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| Registros recuperados: 35 | |
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| Dorfman, Jeffrey H.. |
| What makes agriculture especially deserving of an active government safety net? What is different about agricultural production? Are we concerned about a safe and reliable food supply or about farmers' incomes and returns to assets? Those who make farm policy base their arguments on all of these points: the diffuse nature of agricultural production, the inherent production risk in agriculture, the need for a safe and reliable food supply, shortcomings in farm income, and low returns to assets in agriculture. This paper addresses these points and, in so doing, rules out some of these concerns as legitimate bases for current agricultural policies. By focusing on those that are genuine, U.S. farm policy could spend limited resources in areas where the most... |
| Tipo: Journal Article |
Palavras-chave: Agricultural policy; Farm income; Farm-sector safety net; Market power; Agricultural and Food Policy; Agricultural Finance. |
| Ano: 2000 |
URL: http://purl.umn.edu/14707 |
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| Purvis, Jack; Kramer, Elizabeth; Dorfman, Jeffrey H.. |
| In order to avoid costly data collection practices common in hedonic valuation of aesthetic amenities, easy-to-collect secondary County tax and geospatial data are used to derive estimates for spatial effects on residential land values. Three Georgia Counties were selected due to data availability: Clarke, Henry, and Richmond. All properties meeting panel-design criterion are included in analysis samples. Large datasets prompt the omission of traditional hedonic model variables such as property characteristics. The focus of analysis is directed toward Canopy and Impervious land-cover estimates. Focal means are calculated at different ranges for immediate and neighborhood-wide assessment of surrounding cover. Community variables designed to describe... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Land Economics/Use. |
| Ano: 2011 |
URL: http://purl.umn.edu/98872 |
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| Dorfman, Jeffrey H.; Hill, Elizabeth; Kramer, Elizabeth. |
| Many communities are experiencing the negative effects associated with not sustaining a sufficient level of tree canopy coverage. Tree canopy plays a crucial role in the environment, providing benefits such as clean water and air, erosion prevention, climate control, and sustained ecological resources and native species habitat. Additionally, tree canopy plays an economic role by increasing housing values, alleviating expenditures related to erosion destruction, decreasing spending on sewer standards, increasing energy efficiency, and reducing medical costs related to health issues, such as asthma, that are associated with environmental degradation. To study how local government policies may be related to changes in tree canopy, an empirical study was... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Land Economics/Use. |
| Ano: 2007 |
URL: http://purl.umn.edu/9863 |
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| Poray, Michael C.; Foster, Kenneth A.; Dorfman, Jeffrey H.. |
| Structural change in meat consumption has been the focus of many researchers during the last two decades. In this paper we develop a dynamic linear Almost Ideal Demand System (AIDS) model from a cost function that allows for time varying parameters. This model is consistent with inertia in the parameters of the cost and indirect utility functions. It allows for persistent preferences which may arise from cultural biases, lifestyles, peer pressure, etc. An empirical application is conducted with US meat consumption and price data using a generalized system of flexible least squares, Generalized Flexible Least Squares (GFLS). GFLS allows parameters to evolve slowly over time through incorporating of penalties in fluctuations. Estimated quarterly... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Demand and Price Analysis; Institutional and Behavioral Economics. |
| Ano: 2000 |
URL: http://purl.umn.edu/21796 |
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| Bergstrom, John C.; Dorfman, Jeffrey H.; Loomis, John B.. |
| Recognition of the benefits to society supported by estuary ecosystem functions and services, and threats to these benefits posed by human activities, has led to various public programs to restore and protect estuaries and the federal, state and local levels. As available budgets shrink, program administrators and public elected officials struggle to allocate limited restoration and protection funds to the highest priority areas. Economic benefit and cost information can provide useful inputs into this decision-making process by quantifying estuary restoration and protection benefits and costs in commensurate terms. In this paper, a combined actual and intended travel behavior model is described that can be applied to estimate the recreational fishing... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Resource /Energy Economics and Policy. |
| Ano: 2003 |
URL: http://purl.umn.edu/16694 |
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| Rahman, Shaikh Mahfuzur; Dorfman, Jeffrey H.; Turner, Steven C.. |
