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| Ishdorj, Ariun; Jensen, Helen H.. |
| When using household-level data in examining consumer's demand it is common to find that consumers purchase only a subset of the available goods, setting the demand for the remaining goods to zero. Ignoring such censoring of the dependent variables in the estimation can lead to biased parameter estimates. In this paper we investigate the household's demand for six types of whole grain and non-whole grain breakfast cereals and products using a censored Almost Ideal Demand System (AIDS) and estimate the parameters of the demand system via Bayesian methods. Using 2006 ACNielsen Homescan data we find that demand for whole grain and non-whole grain ready-to-eat cereals is less responsive to changes in prices; demand for whole-grain bars and non-whole grain hot... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: AIDS model; Bayesian econometrics; Censored; Cereals; Whole grains; Demand and Price Analysis; C11; C34; D12. |
| Ano: 2008 |
URL: http://purl.umn.edu/6075 |
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| Dorfman, Jeffrey H.; Karali, Berna. |
| Hedging is one of the most important risk management decisions that farmers make and has a potentially large role in the level of profit eventually earned from farming. Using panel data from a survey of Georgia farmers that recorded their hedging decisions for four years on three crops we examine the role of habit, demographics, farm characteristics, and information sources on the hedging decisions made by 106 different farmers. We find that the role of habit varies widely. Information sources are shown to have significant and large effects on the chosen hedge ratios. The farmer's education level, attitude toward technology adoption, farm profitability, and the ratio of acres owned to acres farmed also play important roles in hedging decisions. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Bayesian econometrics; Hedging decisions; Habit formation; Information sources; Agricultural Finance. |
| Ano: 2008 |
URL: http://purl.umn.edu/37596 |
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| Karali, Berna; Dorfman, Jeffrey H.; Thurman, Walter N.. |
| We study the difference in the volatility dynamics of CBOT corn, soybeans, and oats futures prices across different delivery horizons via the smoothed Bayesian estimator of Karali, Dorfman, and Thurman (2010). We show that the futures price volatilities in these markets are affected by the inventories, time to delivery, and the crop progress period. Some of these effects vary across delivery horizons. Further, it is shown that the price volatility is higher before the harvest starts in most of the cases compared to the volatility during the planting period. These results have implications for hedging, options pricing, and the setting of margin requirements. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Bayesian econometrics; Futures markets; Seasonality; Theory of storage; Volatility; Agribusiness; Agricultural and Food Policy; Agricultural Finance; Consumer/Household Economics; Demand and Price Analysis; Farm Management; Financial Economics; Marketing; Research Methods/ Statistical Methods; Risk and Uncertainty. |
| Ano: 2009 |
URL: http://purl.umn.edu/53036 |
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| Ishdorj, Ariun; Jensen, Helen H.; Tobias, Justin. |
| WIC, the Special Supplemental Nutrition Program for Women, Infants, and Children, is a widely studied public food assistance program that aims to provide foods, nutrition education and other services to at-risk, low-income children and pregnant, breastfeeding and postpartum women. From a policy perspective, it is of interest to assess the efficacy of the WIC program - how much, if at all, does the program improve the nutritional outcomes of WIC families? In this paper we address two important issues related to the WIC program that have not been extensively addressed in the past. First, although the WIC program is primarily devised with the intent of improving the nutrition of "target" children and mothers, it is possible that WIC may also change the... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Nutrition; WIC; Bayesian econometrics; Treatment-response; Food Consumption/Nutrition/Food Safety. |
| Ano: 2007 |
URL: http://purl.umn.edu/9239 |
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| Dorfman, Jeffrey H.; Park, Myung D.. |
| The agricultural economics literature, both academic and trade, has discussed the assumed presence of cycles in livestock markets such as cattle and hogs for a very long time. Since Jarvis (1974), there has been considerable discussion over how these cycles impact optimal economic decision making. Subsequent studies such as Rucker, Burt, and LaFrance (1984), Hayes and Schmitz (1987), Foster and Burt (1992), Rosen, Murphy, and Scheinkman (1994), and Hamilton and Kastens (2000) have all investigated some aspect of how biological factors, economic events, or economic actions could be causes of and/or responses to cycles in hog and cattle inventories. There has also been debate, again both in the academic and trade literature, over the length of the cycle(s)... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Bayesian econometrics; Cattle cycles; Hog cycles.; Agribusiness; Livestock Production/Industries; Production Economics. |
| Ano: 2009 |
URL: http://purl.umn.edu/49278 |
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