SABIIA - Sistema Aberto e Integrado de Informação em Agricultura (Sabiia)

Cai, Mattia; Nunes, Paulo A.L.D.; Ferrise, Roberto; Moriondo, Marco; Bindi, Marco.

This paper investigates the empirical magnitude of climate conditions on tourist flows in Tuscany, exploring the use of a fine spatial scale analysis. In fact, we explore the use of an 8-year panel dataset of Tuscany’s 254 municipalities, examining how tourist inflows respond to variation in local weather conditions. In particular, as the area enjoys a fairly mild Mediterranean climate, our analysis focused on temperature extremes at key times of the tourist season, i.e., on maximum summer temperature and minimum winter temperature. Separate analyses are conducted for domestic and international tourists, so as to test the differences in the preferences among these distinct groups (or types of demand). Estimation results show the impact of climate change on...

Countercyclical Price Movements during Periods of Peak Demand: Evidence from Grocery Retail Price for Avocados

Palavras-chave: Domestic Tourists; International Tourists; Municipalities; Maximum And Minimum Daily Temperature; Dynamic Model; Temperature Demand Elasticity; GMM; Environmental Economics and Policy; C23; D01; L83.

Ano: 2011

URL: http://purl.umn.edu/115851

Li, Lan; Carman, Hoy F.; Sexton, Richard J..

Using a unique micro dataset and advanced panel models, this study examines the effects of demand shocks on grocery retail price for avocados, a key Californian fresh produce commodity. Retail prices for avocados exhibited countercyclical movements over seasonal demand shocks for avocados associated with some holidays and events. Demand for avocados is shown to be higher during some holidays/events, e.g., Christmas/New Year, Super Bowl Sunday, and Cinco de Mayo. Super Bowl Sunday and Cinco de Mayo are identified as holidays/events associated with idiosyncratic demand peaks for avocados, but not associated with high aggregate consumer demand. Retail price and margin were significantly lower during some holidays/events associated with high demand for...

Does Composition of Government Spending Matter to Economic Growth?

Palavras-chave: Retail price; Retail price determination; Countercyclical price movement; Dynamic panel model; GMM; Demand and Price Analysis.

Ano: 2008

URL: http://purl.umn.edu/6251

Yu, Bingxin; Fan, Shenggen; Saurkar, Anuja.

This paper assesses the impact of the composition of government spending on economic growth in developing countries. We use a dynamic GMM model and a panel data set for 44 developing countries between 1980 and 2004. We find that the various types of government spending have different impact on economic growth. In Africa, human capital spending contributes to economic growth whereas in Asia, capital formation, agriculture and education has strong growth promoting effect. In Latin America, none of government spending items has significant impact on economic growth. Our results are robust regardless of model specifications and instruments chosen.

Effect of infrastructure investments on total factor productivity (TFP) in Brazilian agriculture

Palavras-chave: Government expenditure; Growth; GMM; Agricultural and Food Policy; Financial Economics; International Development; H5; O1; C232.

Ano: 2009

URL: http://purl.umn.edu/51684

Mendes, Sergio Magno; Teixeira, Erly Cardoso; Salvato, Marcio Antonio.

Since the 1980s, the investments in infrastructure have been significantly reduced, jeopardizing Total Factor Productivity (TFP) and competitiveness of Brazilian agriculture. The Solow growth model with panel data is used to estimate TFP. An adaptation of the Zhang and Fan (2004) model for India, using the Generalized Method of Moments (GMM), is applied to study the effects of infrastructure investments on TFP. The lack of such investments in Brazil caused the effects to be larger and with lag periods smaller than in other countries. These investments affect TFP in the first years, and the study suggests that the return occurs in the period from zero to two years. Among the analyzed infrastructure elements, investments in roads have the greatest impact on...

Effect of infrastructure investments on total factor productivity (TFP) in Brazilian agriculture

Palavras-chave: Infrastructure investments; TFP; Agriculture; Panel data; GMM; International Development; Productivity Analysis.

Ano: 2009

URL: http://purl.umn.edu/50777

Mendes, Sergio Magno; Teixeira, Erly Cardoso; Salvato, Marcio Antonio.

Enhanced routines for instrumental variables/generalized method of moments estimation and testing

Palavras-chave: Infrastructure investments; TFP; Agriculture; Panel data; GMM; Agricultural and Food Policy; Public Economics.