| Cottonseed crushers face substantial risk in terms of input and output price variability and they are limited in their planning by the lack of viable futures markets for cottonseed or cottonseed products. This study examines the feasibility of cross-hedging cottonseed products using soybean complex futures. Bayesian tests for market efficiency are performed on the cash and futures prices. The test results reject the presence of nonstationary roots, leading to the conclusion that the markets are not efficient. Different cross-hedging strategies are designed and analyzed for eight different hedging horizons in order to maximize the expected profit and utility of the crusher. A Bayesian approach is employed to estimate the parameters, which is consistent with... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2002 |
URL: http://purl.umn.edu/19708 |
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| Hall, R. Lee; Dorfman, Jeffrey H.; Gunter, Lewell F.. |
| Three models of spatial competition are tested on retail price data for the agricultural chemical industry. Three empirical tests find no evidence of any spatial competition using data from sixty-five retailers and twelve different chemicals. Demand and supply-side variables have statistically significant, but economically trivial impacts on retail chemical prices. These results point to a virtually complete control of retail prices by the chemical manufacturers, likely through the rebate program they offer retailers. The oligopoly structure of the chemical manufacturing industry makes such control possible. The results suggest that consolidation of retailers or distributors will not have anti-competitive effects since price competition is essentially... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural chemicals; Market power; Spatial competition; Industrial Organization. |
| Ano: 2003 |
URL: http://purl.umn.edu/18984 |
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| Dorfman, Jeffrey H.; McIntosh, Christopher S.. |
| Forecasts of economic time series are often evaluated according to their accuracy as measured by either quantitative precision or qualitative reliability. We argue that consumers purchase forecasts for the potential utility gains from utilizing them, not for their accuracy. Using Monte Carlo techniques to incorporate the temporal heteroskedasticity inherent in asset returns, the expected utility of a set of qualitative forecasts is simulated for corn and soybean futures prices. Monetary values for forecasts of various reliability levels are derived. The method goes beyond statistical forecast evaluation, allowing individuals to incorporate their own utility function and trading system into valuing a set of asset price forecasts. |
| Tipo: Journal Article |
Palavras-chave: Commodity prices; Forecast evaluation; Value of information; Consumer/Household Economics. |
| Ano: 1997 |
URL: http://purl.umn.edu/15060 |
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| Wang, Xuecai; Dorfman, Jeffrey H.; McKissick, John C.; Turner, Steven C.. |
| In many parts of the U.S., beef cattle production is a large sector of the agricultural economy, yet few of the cattle are stockered; instead the production is focused on cow-calf operations only. Restricting their operation to only the first phase of beef production may be limiting the cattle owners' profit potential. This paper examines the opportunities for operators to earn additional profit from stockering cattle. Using a representative risk-averse producer, a decision set with seven possible marketing strategies is elevated for the optimal decision in a Bayesian framework which allows for price and production risk. We find that in many instances retaining the cattle for stockering is a superior decision when done in conjunction with specific... |
| Tipo: Journal Article |
Palavras-chave: Cattle; Decision science; Estimation risk; Marketing; Livestock Production/Industries; C6; D2; Q1. |
| Ano: 2001 |
URL: http://purl.umn.edu/15442 |
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| Hall, R. Lee; Dorfman, Jeffrey H.; Gunter, Lewell F.. |
| Three theories of spatial competition are tested on retail price data for the agricultural chemical industry. The empirical tests find only weak evidence of any spatial competition using primary data from sixty-five retailers and twelve different chemicals. Demand and supply-side variables have statistically significant, but economically trivial impacts on retail chemical prices. Competition in the local retail chemical markets appears to have virtually no effect on the retail chemical prices. These results point indirectly to a virtually complete control of retail prices by the chemical manufacturers, likely through the rebate program they offer retailers. The oligopoly structure of the chemical manufacturing industry makes such control possible.... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Demand and Price Analysis. |
| Ano: 2004 |
URL: http://purl.umn.edu/20340 |
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| Poray, Michael C.; Foster, Kenneth A.; Dorfman, Jeffrey H.. |
| Structural change in meat consumption has been the focus of many researchers during the last two decades. In this paper we develop a dynamic linear Almost Ideal Demand System (AIDS) model from a cost function that allows for time varying parameters. This model is consistent with inertia in the parameters of the cost and indirect utility functions. It allows for persistent preferences which may arise from cultural biases, lifestyles, peer pressure, etc. An empirical application is conducted with US meat consumption and price data using a generalized system of flexible least squares, Generalized Flexible Least Squares (GFLS). GFLS allows parameters to evolve slowly over time through incorporating of penalties in fluctuations. Estimated quarterly... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Demand and Price Analysis. |
