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| Registros recuperados: 53 | |
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| Chavas, Jean-Paul; Cox, Thomas L.. |
| The paper develops the implications of competitive market equilibrium for production and household behavior when some prices are endogenously determined. The properties of market equilibrium functions are explored, including the effects of pricing policy. A Slutsky-type equation relating compensated and uncompensated market equilibrium functions is derived. Implications for multi-market welfare analysis are presented, focusing on the effects of pricing policy and technical change. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Industrial Organization. |
| Ano: 1996 |
URL: http://purl.umn.edu/12615 |
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| Chavas, Jean-Paul. |
| This study investigates the nature of price expectations in a competitive market. The approach is illustrated in an application to the U.S. pork market, which exhibits cyclical patterns and biological production lags. Pork price equations are estimated under different expectation regimes. The empirical results suggest the presence of heterogeneous price expectations among market participants. A large proportion of the market (73%) is found to be associated with backward-looking expectations, where future prices are anticipated on the basis of their observed historical patterns. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1999 |
URL: http://purl.umn.edu/30882 |
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| Chavas, Jean-Paul. |
| This paper explores the economics of input decision by a firm facing production uncertainty. It relies on a state-contingent approach to production uncertainty. First, the paper develops a methodology to specify and estimate cost-minimizing input decisions under a state-contingent technology. Second, the analysis is applied to time series data on US agriculture. It finds strong empirical evidence that, in the analysis of input choices, expected output alone does not provide an appropriate representation of production uncertainty. The results provide empirical support for an output-cubical technology. This indicates that an ex post analysis of stochastic technology (as commonly found in previous research) appears appropriate. The analysis also provides... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Production uncertainty; State contingent; Cost; Cubical technology.; Research Methods/ Statistical Methods; C3; D21; D8. |
| Ano: 2006 |
URL: http://purl.umn.edu/21081 |
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| Chavas, Jean-Paul; Kim, Kwansoo; Lauer, Joseph G.; Klemme, Richard M.; Bland, William L.. |
| This study investigates the recent evolution of corn yield, with a special focus on the tradeoff between corn profitability and risk. The analysis relies on time-series data from Wisconsin experimental farms at the edge of the Corn Belt. An econometric model of corn yield, corn grain moisture, and corn profitability is specified. Both conditional means and conditional variances are estimated for different sites in Wisconsin. The empirical analysis shows the changes in corn yield and profit over time and across space. The evidence suggests that yield trends are due mostly to technical progress, with smaller effects generated by climate change. On average, corn yield and profitability have improved faster in northern Wisconsin than in the Corn Belt.... |
| Tipo: Journal Article |
Palavras-chave: Crop Production/Industries. |
| Ano: 2001 |
URL: http://purl.umn.edu/31152 |
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| Chavas, Jean-Paul; Barham, Bradford L.. |
| This paper investigates the microeconomics of diversification, based on a two-period model of an owner-managed firm facing uncertainty. The analysis utilizes a general state-contingent representation of uncertainty and learning. Economies of diversification are defined based on a certainty equivalent, which has three components: expected profit, the risk premium (measuring the cost of risk aversion), and the value of information associated with learning. The influence of scale effects, “trans-ray concavity” effects, and income effects on economies of diversification are examined in detail. We argue that, while scope economies and risk aversion can provide general incentives for diversification, information and learning can have the opposite effect. By... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2007 |
URL: http://purl.umn.edu/92141 |
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| Chavas, Jean-Paul; Cox, Thomas L.. |
| A generalization of Shephard's distance functions is proposed, extending the usefulness of distance functions in economic analysis. Applications to efficiency measurements and productivity analysis are presented. New indexes of productivity, and technical, allocative and scale efficiency are proposed and analyzed. Interpretation of these indexes in terms of ray-average cost, ray-average revenue, and cost-to-revenue ratio is discussed. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Production Economics. |
| Ano: 1999 |
URL: http://purl.umn.edu/12601 |
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| Chavas, Jean-Paul; Barham, Bradford L.. |
| We present a dynamic model of economic behavior of an owner-operated firm under bounded rationality, and develop the implications for the assessment of economic efficiency and the understanding of entrepreneurship. Under bounded rationality, information about technology and market conditions is not perfectly known, creating the possibility for learning. Uncertainty is represented using a general state-contingent approach. Efficiency analysis is explored using a certainty equivalent measure, which is the sum of three parts: expected net income, a conditional value of information, and a risk premium (measuring the implicit cost of private risk bearing). The analysis yields critical insights about the role of learning in technical efficiency, allocative... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2007 |
URL: http://purl.umn.edu/92142 |
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| Barham, Bradford L.; Chavas, Jean-Paul. |
| The implications of sunk costs for many key questions in agricultural economics have yet to be explored. This paper uses a dynamic model of investment behavior to explore how sunk costs can shape market outcomes in ways that might not match predictions of standard competitive models. Applying the model to several key issues in agricultural markets and international trade offers new perspectives that challenge conventional wisdoms. Institutional and policy innovations are also examined for their potential to improve welfare outcomes when sunk costs impede factor mobility. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agricultural and Food Policy. |
| Ano: 1997 |
URL: http://purl.umn.edu/12686 |
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| Brorsen, B. Wade; Chavas, Jean-Paul; Grant, Warren R.. |
| A method was developed with time series models to test hypotheses about the relationship between market structure and spatial price dynamics. Long-run dynamic multipliers measuring the magnitude of lagged adjustments for spatial milled rice prices were calculated from the time series model and used as the dependent variable in a regression model that included a number of factors expected to influence price determination. Results show that price adjustments were slower as regional submarket concentration increased and were faster in the regions with a higher market share. Arkansas, the state with the largest market share, was consistently a price leader |
| Tipo: Journal Article |
Palavras-chave: Demand and Price Analysis; Industrial Organization. |
| Ano: 1991 |
URL: http://purl.umn.edu/30057 |
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| Chavas, Jean-Paul; Pope, Rulon D.; Kao, Robert S.. |
| An integrated investigation of futures price, cash price, and government programs is presented in the context of an econometric model of acreage supply response for U.S. corn and soybeans. The analysis refines the role of different sources of price information in the farmers' acreage decision. It is found that the government corn support price program plays a major role in corn and soybean production decisions. Also, the results indicate that futures prices are not good proxies for expected future cash prices in the presence of government programs. This raises questions about the information efficiency of futures prices when government intervenes in the market place. |
| Tipo: Journal Article |
Palavras-chave: Crop Production/Industries. |
| Ano: 1983 |
URL: http://purl.umn.edu/32481 |
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| Dhar, Tirtha Pratim; Chavas, Jean-Paul; Cotterill, Ronald W.. |
| This paper develops an analysis of markets for differentiated products. It relies on the concept of latent separability for consumer preferences. As proposed by Blundell and Robin, latent separability assumes that purchased products are allocated in the production of latent intermediate utility-yielding goods. Product differentiation can arise when each product makes a different contribution to the production of the latent goods. Latent separability is particularly attractive in the investigation of markets for branded products where the number of brands is large. It allows focusing on the demand for a smaller number of latent goods. Our approach is based on a quadratic almost ideal demand system (Q-AIDS), which provides a flexible representation of... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agribusiness. |
| Ano: 2003 |
URL: http://purl.umn.edu/21892 |
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| Registros recuperados: 53 | |
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