Ano: 2008

URL: http://purl.umn.edu/53441

Baum, Christopher F.; Schaffer, Mark E.; Stillman, Steven.

We extend our 2003 paper on instrumental variables and generalized method of moments estimation, and we test and describe enhanced routines that address heteroskedasticity- and autocorrelation-consistent standard errors, weak instruments, limited-information maximum likelihood and k-class estimation, tests for endogeneity and Ramsey’s regression specification-error test, and autocorrelation tests for instrumental variable estimates and panel-data instrumental variable estimates.

Tipo: Article

Palavras-chave: Ivactest; Ivendog; Ivhettest; Ivreg2; Ivreset; Overid; Ranktest; Instrumental variables; Weak instruments; GMM; Endogeneity; Heteroskedasticity; Serial correlation; HAC standard errors; LIML; CUE; Overidentifying restrictions; Frisch–Waugh–Lovell theorem; RESET; Cumby–Huizinga test; Research Methods/ Statistical Methods.

Ano: 2007

URL: http://purl.umn.edu/119291

Estimating a production function under production and price risks: An application to the suckler cow farms in the French charolais production area

Mosnier, Claire; Reynaud, Arnaud; Thomas, Alban; Lherm, Michel; Agabriel, Jacques.

Suckler cow production in France relies mainly on a relatively extensive management of forage, implying that production risk may be enhanced by the sensitivity of those crops to weather variability. However risk exposure is supposed to be mitigated either through ex-ante decisions concerning pasture area management or through ex-post decisions concerning the purchase of feeds. This paper aims at assessing weather impacts on cattle production level decisions. Since farmers' decisions depend on farmers' behaviour regarding risks, which are namely production and price risks, we test constant absolute risk aversion, constant relative risk aversion and risk neutrality assumptions. We develop an econometric model encompassing an auto-regressive price function...

EXPERT OPINION VERSUS TRANSACTION EVIDENCE: USING THE REILLY INDEX TO MEASURE OPEN SPACE PREMIUMS IN THE URBAN-RURAL FRINGE

Palavras-chave: Production function estimation; GMM; Weather impact; Price and production risks; Risk aversion; Suckler cow farms; French charolais production area; Livestock Production/Industries; Production Economics.

Ano: 2007

URL: http://purl.umn.edu/9246

Cotteleer, Geerte; Stobbe, Tracy; van Kooten, G. Cornelis.

Due to economic and population growth farmland and to a lesser extend other undeveloped areas are under pressure in the urban-rural fringe in British Columbia, Canada. The objectives of this paper are to determine if residential property values near Victoria, BC include open-space premiums for farmland or parks or both, and to determine if using assessed values instead of market prices of the property result in the same findings. We estimate a SUR (Seemingly Unrelated Regression) model with two hedonic pricing equations, one with actual market values as the dependent variable and one with assessed property values, and compare the resulting estimates of shadow prices for open space amenities. Furthermore, we take account of spatial autocorrelation and...

Financial Risks, Bankruptcy Probabilities, and the Investment Behaviour of Enterprises

Palavras-chave: Hedonic pricing models; Assessed property values; Value of open space; Geographical Information System; Reilly; GMM; Spatial dependence; Community/Rural/Urban Development; Land Economics/Use; Research Methods/ Statistical Methods.

Ano: 2008

URL: http://purl.umn.edu/6705

Kirchesch, Kai.

The link between investment and finance usually enters the empirical literature in the form of financial constraints which are defined as the wedge between the costs of internal and external finance or as the risk of being rationed on the credit market. In this context, the sensitivity of investment with respect to single internal or external finance indicators is assumed to be appropriate to proxy for these constraints. However, enterprises that rely on external funds do not only face this external finance premium and potential borrowing limits, but also the risk of not being able to meet their repayment obligations and thus the risk of bankruptcy. If the risk of bankruptcy enters the profit maximization of the firm, the resulting empirical investment...

How to do xtabond2: An introduction to difference and system GMM in Stata

Palavras-chave: Investment; Bankruptcy; Financial Constaints; GMM; Financial Economics; E22; D92; G33; C23.

Ano: 2004

URL: http://purl.umn.edu/26185

Impact of Foreign Intellectual Property Rights Protection on U.S. Exports and FDI

Roodman, David.