| Ano: 2001 |
URL: http://purl.umn.edu/28672 |
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| Rahman, Shaikh Mahfuzur; Dorfman, Jeffrey H.; Turner, Steven C.. |
| Cottonseed crushers face substantial risk in terms of input and output price variability and they are limited in their planning by the lack of a viable futures contract for cottonseed or cottonseed products. This study examines the feasibility of cross-hedging cottonseed products using the soybean complex futures. Different cross-hedging strategies are evaluated for eight time horizons relative to the expected profit and utility of the crusher. A Bayesian approach is employed to estimate both model parameters and optimal hedge ratios, allowing consistency with expected utility maximization in the presence of estimation risk. The results reveal that both whole cottonseed and cottonseed products can be successfully cross-hedged using soybean complex futures.... |
| Tipo: Journal Article |
Palavras-chave: Bayesian decision science; Cottonseed; Cross-hedging; Risk management; Crop Production/Industries. |
| Ano: 2004 |
URL: http://purl.umn.edu/31114 |
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| Dorfman, Jeffrey H.; Park, Myung D.. |
| The agricultural economics literature, both academic and trade, has discussed the assumed presence of cycles in livestock markets such as cattle and hogs for a very long time. Since Jarvis (1974), there has been considerable discussion over how these cycles impact optimal economic decision making. Subsequent studies such as Rucker, Burt, and LaFrance (1984), Hayes and Schmitz (1987), Foster and Burt (1992), Rosen, Murphy, and Scheinkman (1994), and Hamilton and Kastens (2000) have all investigated some aspect of how biological factors, economic events, or economic actions could be causes of and/or responses to cycles in hog and cattle inventories. There has also been debate, again both in the academic and trade literature, over the length of the cycle(s)... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Bayesian econometrics; Cattle cycles; Hog cycles.; Agribusiness; Livestock Production/Industries; Production Economics. |
| Ano: 2009 |
URL: http://purl.umn.edu/49278 |
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| Dorfman, Jeffrey H.; Sanders, Dwight R.. |
| Myers and Thompson (1989) noted that the model specification could have a large impact on the hedge ratio estimated. A huge literature exists on estimating hedge ratios, but the literature is lacking a formal treatment of model specification uncertainty. This research accomplishes that task by taking a Bayesian approach to hedge ratio estimation, where specification uncertainty is explicitly modeled. The methodology is applied to data on hedging of corn and soybeans and on cross-hedging of corn oil using soybean oil futures. Results show the potential benefits and insights gained from such an approach. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2005 |
URL: http://purl.umn.edu/19268 |
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| Dorfman, Jeffrey H.; Atkinson, Scott E.. |
| A large literature exists on measuring the allocative and technical efficiency of a set of firms. A segment of this literature uses data envelopment analysis (DEA), creating relative efficiency rankings that are nonstochastic and thus cannot be evaluated according to the precision of the rankings. A parallel literature uses econometric techniques to estimate stochastic production frontiers or distance functions, providing at least the possibility of computing the precision of the resulting efficiency rankings. Recently, Horrace and Schmidt (2000) have applied sampling theoretic statistical techniques known as multiple comparisons with control (MCC) and multiple comparisons with the best (MCB) to the issue of measuring the precision of efficiency rankings.... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Research Methods/ Statistical Methods. |
| Ano: 2002 |
URL: http://purl.umn.edu/19800 |
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| Karali, Berna; Dorfman, Jeffrey H.; Thurman, Walter N.. |
| We study the difference in the volatility dynamics of CBOT corn, soybeans, and oats futures prices across different delivery horizons via the smoothed Bayesian estimator of Karali, Dorfman, and Thurman (2010). We show that the futures price volatilities in these markets are affected by the inventories, time to delivery, and the crop progress period. Some of these effects vary across delivery horizons. Further, it is shown that the price volatility is higher before the harvest starts in most of the cases compared to the volatility during the planting period. These results have implications for hedging, options pricing, and the setting of margin requirements. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Bayesian econometrics; Futures markets; Seasonality; Theory of storage; Volatility; Agribusiness; Agricultural and Food Policy; Agricultural Finance; Consumer/Household Economics; Demand and Price Analysis; Farm Management; Financial Economics; Marketing; Research Methods/ Statistical Methods; Risk and Uncertainty. |
| Ano: 2009 |
URL: http://purl.umn.edu/53036 |
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| Registros recuperados: 35 | |
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