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A MODIFIED PARTIAL ADJUSTMENT MODEL OF AGGREGATE U.S. AGRICULTURAL SUPPLY AgEcon
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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A Simple Lagrange Multiplier F-Test for Multivariate Regression Models AgEcon
Beatty, Timothy K.M.; LaFrance, Jeffrey T.; Yang, Muzhe.
This paper proposes a straightforward, easy to implement approximate F-test which is useful for testing restrictions in multivariate regression models. We derive the asymptotics for our test statistic and investigate its finite sample properties through a series of Monte Carlo experiments. Both theory suggests and simulations confirm that our approach will result in strictly better inference than the leading alternative
Tipo: Working or Discussion Paper Palavras-chave: Research Methods/ Statistical Methods.
Ano: 2005 URL: http://purl.umn.edu/25074
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Aggregation Theory for Incomplete Systems AgEcon
LaFrance, Jeffrey T.; Beatty, Timothy K.M.; Pope, Rulon D..
Gorman's theory of demand is extended comprehensively to incomplete systems. The incomplete systems approach dramatically increases this class of models. The separate roles of symmetry and adding up are identified in the rank and the functional form of this class of models. We show that symmetry determines rank and the maximum rank is three. We show that adding up and 0o homogeneity determines the functional form and there is no functional form restriction for an incomplete system. We prove that every full rank system and reduced rank systems with a minimal level of degeneracy can be written as a polynomial in a single function of income. A complete set of closed form solutions for the indirect objective functions of this class of models is derived. A...
Tipo: Working or Discussion Paper Palavras-chave: Aggregation; Rank; Functional form; Integrability; Incomplete systems; Weak integrability; Demand and Price Analysis; D12; E21.
Ano: 2005 URL: http://purl.umn.edu/25033
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Agricultural Arbitrage, Adjustment Costs, and the Intensive Margin AgEcon
Tack, Jesse B.; LaFrance, Jeffrey T..
Farmland and capital are an important and rapidly expanding component of the agricultural economy, and empirical evidence suggests that these assets are quasi-fixed in that adjustment costs are incurred when holdings are altered. Increased interest in the rate of return for investing in farmland suggests that an important consideration is the effect of adjustment costs on this return. A novel theoretical model is developed that ties together contributions from the farmland pricing and adjustment cost literatures, and the first order conditions for a utility maximizing decision maker are rearranged into intertemporal arbitrage equations that are similar in spirit to traditional finance models. The common assumptions that land and capital are quasi-fixed...
Tipo: Conference Paper or Presentation Palavras-chave: Arbitrage; Adjustment Costs; Farmland; Asset Pricing; Capital; Cost Function; Risk; Production; Agricultural Finance; Consumer/Household Economics; Crop Production/Industries; Farm Management; Financial Economics; Land Economics/Use; Production Economics; Risk and Uncertainty.
Ano: 2010 URL: http://purl.umn.edu/56412
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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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AJAE Appendix: Homogeneity and Supply AgEcon
LaFrance, Jeffrey T.; Pope, Rulon D..
Downloads prior to moving to this URL on 12/08/08: 2008_05 15 2008_06 15 2008_07 11 2008_08 10 2008_09 12 2008_10 7
Tipo: Journal Article Palavras-chave: Demand and Price Analysis.
Ano: 2008 URL: http://purl.umn.edu/45710
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AN ECONOMETRIC MODEL OF THE DEMAND FOR FOOD AND NUTRITION AgEcon
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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Building Gorman's Nest AgEcon
LaFrance, Jeffrey T.; Beatty, Timothy K.M.; Pope, Rulon D..
Gorman Engel curves are extended to incomplete systems. The roles of Slutsky symmetry and homogeneity/adding up are isolated in the rank and functional form restrictions for Gorman systems. Symmetry determines the rank condition. The maximum rank is three for incomplete and complete systems. Homogeneity/adding up determines the functional form restrictions in complete systems. There is no restriction on functional form in an incomplete system. Every full rank and minimal deficit reduced rank Gorman system has a representation as a polynomial in a single function of income. This generates a complete taxonomy of indirect preferences for Gorman systems. Using this taxonomy, we develop models of incomplete Gorman systems that nest rank and functional form and...
Tipo: Working or Discussion Paper Palavras-chave: Aggregation; Functional form; Gorman Engel curves; Incomplete demand systems; Rank; Weak integrability; Demand and Price Analysis; D12; E21.
Ano: 2004 URL: http://purl.umn.edu/25027
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DO INCREASED COMMODITY PRICES LEAD TO MORE OR LESS SOIL DEGRADATION? AgEcon
LaFrance, Jeffrey T..
In this paper, a dynamic economic model is used to analyze the conflicting impacts of crop increasing/land degrading inputs with those of soil conserving/crop reducing inputs in problems of soil degradation in agriculture. Soil is a renewable resource that is generated naturally at a slow, essentially autonomous rate. Cultivation enhances crop production and degrades the soil, while conservation is unproductive for the crop but improves the soil resource. If the effects of cultivation dominate the effects of conservation in the soil dynamics, an increase in the price of the crop accelerates the rate of soil degradation In the short-run and decreases the long-run stock of the soil resource. On the other hand, if the effects of conservation dominate the...