The difference and system generalized method-of-moments estimators, developed by Holtz-Eakin, Newey, and Rosen (1988, Econometrica 56: 1371–1395); Arellano and Bond (1991, Review of Economic Studies 58: 277–297); Arellano and Bover (1995, Journal of Econometrics 68: 29–51); and Blundell and Bond (1998, Journal of Econometrics 87: 115–143), are increasingly popular. Both are general estimators designed for situations with “small T, large N” panels, meaning few time periods and many individuals; independent variables that are not strictly exogenous, meaning they are correlated with past and possibly current realizations of the error; fixed effects; and heteroskedasticity and autocorrelation within individuals. This pedagogic article first introduces linear...

Tipo: Article

Palavras-chave: Xtabond2; Generalized method of moments; GMM; Arellano–Bond test; Abar; Research Methods/ Statistical Methods.

Ano: 2009

URL: http://purl.umn.edu/122704

Gu, Weishi.

This version of the paper is subject to changes.

Impacts of China's Food Consumption on U.S. Soybean Exports

Palavras-chave: Export; FDI; Technology transfer; Intellectual property rights; GMM; International Development; International Relations/Trade; Research and Development/Tech Change/Emerging Technologies; C33; F21; F23; F14; O34; K33.

Ano: 2009

URL: http://purl.umn.edu/49414

Chen, Wei; Marchant, Mary A.; Song, Baohui.

A model examines how the international and China’s market prices impact China’s soybean imports from the U.S. and South America. Based on soybean crushing ratios and a market clearing presumption, an equation of China’s soybean oil import prices is designed to achieve the goal.

Preference erosion and the developing countries exports to the EU: a dynamic panel gravity approach

Palavras-chave: China's Soybean Imports; U.S. Soybean Exports; South American Soybean Exports; Price Elasticities; Soybean Crushing Ratios; Marke Clear; GMM; Agribusiness; International Relations/Trade; Q17.

Ano: 2009

URL: http://purl.umn.edu/46820

Raimondi, Valentina; Scoppola, Margherita; Olper, Alessandro.

Since 2004 there has been a sharp decrease in border protection for the EU rice industry. Because the EU grants trade preferences to a considerable number of rice exporting developing countries, the reform implied preference erosion as well. By addressing the impact of preference erosion on developing countries rice exports to the EU, this paper contributes two original insights to the literature: first, by proposing a new empirical approach to compute the preference margin when tariff rate quotas are in force which is based on the assumption of the existence of fixed costs and economies of scale in international trade; second, by estimating the trade elasticities of preferences by means of a dynamic panel gravity equation to deal with the issues of...

RATIONAL EXPECTATIONS ESTIMATION OF GEORGIA SOYBEAN ACREAGE RESPONSE

Palavras-chave: Trade Preferences; Gravity Equation; Tariff Rate Quotas; EU Rice Policy; GMM; Agricultural and Food Policy; International Relations/Trade; F13; Q17; F14.

Ano: 2011

URL: http://purl.umn.edu/103391

Ahouissoussi, Nicolas B.C.; McIntosh, Christopher S.; Wetzstein, Michael E..

The general method of moments procedure is used for estimating a soybean acreage response function assuming the producers hold rational expectations. Results indicate that soybean, corn, and wheat futures prices, lagged acreage, and government programs are significant factors for determining soybean plantings. Implications of the results are that crop acreage selection by Georgia producers is not very responsive to demand shocks. Thus, producers in other regions are more likely to absorb impacts from these shocks on crop acreage selection.

Tipo: Journal Article

Palavras-chave: Soybeans; GMM; Elasticities; Crop Production/Industries.

Ano: 1995

URL: http://purl.umn.edu/15270

Regional Convergence in the European Union (1985-1999): A Spatial Dynamic Panel Analysis

Badinger, Harald; Muller, Werner G.; Tondl, Gabriele.

We estimate the speed of income convergence for a sample of 196 European NUTS 2 regions over the period 1985-1999. So far there is no direct estimator available for dynamic panels with strong spatial dependencies. We propose a two-step procedure, which involves first spatial filtering of the variables to remove the spatial correlation, and application of standard GMM estimators for dynamic panels in a second step. Our results show that ignorance of the spatial correlation leads to potentially misleading results. Applying a system GMM estimator on the filtered variables, we obtain a speed of convergence of 6.9 per cent and a capital elasticity of 0.43.

