from a limited regional market. Ethanol was dominated in the market by MTBE (methyl-tertiary-butyl ether). Only after MTBE was found to contaminate groundwater and consequently banned in many states did the demand for ethanol expand nationally. Limit pricing on the part of MTBE...
Tipo: Conference Paper or Presentation Palavras-chave: Resource /Energy Economics and Policy.
Ano: 2007 URL: http://purl.umn.edu/34867
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CHARACTERISTICS OF AGRICULTURAL ECONOMICS UNDERGRADUATE ADVISING IN THE WESTERN REGION 31
Broder, Josef M.; Wetzstein, Michael E..
The quality of faculty advising has been a source of concern among students and faculty. As an initial attempt at addressing these concerns this paper summarizes the results of a faculty advising study in undergraduate agricultural economics programs. Various advising program characteristics among western schools are discussed and contrasted to schools in other regions. Interregional and interdepartmental variation was found in advisor resource allocation, advising program implementation, rewards and priorities, and evaluations of advising quality. Despite larger enrollments, smaller advising budgets, less support and lower rewards for advising, schools in the West reported advising quality comparable if not superior to that in other regions.
Tipo: Journal Article Palavras-chave: Teaching/Communication/Extension/Profession.
Ano: 1981 URL: http://purl.umn.edu/32571
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CLASSIFICATION OF RISK PREFERENCES WITH ELICITED UTILITY DATA: DOES FUNCTIONAL FORM MATTER? 31
Musser, Wesley N.; Wetzstein, Michael E.; Reece, Susan Y.; Musser, Lynn M.; Varca, Philip E.; Chou, Charlene C.J..
Recently, several problems with elicited utility functions have emerged. This paper concerns a fundamental problem in risk preference classification with elicited data. For the sample in this research, different functional forms resulted in reversals in preference classifications. This paper suggests that preference classifications must be interpreted with caution.
Tipo: Journal Article Palavras-chave: Research Methods/ Statistical Methods.
Ano: 1984 URL: http://purl.umn.edu/32133
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COMPARATIVE ANALYSIS OF VALUE-ADDED AND TRADITIONAL MEASURES OF PERFORMANCE: AN EFFICIENCY SCORE APPROACH 31
Acheampong, Yvonne J.; Wetzstein, Michael E..
Stochastic frontier analysis is employed for a comparison of value-added and traditional measures of performance. Results indicate value-added measures are not significantly different from traditional measures of performance and thus little if any information is gained by replacing traditional measures with value-added measures. However, value-added measures may be useful to managers for value creation decisions resulting in excess profits.
Tipo: Working or Discussion Paper Palavras-chave: Agribusiness.
Ano: 2001 URL: http://purl.umn.edu/16715
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Considering Macroeconomic Indicators in the Food versus Fuel Issues 31
Qiu, Cheng; Colson, Gregory; Wetzstein, Michael E..
In this study, a Structural Vector Autoregression model (SVAR) is employed to decompose how supply/demand structural shocks affect food and fuel prices within fuel and corn markets. Results indicate that the relative importance of each structural shock in explaining the variation of corn prices is different. Our findings support the hypothesis that corn prices increase as a response to those positive demand shocks in the short run, while in the long run, global competitive agricultural commodities markets as well as positive supply shocks respond to commodity price shocks, restoring prices to its long-run trends. In conclusion, fundamental market forces of demand and supply as well as real economic aggregated demand shocks were the main contributors of the...
Tipo: Conference Paper or Presentation Palavras-chave: Food; Fuel; Food Consumption/Nutrition/Food Safety; Resource /Energy Economics and Policy.
Ano: 2011 URL: http://purl.umn.edu/103689
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COOPERATIVE ANTITRUST MONOPOLIZATION AND THE THEORY OF CONTESTABLE MARKETS 31
Centner, Terence J.; Wetzstein, Michael E..
The judiciary has relied on a firm's market share to evaluate the presence of monopoly power for a Sherman Act monopolization violation. However, an allegation that a firm's market share constitutes monopoly power may be refuted by evidence that there exists a contestable market. Contestable market theory shows that there is no monopoly power where there exists a threat of entry of other firms. This theory thereby offers agricultural cooperatives, which may have a large market share by reasons of the antitrust immunity provided by the Capper-Volstead Act, an argument to overcome allegations of a Sherman Act monopolization violation.
Tipo: Journal Article Palavras-chave: Industrial Organization.
Ano: 1984 URL: http://purl.umn.edu/29625
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Crop Price Volatility Impacts on Farmers’ Cropping Patterns: A Dynamic Optimal Crop Rotation Model 31
Cai, Ruohong; Qiu, Cheng; Wetzstein, Michael E..
Tipo: Conference Paper or Presentation Palavras-chave: Crop Production/Industries.
Ano: 2010 URL: http://purl.umn.edu/61665
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CROSS-COUNTRY COMPARISON OF EFFICIENCY OF FIRMS IN THE FOOD INDUSTRY 31
Acheampong, Yvonne J.; Wetzstein, Michael E..
Stochastic frontier analysis is used to determine the relative efficiency of firms in the food industry in industrialized countries. Using panel data analysis, the firm-specific factors, firm size, the corporate tax rate and number of years of operation and country-specific effects as potential sources of efficiency are investigated. Relevant implications are discussed.
Tipo: Working or Discussion Paper Palavras-chave: Agribusiness; Industrial Organization; Productivity Analysis.
Ano: 2001 URL: http://purl.umn.edu/16669
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