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Dynamic Adjustment of U.S. Agriculture to Energy Price Changes AgEcon
Lambert, David K.; Gong, Jian.
Energy prices increased significantly following the first energy price shock of 1973. Agricultural producers found few short run substitution possibilities as relative factor prices changed. Inelastic demands resulted in total expenditures on energy inputs that have closely followed energy price changes over time. A dynamic cost function model is estimated to derive short and long run adjustments within U.S. agriculture between 1948 and 2002 to changes in relative input prices. The objective is to measure the degree of farm responsiveness to energy price changes and if this responsiveness has changed over time. Findings support inelastic demands for all farm inputs. Statistical results support moderate increases in responses to energy and other input price...
Tipo: Journal Article Palavras-chave: Dynamic cost function; Energy prices; U.S. agriculture; Agricultural and Food Policy; Demand and Price Analysis; International Development; Production Economics; Productivity Analysis; Q11; Q41.
Ano: 2010 URL: http://purl.umn.edu/90666
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The Effects of Trivial Attributes on Choice of Food Products AgEcon
Miljkovic, Dragan; Gong, Jian; Lehrke, Linda.
Trivial or irrelevant attributes are defined as attributes that do not create a meaningful difference in a brand’s performance. The objective of this paper is to determine if and how trivial attributes affect consumers in their choice of variety/brands of food products including frozen green beans, orange juice, canola oil, and frosted strawberry toaster pastries. Sixty subjects participated in the experiment. Subjects understood that trivial attributes are less important than substantive attributes. Substantive (important) quality attributes and economic variables affecting choice were all perceived equal across brands by the subjects in the experiment. Two critical driving forces in determining the presence and direction of the effect of a trivial...
Tipo: Journal Article Palavras-chave: Consumer choice; Food products; Product attributes; Promotional attributes; Choice set size; Trivial attributes; Agribusiness.
Ano: 2009 URL: http://purl.umn.edu/55557
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