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Registros recuperados: 19
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ESTIMATING THE IMPACT OF BEEF IMPORT RESTRICTIONS IN THE US IMPORT MARKET AgEcon
Chambers, Robert G.; Just, Richard E.; Moffitt, L. Joe; Schmitz, Andrew.
A beef import model is specified and estimated using disequilibrium econometrics. The statistical significance of the model suggests that disequilibrium has historically existed in the US beef import market. Surplus analysis based on the disequilibrium framework indicates that a welfare loss has been incurred as a result of the quota and associated voluntary restraint programmes that have existed in that market.
Tipo: Journal Article Palavras-chave: International Relations/Trade; Marketing.
Ano: 1981 URL: http://purl.umn.edu/22869
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ON THE COMPETITIVE FIRM UNDER PRODUCTION UNCERTAINTY AgEcon
Pope, Rulon D.; Just, Richard E..
Risky production functions which are commonly in use are shown to be very restrictive. In particular, such functions cannot describe technologies where inputs marginally reduce risk. A simple production function which avoids these restrictions is posited and alternative estimation procedures are discussed. Both maximum likelihood and multistage estimators are discussed.
Tipo: Journal Article Palavras-chave: Production Economics.
Ano: 1977 URL: http://purl.umn.edu/22481
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SETTING EFFICIENT INCENTIVES FOR AGRICULTURAL RESEARCH: LESSONS FOR PRINCIPAL-AGENT THEORY AgEcon
Huffman, Wallace E.; Just, Richard E..
This paper presents a conceptual analysis of important issues in management of agricultural research drawing on principal-agent theory and derives implications for funding and management of agricultural research. Building on well known attributes of research, whereby research results are risky, outputs are uncertain and sometimes unanticipated, more than one approach has validity for a given topic, we consider how incentives should be structured to elicit optimal research effort and directions, whether research directions should be set at a centralized or decentralized level, and the optimal duplication of effort. The results suggest that (i) the current trend toward replacement of formula funding by competitive grants allocation may be ill conceived,...
Tipo: Working or Discussion Paper Palavras-chave: Research management; Research funding; Agriculture; Principal-agent theory; Research incentives; Scientists' effort; Noncompetitive funding; Competitive funding; Duplicative effort; Research and Development/Tech Change/Emerging Technologies.
Ano: 1998 URL: http://purl.umn.edu/18253
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SOME GUIDING PRINCIPLES FOR EMPIRICAL PRODUCTION RESEARCH IN AGRICULTURE AgEcon
Just, Richard E..
Constraints on production economic research are examined in three dimensions: problem focus, methodology, and data availability. Data availability has played a large role in the choice of problem focus and explains some misdirected focus. A proposal is made to address the data availability constraint. The greatest self-imposed constraints are methodological. Production economics has focused on flexible representations of technology at the expense of specificity in preferences. Yet some of the major problems faced by decision makers relate to long-term problems, e.g., the commodity boom and ensuring debt crisis of the 1970s and 1980s where standard short-term profit maximization models are unlikely to capture the essence of decision maker concerns.
Tipo: Journal Article Palavras-chave: Production Economics.
Ano: 2000 URL: http://purl.umn.edu/31296
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AGRICULTURAL RESEARCH: BENEFITS AND BENEFICIARIES OF ALTERNATIVE FUNDING MECHANISM AgEcon
Huffman, Wallace E.; Just, Richard E..
The United States has developed a very successful R&D system for agriculture. It is a system with shared cost/financing and performance by the federal and state governments and by the private sector. The paper presents an economic analysis of alternative organization, management, incentive, and funding mechanisms for agricultural research under budget constraints, including some emphasis on the kinds of benefits that are generated and the groups that receive them. We conclude that the private sector should be permitted to carry out research that it finds profitable to undertake with minimal competition from the public sector. The public research institutions should focus on general and pretechnology science programs that complement private R&D...
Tipo: Working or Discussion Paper Palavras-chave: Research; R&D; Funding; Innovations; Science; Agriculture; Research and Development/Tech Change/Emerging Technologies.
Ano: 1997 URL: http://purl.umn.edu/18259
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ESTIMATING THE IMPACT OF BEEF IMPORT RESTRICTIONS IN THE US IMPORT MARKET: REPLY AgEcon
Chambers, Robert G.; Just, Richard E.; Moffitt, L. Joe; Schmitz, Andrew.
Tipo: Journal Article Palavras-chave: International Relations/Trade; Livestock Production/Industries.
Ano: 1982 URL: http://purl.umn.edu/22709
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Discovering Production and Supply Relationships: Present Status and Future Opportunities AgEcon
Just, Richard E..
