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| Registros recuperados: 45 | |
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| Chen, Gang; Roberts, Matthew C.; Roe, Brian E.. |
| The central part of pricing agricultural commodity futures options is to find appropriate stochastic process of the underlying assets. The Black's (1976) futures option pricing model laid the foundation for a new era of futures option valuation theory. The geometric Brownian motion assumption girding the Black's model, however, has been regarded as unrealistic in numerous empirical studies. Option pricing models incorporating discrete jumps and stochastic volatility have been studied extensively in the literature. This study tests the performance of major alternative option pricing models and attempts to find the appropriate model for pricing commodity futures options. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2005 |
URL: http://purl.umn.edu/19183 |
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| Irwin, Elena G.; Roe, Brian E.; Morrow-Jones, Hazel. |
| Using stated-preference data from a choice-based conjoint analysis instrument, we estimate willingness to pay for the presence of neighboring land that is dedicated to agricultural use (versus a developed land use) and for the preservation of surrounding farmland as permanent cropland. The data also elucidate how individuals balance the values associated with nearby agricultural land patterns with other key neighborhood characteristics such as neighborhood parks, housing density, commute times, school quality and neighborhood safety. The median respondent from a randomly chosen sample of Columbus, Ohio homeowners was willing to pay $843 annually to avoid immediate conversion of 10 percent of agricultural land within one mile of the house valued in the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Land Economics/Use. |
| Ano: 2002 |
URL: http://purl.umn.edu/19611 |
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| Hwang, Yun Jae; Roe, Brian E.; Teisl, Mario F.. |
| When products are differentiated and quality is highly subjective (e.g., fashion or art), novel (e.g., a new feature), or difficult to verify prior to purchase (e.g., credence attributes), consumers may turn to price as a signal of quality. Products containing genetically modified (GM) ingredients meet each of these criteria, i.e., GM ingredients are novel, their presence is difficult to verify, and their impact on subjective quality may be viewed differently across individuals with the same knowledge. We add to the limited empirical literature on consumers' use of price as a quality signal by testing for non-monotonicity of consumer demand in price for GM products using data collected from a nationally representative mail survey featuring several... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Research and Development/Tech Change/Emerging Technologies. |
| Ano: 2005 |
URL: http://purl.umn.edu/19509 |
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| Wu, Steven Y.; Roe, Brian E.. |
| This paper reports the results of an economic experiment investigating human subjects' preferences for two types of contracts tournaments and fixed performance standard contracts. Willingness to pay data was elicited through an auction and results suggest that subjects prefer fixed performance standard contracts to tournaments. Primary drivers of this result appear to be subjects' perceptions that tournaments are more risky and less fair than fixed performance standard contracts. Surprisingly, measures of the relative profitability of the contracts did not correlate with willingness to pay. Our results can shed light on why agricultural producers express frustration over tournaments and can provide insights on contract and policy design. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Research Methods/ Statistical Methods. |
| Ano: 2004 |
URL: http://purl.umn.edu/20154 |
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| Wu, Steven Y.; Roe, Brian E.; Sporleder, Thomas L.; Nazaryan, Natalie. |
| Experimental economics is used to compare tournaments (T) and fixed performance contracts (F) when agents have heterogeneous costs. Results suggest that: (1) There is no difference in average pooled effort across contracts, (2) high ability agents exert higher effort than low ability agents under both types of contracts, (3) average pooled earnings are affected by contract type, (4) high ability agents benefit from T whereas low ability agents are harmed by T, and (5) the difference in average pay between high and low ability agents is larger under T. Thus, T implement greater inequality. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Research Methods/ Statistical Methods. |
| Ano: 2005 |
URL: http://purl.umn.edu/28318 |
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| Roe, Brian E.; Haab, Timothy C.; Sohngen, Brent. |
| We use the contingent valuation method to estimate participant willingness to pay for agricultural economics extension programming. The data, collected as part of standard evaluation forms for the Ohio State University's 2001 Agricultural Outlook and Policy program series, and subsequent analysis suggest participant benefits exceeded departmental costs of conducting the program (benefit-cost ratios of 1.07 under conservative assumptions and 1.74 under moderate assumptions). We also use the data to explore the revenue generation potential from alternative program pricing and discuss the potential for developing differentiated programs to reach distinct audience segments. Additional research necessary before implementing alternative pricing or program... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Teaching/Communication/Extension/Profession. |
| Ano: 2002 |
URL: http://purl.umn.edu/19861 |
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| Shao, Renyuan; Roe, Brian E.. |
| This research focuses on developing a biannual net revenue forecasting model for hog producers based on Monte Carlo simulation of the joint distribution of hog, corn and soybean meal price series. The relative forecasting power of historical volatility, implied volatility and GARCH-based volatility is examined. Consistent with recent research, the performance of these three methods is both commodity and horizon specific, which means there is no single best predictor. However, implied volatility often performs well. Thus, implied volatility is used to forecast variance. Historical covariance is introduced to capture the co-movement of the three price series. Our forecasting model performs well out of sample; most of the realized net revenues fall in 95... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural Finance; Livestock Production/Industries. |
| Ano: 2001 |
URL: http://purl.umn.edu/20664 |
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| Wu, Steven Y.; Roe, Brian E.. |
| The form and regulation of contracts is of increasing importance to agricultural economists as farmers and agribusinesses increasing rely on contracts rather than markets to acquire inputs and sell outputs. We focus on the differences between the joint and individual surplus achievable under complete versus incomplete or relational contracts, where the latter are contracts that are not verifiable by a third party and must rely upon threat of termination in order to entice mutually satisfactory performance. Using an experimental market similar to Brown, Falk, and Fehr [Brown, M., A. Falk, and E. Fehr. Relational Contracts and the Nature of Market Interactions, Econometrica, 72 (2004):747-780] we replicate the general results found by these authors,... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2005 |