Tipo: Journal Article Palavras-chave: Land Economics/Use.
Ano: 1992 URL: http://purl.umn.edu/22478
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DUALITY THEORY FOR THE HOUSEHOLD AgEcon
LaFrance, Jeffrey T..
Tipo: Working or Discussion Paper Palavras-chave: Consumer/Household Economics.
Ano: 2000 URL: http://purl.umn.edu/25058
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Energy efficiency and appliance replacement AgEcon
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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Full Rank Rational Demand Systems AgEcon
LaFrance, Jeffrey T.; Pope, Rulon D..
We extend the set of full rank nominal and deflated income demand systems to rational demand systems of any rank and present a unifying expression for the indirect preferences of all full rank demand models.
Tipo: Working or Discussion Paper Palavras-chave: Aggregation; Functional form; Integrability; Rank; Rational demand systems; Demand and Price Analysis; D12; E21.
Ano: 2006 URL: http://purl.umn.edu/7152
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Generalized Rational Random Errors AgEcon
LaFrance, Jeffrey T..
Theil's theory of rational random errors is sufficient for strict exogeneity of group expenditure in separable demand models. Generalized rational random errors is necessary and sufficient for strict exogeneity of group expenditure. A simple, robust, asymptotically normal t-test of this hypothesis is derived based on the generalized method of moments. An application to per capita annual U.S. food demand in the 20th century strongly rejects exogeneity of food expenditure in a model that in all other respects is highly compatible with the data set and with the implications of economic theory.
Tipo: Working or Discussion Paper Palavras-chave: Demand; Generalized method of moments; Rational random errors; Weak separability; Demand and Price Analysis.
Ano: 2002 URL: http://purl.umn.edu/25053
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Grazing Fees versus Stewardship on Federal Lands AgEcon
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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GUIDELINES FOR WESTERN JOURNAL OF AGRICULTURAL ECONOMICS AUTHORS AgEcon
LaFrance, Jeffrey T.; Watts, Myles J..
This article explains the current editorial procedures and policies of the Western Journal of Agricultural Economics. The contents should be of interest both to readers and to authors who plan to submit manuscripts to the Journal. The current editorial policy of the Journal is discussed, the review and publication process is explained, and detailed guidelines for the proper preparation of manuscripts for the Journal are presented.
Tipo: Journal Article Palavras-chave: Teaching/Communication/Extension/Profession.
Ano: 1991 URL: http://purl.umn.edu/32598
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HOMOGENEITY AND SUPPLY AgEcon
LaFrance, Jeffrey T.; Pope, Rulon D..
Supply functions in the ubiquitous Gorman class are examined for their homogeneity properties. Homogeneity places surprisingly strong restrictions on functional forms. These forms facilitate testing of aggregability given homogeneity or homogeneity given aggregability or testing both.
Tipo: Working or Discussion Paper Palavras-chave: Research Methods/ Statistical Methods.
Ano: 2007 URL: http://purl.umn.edu/6863
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INCOME ELASTICITY AND FUNCTIONAL FORM AgEcon
Beatty, Timothy K.M.; LaFrance, Jeffrey T..
Tipo: Working or Discussion Paper Palavras-chave: Demand and Price Analysis.
Ano: 2004 URL: http://purl.umn.edu/15835
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INCOMPLETE DEMAND SYSTEMS AND SEMILOGARITHMIC DEMAND MODELS AgEcon
LaFrance, Jeffrey T..
The methodology of LaFrance and Hanemann for analysing the structure of incomplete demand systems is applied to models that are linear or logarithmic in quantities, prices and/or income. The structure of each model is presented when the implications of consumer choice theory are satisfied. The usefulness of the approach is illustrated. It is shown that considerable prior information is obtained from the theory of consumer choice when it is applied to this set of functional forms for demand equations.
Tipo: Journal Article Palavras-chave: Demand and Price Analysis.
Ano: 1990 URL: http://purl.umn.edu/22442
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INFERRING THE NUTRIENT CONTENT OF FOOD WITH PRIOR INFORMATION AgEcon
LaFrance, Jeffrey T..
Given measurements on the nutrient content of the U.S. food supply and a coherent reduced form empirical model of the demand for foods, we can analyze the effect of agricultural farm and food policy on nutrition. Using unpublished documents from the HNIS, estimates of the percentages of seventeen nutrients supplied by twenty-one foods were compiled for the period 1952-1983. The Bayesian Method of Moments is applied to this data set to obtain a proper prior for the purpose of drawing year-to-year inferences about the nutrient content of the U.S. food supply for the period 1909-1994. Information theory and the Kullback-Leibler cross entropy criterion are used to formalize the inference problem.
Tipo: Working or Discussion Paper Palavras-chave: Agricultural Farm and Food Policy; Bayesian Method of Moments; Generalized Maximum Entropy; Kullback-Leibler Cross Entropy; Nutrient Content; Food Consumption/Nutrition/Food Safety.
Ano: 1998 URL: http://purl.umn.edu/25067
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Milk Marketing Order Winners and Losers AgEcon
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. We use these estimates to simulate substitution 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.
Tipo: Working or Discussion Paper Palavras-chave: Demand and Price Analysis; Livestock Production/Industries.
Ano: 2005 URL: http://purl.umn.edu/25098
Registros recuperados: 32
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