In this paper the current state of supply modelling in agriculture is reviewed. It is argued that (I) the stock of knowledge of elasticities is depreciating, (2) historical estimates are misleading because many phenomena are confounded in few parameters, (3) available data are not being efficiently exploited, and (4) a proliferation of hypotheses is leading to an inability to discriminate in an appropriately comprehensive context. The latter problem is leading to an inability to do forward-looking analyses. Several suggestions are made for dealing with these problems that involve some relaxation of the standard of objectivity which in reality is unattainable in many kinds of practical applied work.
Tipo: Journal Article Palavras-chave: Demand and Price Analysis.
Ano: 1993 URL: http://purl.umn.edu/10322
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Agricultural Arbitrage and Risk Preferences AgEcon
Pope, Rulon D.; LaFrance, Jeffrey T.; Just, Richard E..
A structural inter-temporal model of agricultural asset arbitrage equilibrium is developed and applied to agriculture in the North-Central region of the U.S. The data is consistent with unifying level of risk aversion. The levels of risk aversion are more plausible than previous estimates for agriculture. However, the standard arbitrage equilibrium is rejected; perhaps this is due to the period and the shortness of the period studied.
Tipo: Working or Discussion Paper Palavras-chave: Risk and Uncertainty.
Ano: 2007 URL: http://purl.umn.edu/7189
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IN DEFENSE OF FENCE TO FENCE: CAN THE BACKWARD BENDING SUPPLY CURVE EXIST? AgEcon
Just, Richard E.; Zilberman, David.
Politicians dealing with the “"farm problem”" sometimes lament that output increases when prices go up and when prices go down. This article presents three possible theoretical explanations. In the first, farmers deplete soil (over-farm) when prices are low and imperfect capital markets prevent borrowing. In the second, farmers in financial stress (low prices) allocate more family labor to farming to meet debt-repayment constraints. In the third, wealth held in farmland tends to decline as prices decline. With decreasing absolute risk aversion, this increases risk aversion which, in extreme cases, causes negative supply response.
Tipo: Journal Article Palavras-chave: Farm Management.
Ano: 1992 URL: http://purl.umn.edu/30945
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TRANSACTION COSTS, FADS, AND POLITICALLY MOTIVATED MISDIRECTION IN AGRICULTURAL RESEARCH AgEcon
Huffman, Wallace E.; Just, Richard E..
This paper examines efficiency implications of national and local policies for fund allocation and management of agricultural research, which produce pure and impure public goods. The possibility is examined that competitive grants programs increase rent seeking activities by scientists relative to specific block grants or formula allocations and thereby reduce both the real resources available to produce traditional research outputs and the productivity with which research resources are used. Management of local research units, including advantages of incentive compatible contracts, is also considered. Additional conceptual and empirical work are needed before the issues are resolved.
Tipo: Working or Discussion Paper Palavras-chave: Research and Development/Tech Change/Emerging Technologies.
Ano: 1995 URL: http://purl.umn.edu/18240
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COMPENSATING VARIATION WITHOUT APOLOGY? WILLINGNESS-TO-PAY AND THE FAILURE OF INTEGRABILITY AgEcon
Just, Richard E.; Gilligan, Daniel O..
Failure of integrability is shown to cause path-dependence of willingness-to-pay measures of welfare change. Using the linear expenditure system, effects of failure of integrability are negligible (substantial) for estimating income (price) elasticities. For single price changes, Hausman's approach to calculating willingness to pay from ordinary demands becomes subject to excessive errors of estimation. For multiple price changes, calculations of willingness to pay become path dependent. The empirical approach of Vartia to calculation of willingness to pay for multiple price changes thus involves an arbitrary choice of path. Furthermore, the Willig results justifying consumer surplus approximation fail.
Tipo: Conference Paper or Presentation Palavras-chave: Consumer/Household Economics; Demand and Price Analysis.
Ano: 1998 URL: http://purl.umn.edu/20814
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INCOME DISTRIBUTIONAL IMPLICATIONS OF WATER POLICY DECISIONS AgEcon
Just, Richard E.; Zilberman, David.
Intrasectoral issues have received relatively little attention in analysis of the distributional consequences of natural resource policy decisions. This paper presents a framework for such analysis and examines how intrasectoral issues can change intertemporally, focusing on water policy in agriculture. The results show that income distribution among farmers depends on the stochastic structure of production and marketing, the size distribution of farms, credit market imperfections, and risk aversion in farmer decisions. It is shown that the introduction of water conservation policies may lead to more equitable income distribution among farmers.
Tipo: Journal Article Palavras-chave: Resource /Energy Economics and Policy.
