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| Registros recuperados: 32 | |
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| Chouinard, Hayley H.; Davis, David E.; LaFrance, Jeffrey T.; Perloff, Jeffrey M.. |
| Do milk marketing orders affect various demographic groups differently? To answer this question, we use supermarket scanner data to estimate an incomplete demand system for dairy products. Based on these estimates, we simulate substitution effects among dairy products and the welfare impacts of price changes resulting from changes in milk marketing orders for various consumer groups. While we find little difference in own- and cross-price substitution elasticities of demand, the welfare effects of price changes vary substantially across demographic groups, with some losing and others winning from this government program. Families with young children suffer from marketing orders, while wealthier childless couples benefit. Additionally, we find that... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Consumer/Household Economics. |
| Ano: 2006 |
URL: http://purl.umn.edu/21238 |
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| Goodhue, Rachael E.; LaFrance, Jeffrey T.; Simon, Leo K.. |
| We consider the impact of taxes on the quantity and quality produced of goods whose market values accrue with age. The analysis is motivated by the high and increasing taxation rates in the wine industry across the globe. If society values both quality and quantity as goods, an optimal tax system would never reduce the quality marketed, though it necessarily reduces quantity. Any two-tax system that includes a volumetric sales tax and any one of three other types of tax an ad valorem sales tax, an ad valorem storage tax, or a volumetric storage tax spans the quality/revenue space and can support an optimal tax system. Any tax system that reduces quality relative to the market equilibrium with no taxes could increase tax revenues and reduce the quality... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Industrial Organization; Public Economics. |
| Ano: 2004 |
URL: http://purl.umn.edu/25021 |
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| LaFrance, Jeffrey T.; Burt, Oscar R.. |
| Aggregate U.S. agricultural supply response is modeled through a modified partial adjustment model, where the effects of weather and other temporal stochastic effects are structured to be purely static, while the effects of price and technology, or trend, are dynamic. The model is applied to a time series of aggregate U.S. farm output, aggregate U.S. crop production, and aggregate U.S. livestock and livestock products production for several sample periods within the period 1911-1958. The three aggregate output indexes are tested for irreversibilities in supply response, and no evidence of a definitive irreversible supply function is found for any of the dynamic supply models. The use of a nonstochastic difference equation to model the aggregate farm... |
| Tipo: Journal Article |
Palavras-chave: Demand and Price Analysis; Production Economics. |
| Ano: 1983 |
URL: http://purl.umn.edu/32483 |
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| LaFrance, Jeffrey T.. |
| An econometric model of annual per capita U.S. food and nutrition demand is developed. The model is a flexible, full rank two Gorman polar form. It is strictly aggregable across income, demographic variables, and variations in micro preference parameters. Parametric conditions for global quasi-concavity of the (quasi-)utility function are derived. The model is implemented with annual time series data on U.S. per capita food consumption for the sample period 1918-1994. A battery of new test statistics are developed for and applied to the following hypotheses: (1) strict exogeneity of income or total expenditures; (2) global symmetry and negative semidefiniteness of the Slutsky substitution matrix; (3) parameter stability in a multivariate, nonlinear... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agricultural and Food Policy; Demand and Price Analysis. |
| Ano: 1999 |
URL: http://purl.umn.edu/25007 |
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| LaFrance, Jeffrey T.; Shimshack, Jay P.; Wu, Steven Y.. |
| A partial equilibrium model of stochastic crop production is used to analyze the environmental impacts of popular subsidized crop insurance programs. Land use is unchanged only when an actuarially fair, perfectly separating insurance contract is offered. For the more typical pooling equilibrium contracts, however, land with a minimum quality that is strictly lower than the minimum quality without insurance will be added to production. In such cases, the environment will be adversely effected. If economically marginal land is also environmentally marginal, pooling crop insurance policies disproportionately contribute to the degradation of the environment. Popular subsidies merely exacerbate the problem. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Environmental Economics and Policy; Risk and Uncertainty. |
| Ano: 2001 |
URL: http://purl.umn.edu/25082 |
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| LaFrance, Jeffrey T.. |
| Engineering models generally find that most consumers are unwilling to adopt energy efficient appliances, even though the financial returns are positive. It is commonly thought that this is either due to market imperfections such as an incomplete credit market, very high intertemporal consumer discount rates, or irrational behavior. This paper presents a more sanguine explanation based on a model of rational dynamic choice in an uncertain environment. A random utility model (RUM) with consumer preferences that depend on the quality mix of energy-using appliances predicts that under plausible conditions - including the consumer's intertemporal discount rate equal to the real market rate of return on risk free investments - it may well be optimal for... |
| Tipo: Working Paper |
Palavras-chave: Appliances; Consumers' preferences; Econometric models; Efficiency; Energy; Consumer/Household Economics. |
| Ano: 2005 |
URL: http://purl.umn.edu/120462 |
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| LaFrance, Jeffrey T.. |
| The separability hypothesis and expenditure as an exogenous variable in a system of conditional demands are analyzed. Expenditure cannot be weakly exogenous in a system of conditional demands specified as functions of the prices of the separable goods and total expenditure on those goods. Furthermore, expenditure is uncorrelated with the residuals of the conditional demand equations only when severe restrictions are satisfied. Therefore, expenditure will seldom be strictly exogenous. Econometric methods are presented for the consistent and efficient estimation of the unknown parameters when expenditures is correlated with the residuals and when it is not. |
| Tipo: Journal Article |
Palavras-chave: Demand and Price Analysis. |
| Ano: 1991 |
URL: http://purl.umn.edu/32621 |
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| Watts, Myles J.; Shimshack, Jay P.; LaFrance, Jeffrey T.. |
| Livestock grazing on public lands continues to be a source of intense conflict and debate. We analyze this problem using a dynamic game. Low grazing fees let ranchers capture more rent from grazing. This increases the incentive to comply with federally mandated regulations. Optimal grazing contracts therefore include grazing fees that are lower than competitive private rates. The optimal policy also includes random monitoring to prevent strategic learning by cheating ranchers and avoid wasteful efforts to disguise noncompliant behavior. Finally, an optimal policy includes a penalty for cheating beyond terminating the lease. This penalty must be large enough that the rancher who would profit the most from cheating experiences a negative expected net return. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Renewable resources; Public lands grazing policy; Optimal contracts; Land Economics/Use. |
| Ano: 2006 |
URL: http://purl.umn.edu/7151 |
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| LaFrance, Jeffrey T.. |
| A flexible, full rank two model of food consumption that is globally consistent with economic theory, aggregates across income, demographic variables, and variations in micro demand parameters, and accommodates tradeoffs between tastes and nutrition is derived. The econometric demand model is estimated with per capita U.S. consumption of 21 foods on the time period 1919-1994, excluding the World War II years 1942-1946. An approach for inferring the percentage of nutrients available from individual commodities in the U.S. food supply is derived and implemented empirically on the time period 1949-1995 for the nutrients energy, protein, total fat, carbohydrates, and cholesterol. The two sets of model results are combined to generate time paths for income... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Aggregation; Demand; Food; Nutrition; Hicksian Compensated Price Elasticities; Demand and Price Analysis; Food Consumption/Nutrition/Food Safety. |
| Ano: 1999 |
URL: http://purl.umn.edu/25004 |
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| Registros recuperados: 32 | |
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