Specification and estimation of heterogeneous risk preference

Palavras-chave: Growth; Convergence; Spatial dependence; Spatial filtering; Dynamic panels; GMM; Community/Rural/Urban Development; C23; O00; R11.

Ano: 2002

URL: http://purl.umn.edu/26329

Guan, Zhengfei; Wu, Feng.

In this paper we specify and estimate producers’ risk preference using farm data. We allow heterogeneous risk preference across individuals and propose a specification to model the heterogeneity. We base farmers’ decision making on a utility maximization framework and incorporate both market and production risk in farmers’ decision making. We do not assume any specific utility function or distribution of risk. The empirical application to farm level production data shows that risk preference does vary among individuals; demographic and institutional factors have significant effect on producers’ risk attitude.

The Dark Side of Coffee Market Power in the German Market for Roasted Coffee

Palavras-chave: Risk Preference; Heterogeneity; Production Risk; Price Risk; Demographics; Subsidy; GMM; Agricultural Finance; Crop Production/Industries; Production Economics; Risk and Uncertainty.

Ano: 2009

URL: http://purl.umn.edu/51804

Koerner, Julia.

Germany is the second important coffee market in the world, just overshadowed by the United States. Coffee is the most famous beverage in Germany - even more popular than beer. On the supply side dominate few roasters. Market structure influences the market outcome and explains the processors' ability to exercise market power. This paper aims at studying the pricing behavior in the German market for roasted coffee. Respectively, it discusses the impact of three different explanations. First, market power may be due to low price elasticity related to a high level of consumption. Second, pricing behavior may be influenced by the industry concentration. And finally, pricing behavior may be change over time due to exogenous shocks. In particular, the degree of...

The Dynamics of Farm Land Allocation - Short and Long Run Reactions in Long Micro Panel

Palavras-chave: Market for roasted coffee; Germany; Elasticity of conjectural variation; Market power; Simultaneous equation system; GMM; Industrial Organization.

Ano: 2002

URL: http://purl.umn.edu/24969

Arnberg, Soren; Hansen, Lars Garn.

This study develops a dynamic multi-output model of farmers crop allocation decisions that allows estimation of both short-run and long-run adjustments to a wide array of economic incentives. The method can be used to inform decision makers on a number of issues including agricultural policy reform and environmental regulation. The model allows estimation of dynamic effects relating to price expectations adjustment, investment lags, and crop rotation constraints. Estimation is based on micro-panel data from Danish farmers that includes acreage, output, and variable input utilization at the crop level. Results indicate that there are substantial differences between the short- and long-run land allocation behavior of Danish farmers and that there are...

The Housing Boom and Its Effect on Farmland Acreage

Palavras-chave: Land allocation; Crop rotation; System of dynamic equations; Micro panel data; GMM; Land Economics/Use; C33; Q12; Q15.

Ano: 2007

URL: http://purl.umn.edu/9978

Bekkerman, Anton.

This paper examines farmers land ownership decision to keep their farmland or sell the acreage to a non-agricultural enterprise. The boom in housing demand during the early 21st century caused a subsequent rise in land demand by housing construction companies. This, in turn, has significant effects on farmers choice to sell their farmland endowment and leave farming. Data from several public sources, including the USDA-NASS, U.S. Census, BLS, and BEA-REIS, is used to analyze the relationship of farm acreage with housing permit values. The Arellano-Bond dynamic panel estimator is used within a GMM framework to examine land ownership behavior of forward-looking farmers. Results indicate that a rise in demand for new housing significantly influences a...

THE IMPACT OF MANURE PRODUCTION RIGHTS ON CAPITAL INVESTMENT IN THE DUTCH PIG SECTOR

Palavras-chave: Farmland ownership; Housing values; Dynamic panel estimator; GMM; Forward-looking farmer; Land Economics/Use.

Ano: 2007

URL: http://purl.umn.edu/9697

Gardebroek, Cornelis.

In this paper the effect of manure production rights on investment decisions of Dutch pig farmers is examined. A dynamic optimization model of investment that explicitly takes zero investments into account is augmented by a constraint on production arising from the introduction of manure production rights. In the theoretical model it is shown that such a constraint has a reducing effect on investment. The presence of this constraint is tested for using GMM structural break tests. The results provide evidence for the hypothesis that manure production rights have reduced investments through its effect on production.