URL: http://purl.umn.edu/19215 |
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| Wang, Chia-Hsing; Roe, Brian E.. |
| Post-slaughter quality-based pricing of cattle is increasingly common. This quality, however, is dependent upon unobservable quality characteristics of the feeder cattle used as inputs. Through stochastic simulation we construct incentive compatible quality risk-sharing contracts based upon final grid-quality schedules that facilitate input quality sorting in the feeder cattle market. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2002 |
URL: http://purl.umn.edu/19755 |
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| Brady, Michael P.; Roe, Brian E.; Wu, Steven Y.. |
| Greater attention has been paid to understanding differences between individual and group decision-making in economics in recent years. While great strides have been made in understanding the relative cognitive ability of each, differences in preferences are less well understood. This study examined preferences for risk individually and in groups of two. Results show that a majority of groups act according to the preferences of one of the two pair members. This is not a result emphasized in previous social psychology research on groups. Thus, we propose a new explanation of group decision making based on strength of preference. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2006 |
URL: http://purl.umn.edu/21056 |
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| Roe, Brian E.. |
| As public concern for food safety burgeons concerned policy makers search for ways to manage the risk inherent to food consumption. Product liability laws may serve as efficient means to induce socially optimal levels of care or may efficiently complement regulation of potentially injurious activities. However, two characteristics common to many food borne illness cases are often not considered in the standard liability economics model that yields these prescriptions: dose-response damage functions and victim damage prevention. This paper explores how dose-response relationships common to the biology and epidemiology of food borne illness may effect the shape of resulting social welfare functions and privately chosen prevention efforts under different... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Food borne illness; Dose-response; Liability; Agricultural and Food Policy; Food Consumption/Nutrition/Food Safety. |
| Ano: 1999 |
URL: http://purl.umn.edu/21668 |
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| Pham, Matthew V.; Roe, Brian E.. |
| Direct regulation of school lunch content seems an intuitive approach for improving the nutrition of many American children. However, little is known about substitution patterns in response to such efforts, particular the likelihood that children and parents will turn to competitive foods outside the control of schools such as packed lunches. To our knowledge, no previous work documents if increasing the healthfulness of school lunches leads children to leave the school lunch line for potentially less nutritious options. To address this paucity of information we estimate the demand for school lunches as a function of calories provided and entrée protein source for a single elementary school. Our results suggest a highly inelastic response to a meal’s... |
| Tipo: Presentation |
Palavras-chave: Food Environment; Nutrition; Revealed Preference; Demand and Price Analysis; Food Consumption/Nutrition/Food Safety; Marketing. |
| Ano: 2012 |
URL: http://purl.umn.edu/124097 |
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| Shao, Renyuan; Roe, Brian E.. |
| This research focuses on developing a biannual net revenue forecasting model for hog producers based on Monte Carlo simulation of the joint distribution of hog, corn and soybean meal price series. The relative forecasting power of historical volatility, implied volatility and GARCH-based volatility is examined. Consistent with recent research, the performance of these three methods is both commodity and horizon specific, which means there is no single best predictor. However, implied volatility often performs well. Thus, implied volatility is used to forecast variance. Historical covariance is introduced to capture the co-movement of the three price series. Our forecasting model performs well out of sample; most of the realized net revenues fall in 95... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Livestock Production/Industries. |
| Ano: 2001 |
URL: http://purl.umn.edu/18954 |
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| Hwang, Yun Jae; Roe, Brian E.; Teisl, Mario F.. |
| For a representative sample of U.S. consumers, we rank, correlate and explain ratings of concern toward eight food production and processing technologies (antibiotics, pesticides, artificial growth hormones, genetic modification, irradiation, artificial colors/flavors, pasteurization, and preservatives). Concern is highest for pesticides and hormones, followed by concern toward antibiotics, genetic modification and irradiation. We document standard relationships between many demographic, economic and attitude variables and the average concern level. Our main contribution is modeling relative levels of concern across technologies, where we find that key personal and household characteristics that yield little explanatory power for average ratings have... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Consumer/Household Economics. |
| Ano: 2005 |
URL: http://purl.umn.edu/19128 |
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| Roe, Brian E.; Wu, Steven Y.. |
| We consider the implications of banning tournament contracts and replacing them with fixed performance standard contracts in a multi-period model where the principal cannot commit to future contract parameters. A ban cannot increase total surplus in a static model. In a dynamic model, however, a ban of tournaments can increase total surplus by mitigating the ratchet effect. Calibrating our model to published data from the broiler sector, we find that a ban on use of contemporaneous and lagged relative performance data does not improve total surplus under most circumstances but could increase total surplus in a few instances of low wealth and unitary relative risk aversion. A more enforceable, period-by-period ban is even less likely to be welfare... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Livestock Production/Industries. |
| Ano: 2003 |
URL: http://purl.umn.edu/22151 |
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| Wu, Steven Y.; Roe, Brian E.. |
| Using experimental economics, we compare the efficiency and welfare effects of tournament and fixed standards contracts. Our findings suggest that economic agents are generally better off under fixed standard contracts unless they face substantial common shocks. Administrators of contracts (principals) also tend to be better off under fixed standard contracts for moderate to small common shocks. Efficiency wise, agents tend to exert higher effort under fixed standard contracts. Moreover, effort under tournaments appears to be declining in the variance of the common shock. Our results suggest that a ban on tournament contracts may generally be better off for both growers and processors except in cases where common shocks are large. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agribusiness. |
| Ano: 2003 |
URL: http://purl.umn.edu/21938 |
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| Registros recuperados: 45 | |
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