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| Registros recuperados: 58 | |
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| Liu, Yucan; Shumway, C. Richard. |
| The curvature properties of the indirect utility function imply a set of refutable implications in the form of comparative static results and symmetric relations for the competitive firm operating under uncertainty. These hypotheses, first derived and empirically tested under output price uncertainty by Saha and Shumway (1998), are extended in this paper to the more general case of both price and quantity uncertainty and result in an important theoretical finding. Empirical tests using a panel of state-level observations fail to reject most refutable hypotheses under output price and output quantity risk, but symmetry conditions implied by a twice-continuously-differentiable indirect utility function are rejected. Two restrictive risk preference hypotheses... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Indirect utility function; Refutable implications; Risk and uncertainty; Risk and Uncertainty. |
| Ano: 2005 |
URL: http://purl.umn.edu/19331 |
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| Pope, C. Arden, III; Shumway, C. Richard. |
| Forage production variability is incorporated into a decision theory framework for a beef producer in East Texas. The results suggest that the least risky, and also the most profitable, approach to intensive forage beef production is to plan for relatively poor weather conditions and low forage production. This results in a more diverse forage system and a smaller herd size than would be found optimal under the assumption of constant average forage production. These results also demonstrate that the assumption of constant average forage production may results in grossly exaggerated estimates of expected net returns. |
| Tipo: Journal Article |
Palavras-chave: Livestock Production/Industries; Risk and Uncertainty. |
| Ano: 1984 |
URL: http://purl.umn.edu/29728 |
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| Liu, Yucan; Shumway, C. Richard. |
| The hypothesis of induced innovation (Hicks, 1932) is tested for U.S. agriculture using a high-quality state-level panel data set and three disparate testing techniques ¨C time series, econometric, and nonparametric. The conclusion of little support for the hypothesis is robust across testing techniques. However, each test maintains the hypothesis that the relative marginal cost of developing and implementing technologies that save one input is the same as for any other input. Lacking data on development and implementation costs of input-saving technologies, we use nonparametric procedures to estimate relative differences required for technological change to be consistent with the induced innovation hypothesis. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Research and Development/Tech Change/Emerging Technologies. |
| Ano: 2007 |
URL: http://purl.umn.edu/9844 |
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| Melhim, Almuhanad; O'Donoghue, Erik J.; Shumway, C. Richard. |
| Recent consolidation in agriculture has shifted production toward fewer but larger farms, reshaping business relationships between farmers, processors, input suppliers, and local communities. We analyze growth and diversification of U.S. corn, wheat, apple, and beef farms by examining longitudinal changes in 10 size cohorts through three successive censuses. We fail to reject Gibrat’s law in apple and wheat industries and the mean reversion hypothesis in beef and corn industries. Apple and wheat farms diversify over time. The findings suggest that scale economies diminish for large farms across all four industries and scope economies dominate scale economies for large apple and wheat farms. |
| Tipo: Journal Article |
Palavras-chave: Diversification; Firm growth; Gibrat’s law; Longitudinal data; Scale economies; Scope economies; Agribusiness; Farm Management; Production Economics; Q12. |
| Ano: 2009 |
URL: http://purl.umn.edu/48757 |
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| Howard, Wayne H.; Knight, Thomas O.; Shumway, C. Richard; Blake, Robert W.; Tomaszewski, Michael A.. |
| The dissemination of information by extension agents on dairy management practices used to control mastitis and the reception and use of that information by producers are investigated. Producers are surveyed to determine current practices used. The relationship between milk yield, somatic cell count, management practices, and producer and production characteristics is estimated. Subjective probabilities are elicited from "expert," extension agents, and producers concerning the impact and cost of various management practices. Subjective marginal value products and marginal input costs are computed and compared for the respondent groups. Stochastic dominance is used to rank the relative importance of the practices as perceived by the respondents. |
| Tipo: Journal Article |
Palavras-chave: Livestock Production/Industries. |
| Ano: 1987 |
URL: http://purl.umn.edu/30216 |
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| Shumway, C. Richard. |
| This article is a limited assessment of the agricultural production economics literature since 1982 that resulted from dual modeling approaches. Contributions have removed several perceived obstacles to dual modeling, such as testing curvature, identifying the technology when prices are collinear, and examining dynamics of production. Some contributions have also removed obstacles to primal modeling. Dual methods have been used in risk applications only recently and still appear less convenient than primal methods. Convenience may become the primary criterion for selecting primal or dual methods. |
| Tipo: Journal Article |
Palavras-chave: Production Economics. |
| Ano: 1995 |
URL: http://purl.umn.edu/30931 |
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| Shumway, C. Richard; Alexander, William P.; Talpaz, Hovav. |
| Some implications of theory are easily maintained in econometric estimation, but computational costs of maintaining curvature properties (sufficient for existence of an optimal solution) have often proved prohibitive. They also have been violated frequently by unrestricted econometric estimates. A computationally manageable procedure for maintaining and testing curvature is used here to obtain estimates of product supplies and input demands for Texas field crops consistent with the theory of the competitive industry. The curvature properties are tested along with several technology restrictions. |
| Tipo: Journal Article |
Palavras-chave: Crop Production/Industries. |
| Ano: 1990 |
URL: http://purl.umn.edu/32502 |
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| Shumway, C. Richard; Chang, A. Anne. |
| The constant elasticity of transformation (CET) linear supply model is adapted and evaluated in this analysis of short-run supply response of six Texas field crops. Cross-product supply elasticities are estimated and direct supply elasticities are derived. The sensitivity of estimated parameters to alternative specifications of variables inducing shifts in the production possibilities surface is examined. Shift variables considered include input level, technology, government programs, and weather. The effect of risk on supply response is also examined. The models symmetry assumption is tested and not rejected. All of the own-price elasticities derived from the fully-specified supply model estimates have expected signs, but less than half of the... |
| Tipo: Journal Article |
Palavras-chave: Crop Production/Industries. |
| Ano: 1980 |
URL: http://purl.umn.edu/32397 |
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| Asunka, Samuel; Shumway, C. Richard. |
| The presence of allocatable fixed inputs may cause truly joint technologies to appear nonjoint in the short run as well as truly nonjoint technologies to appear joint. This paper demonstrates theoretically why this can happen and then documents that it actually occurs in a significant way in aggregate U.S. agricultural production. A simple testing procedure is used that requires no data on inputs allocations. The important finding is that failure to reject true (apparent) nonjointness does not justify modeling short-run (long-run) supply independent of alternative output prices. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1996 |
URL: http://purl.umn.edu/31397 |
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| Registros recuperados: 58 | |
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