Ano: 1985 URL: http://purl.umn.edu/32306
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Deficits and Agriculture: An Alternative Parable AgEcon
Just, Richard E.; Chambers, Robert G..
Tipo: Working or Discussion Paper Palavras-chave: International Relations/Trade.
Ano: 1987 URL: http://purl.umn.edu/51240
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General Equilibrium in Vertical Market Structures: Overselling versus Overbuying AgEcon
Just, Richard E.; Rausser, Gordon C..
The lens used by the courts and much of the antitrust literature on predatory selling and/or buying is based on partial equilibrium methodology. We demonstrate that such methodology is unreliable for assessments of predatory monopoly or monopsony conduct. In contrast to the typical two-stage dynamic analysis involving a predation period followed by a recoupment period, we advance a general equilibrium analysis that demonstrates the critical role of related industries and markets. Substitutability versus complementarity of both inputs and outputs is critical. With either monopolistic or monopsonistic market power (but not both), neither predatory overselling nor predatory overbuying is profitably sustainable. Two-stage predation/recoupment is profitable...
Tipo: Working or Discussion Paper Palavras-chave: Marketing.
Ano: 2007 URL: http://purl.umn.edu/7194
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A SOLID WASTE PLAN FOR SOUTHEASTERN OKLAHOMA AgEcon
Salkin, Michael S.; Just, Richard E..
Tipo: Journal Article Palavras-chave: Public Economics.
Ano: 1976 URL: http://purl.umn.edu/29967
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THE DISTRIBUTIONAL EFFECTS OF LAND CONTROLS IN AGRICULTURE AgEcon
Rausser, Gordon C.; Zilberman, David; Just, Richard E..
The paper introduces a framework for analyzing the impacts of land control programs on agricultural production under heterogenous land qualities, heterogenous production technologies and imperfect capital markets. It shows that the introduction of diversion programs tends to benefit land owners while harming operators. Moreover, it tends to increase the separation of land ownership and operation and increase concentration among operators. Diversion programs tend to raise land prices lass than proportional to the increases in rental rates. They encourage the adoption of yield increasing technologies, and may also encourage adoption of cost reducing technologies when credit is a binding constraint. Participation in voluntary government programs tends to...
Tipo: Journal Article Palavras-chave: Land Economics/Use.
Ano: 1984 URL: http://purl.umn.edu/32138
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SETTING EFFICIENT INCENTIVES FOR AGRICULTURAL RESEARCH: LESSONS FROM PRINCIPAL-AGENT THEORY II AgEcon
Huffman, Wallace E.; Just, Richard E..
This paper presents one of the first systematic treatments of economic incentives in the management of academic research and major inefficiencies in common funding mechanisms. Building on well-known but unusual attributes of research whereby the research payoff is only the “"best”" of scientists'’ outputs, payoffs are highly uncertain, asymmetric information exists on scientists'’ effort, and scientists'’ are more risk averse than administrators, we consider how incentives should be structured to elicit optimal research effort and payoffs using a principal-agent model with heterogenous ability across scientists. We then conduct a systematic analysis of the implications from the model for the three major forms of agricultural experiment station...
Tipo: Working or Discussion Paper Palavras-chave: Research management; Research incentives; Heterogenous ability; Agriculture; Principal-agent theory; Implicit contracting; Funding mechanisms; Research and Development/Tech Change/Emerging Technologies.
Ano: 1999 URL: http://purl.umn.edu/18236
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THE ORGANIZATION OF AGRICULTURAL RESEARCH IN WESTERN DEVELOPED COUNTRIES AgEcon
Huffman, Wallace E.; Just, Richard E..
This paper reviews agricultural research structural and organization changes in western developed countries, examines new financing prospects for agricultural research, and provides some tentative conclusions about which organizations are best positioned to provide services for the 21st century. Given that these countries face many similar economic, political, scientific, and agroclimatic factors and fiscal issues, we can expect a similar set of similar new developments that have potentially important and widespread long-run implications. After three common developments are outlined, principles of impure public good financing are applied leading to the following agricultural science policy recommendations (i) new political jurisdictions should be formed...
Tipo: Working or Discussion Paper Palavras-chave: Agricultural science policy; Research funding; Agricultural research; Developed countries; Impure public goods; Optimal decentralization; Alliances; Intellectual property rights; New developments; Research and Development/Tech Change/Emerging Technologies.
Ano: 1998 URL: http://purl.umn.edu/18262
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Predatory Behavior in Vertical Market Structures: A General Equilibrium Approach AgEcon
Just, Richard E.; Rausser, Gordon C..
Tipo: Working or Discussion Paper Palavras-chave: Marketing.
Ano: 2007 URL: http://purl.umn.edu/7201
Registros recuperados: 19
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