This study examined the production structure of the sawmilling industry of the Lake States (Michigan, Minnesota and Wisconsin) in order to determine elasticities of substitution and elasticities of demand. A homogeneous translog cost function was estimated using pooled time-series data for the...

Replaced with revised version of paper 07/20/04.

Real options analysis integrates uncertain outcomes of investment decisions. This framework is used to analyze a new product launch from an agricultural business to a market with multiple uncertainties. Findings indicate a more accurate valuation of the investment when real options and their...

Methyl Bromide in the United States is supplied by only four firms (two producers and two importers) who reap windfall profits from MB restrictions. Since 1992 we estimate that over $300 million in cumulative windfall profits have resulted from restrictions on Methyl Bromide and currently run...

In this paper, we show formally that cooperatives can possess an informational - and hence cost - advantage compared to For Profit Firms. This advantage is directly linked to the goal alignment between the cooperative and its members, and is influenced by the extent of income redistribution...

Over the last 20 years the cheese manufacturing sector has become the most important market for U.S. farm milk. Using a plant-level dataset encompassing the 1972-1997 period we examine the production characteristics of this industry. Using the results obtained from our cost function we estimate...

From the perspective of the food system, the overall food manufacturing or processing industry is fundamentally connected both with agricultural production in rural areas and consumption demand usually concentrated in urban areas. Using the local government level and individual firm level data...

In this paper, the results of a survey investigating whether risk attitudes and perceptions differ between managers and boards of directors of co-operative agribusiness firms presented. Using the framework of Fishbein's attitude-behavior model the factors underlying these differences are...

We examine whether cooperatives are characterized by greater trust than investor-owned firms. We survey 2000 Missouri corn and soybean farmers and find that trust and farmer perceptions of trustworthiness and competence are higher in cooperatives than in investor-owned firms and that trust is a...

This empirical study investigates a large California cooperative's closure and identifies lessons learned that might be useful to other cooperatives. It was found that the cooperative's directors failed to effectively supervise management. In turn, management fell short of expectations to fully...