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| Registros recuperados: 58 | |
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| Asunka, Samuel; Shumway, C. Richard. |
| The presence of allocatable fixed inputs may cause truly joint technologies to appear nonjoint in the short run as well as truly nonjoint technologies to appear joint. This paper demonstrates theoretically why this can happen and then documents that it actually occurs in a significant way in aggregate U.S. agricultural production. A simple testing procedure is used that requires no data on inputs allocations. The important finding is that failure to reject true (apparent) nonjointness does not justify modeling short-run (long-run) supply independent of alternative output prices. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1996 |
URL: http://purl.umn.edu/31397 |
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| Lin, Ni; Shumway, C. Richard. |
| The sensitivity of asset fixity conclusions, input adjustment rates, and elasticities to choice of functional form is examined using a dynamic dual model of U.S. agriculture. A very general initial specification allows tests of instantaneous adjustment to be performed for every input. Test results are mixed across functional forms for all inputs except real estate, which is consistently found to be quasi-fixed. Important differences in estimated adjustment rates and elasticities are also found among the functional forms. The translog has higher likelihood support than either the generalized Leontief or normalized quadratic functional forms for this dynamic model specification and data set. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agricultural Finance; Research Methods/ Statistical Methods; Q11; C51. |
| Ano: 2000 |
URL: http://purl.umn.edu/12967 |
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| Young, Katherine D.; Shumway, C. Richard. |
| A logistic regression (logit) model was developed to examine how socioeconomic characteristics of cow-calf producers influenced their perceptions of themselves as profit maximizers. Amount of pasture acreage, percent of income earned from the cow-calf operation, and desire to increase net worth and efficiently use labor significantly increased the producer's probability of claiming to be in the business primarily to maximize profits. Some sociological reasons for owning cattle significantly reduced the probability of the producer claiming to be a profit maximizer while others significantly increased the probability. |
| Tipo: Journal Article |
Palavras-chave: Livestock Production/Industries. |
| Ano: 1991 |
URL: http://purl.umn.edu/30294 |
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| Liu, Yucan; Shumway, C. Richard. |
| The hypothesis of induced innovation (Hicks, 1932) is tested for U.S. agriculture using a high-quality state-level panel data set and three disparate testing techniques ¨C time series, econometric, and nonparametric. The conclusion of little support for the hypothesis is robust across testing techniques. However, each test maintains the hypothesis that the relative marginal cost of developing and implementing technologies that save one input is the same as for any other input. Lacking data on development and implementation costs of input-saving technologies, we use nonparametric procedures to estimate relative differences required for technological change to be consistent with the induced innovation hypothesis. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Research and Development/Tech Change/Emerging Technologies. |
| Ano: 2007 |
URL: http://purl.umn.edu/9844 |
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| Ospina, Enrique; Shumway, C. Richard. |
| Conceptual problems in model specification of beef supply response studies are investigated and a simultaneous equation model is formulated to estimate annual U.S. carcass supply, demand, and inventories of beef. Three basic issues are addressed: (a) disaggregation, (b) simultaneity, and (c) differentiation between current and expected price effects. Empirical results indicate positive supply response of each quality type of steers and heifers, and negative supply response of cows to current own-price changes. The derived aggregate supply elasticity is positive. The effects of grain price changes on beef price, supply and composition are also evaluated. |
| Tipo: Journal Article |
Palavras-chave: Demand and Price Analysis; Livestock Production/Industries. |
| Ano: 1979 |
URL: http://purl.umn.edu/32295 |
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| Shumway, C. Richard; Davis, George C.. |
| Consistent aggregation assures that behavioral properties, which apply to disaggregate relationships also, apply to aggregate relationships. The agricultural economics literature is reviewed which has tested for consistent aggregation or measured statistical bias and/or inferential errors due to aggregation. Tests for aggregation bias and errors of inference are conducted using indices previously tested for consistent aggregation. Failure to reject consistent aggregation in a partition did not entirely mitigate erroneous inference due to aggregation. However, inferential errors due to aggregation were small relative to errors due to incorrect functional form or failure to account for time series properties of data. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Research Methods/ Statistical Methods. |
| Ano: 2000 |
URL: http://purl.umn.edu/12966 |
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| Shumway, C. Richard; Davis, George C.. |
| Consistent aggregation ensures that behavioural properties which apply to disaggregate relationships apply also to aggregate relationships. The agricultural economics literature which has tested for consistent aggregation or measured statistical bias and/or inferential errors due to aggregation is reviewed. Tests for aggregation bias and errors of inference are conducted using indices previously tested for consistent aggregation. Failure to reject consistent aggregation in a partition did not entirely mitigate erroneous inference due to aggregation. However, inferential errors due to aggregation were small relative to errors due to incorrect functional form or failure to account for time series properties of data. |
| Tipo: Journal Article |
Palavras-chave: Research Methods/ Statistical Methods. |
| Ano: 2001 |
URL: http://purl.umn.edu/117388 |
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| Liu, Yucan; Shumway, C. Richard. |
| The curvature properties of the indirect utility function imply a set of refutable implications in the form of comparative static results and symmetric relations for the competitive firm operating under uncertainty. These hypotheses, first derived and empirically tested under output price uncertainty by Saha and Shumway (1998), are extended in this paper to the more general case of both price and quantity uncertainty and result in an important theoretical finding. Empirical tests using a panel of state-level observations fail to reject most refutable hypotheses under output price and output quantity risk, but symmetry conditions implied by a twice-continuously-differentiable indirect utility function are rejected. Two restrictive risk preference hypotheses... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Indirect utility function; Refutable implications; Risk and uncertainty; Risk and Uncertainty. |
| Ano: 2005 |
URL: http://purl.umn.edu/19331 |
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| Registros recuperados: 58 | |
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