We apply the hedonic technique to specialty coffees traded at the Cup of Excellence electronic auction. The hedonic model includes sensory and reputation variables. We discuss the significance and value of the coefficient estimates in the context of this evolving industry.

Conservation subsidies may be awarded for otherwise profitable projects, in which case they do not improve environmental quality. We show that transaction costs involved in such subsidy programs may induce farmers to reduce the size and scope of conservation projects. An empirical study shows...

Many studies have addressed the issues of the price relationships between spatially separated commodity markets. Such studies, which have policy relevance, provide information on the structure and the performance of the markets. Most of these studies, however, have been criticized for not...

This paper compares investment behavior of agricultural cooperatives and publicly traded firms in the food industry. The importance of financial constraints is examined by exploring whether ownership structure affects investment sensitivity to cash flow using a panel data approach based on the...

This research develops a theory of how market structure and belief formation drive survival and ownership of marketplaces. This paper explains the process for deriving theoretical predictions about these phenomena and suggests how comparison of theoretical predictions with actual outcomes in the...

This paper incorporates commodity stockholding into a short run, stochastic global general equilibrium model. A mix of econometric and calibration techniques are used to reconcile model outcomes with historical stockholding and price behavior. The resulting framework is useful for analyzing...

In 1986, the State of California passed legislation restricting the direct importation of wine from another state by California residents unless the originating state allowed the reciprocal privilege of direct shipment from California wineries to residents in that state. This proved to be the...

Modern agricultural marketing cooperatives must implement farm-level differentiation to meet requirements from high-quality market segments, e.g. consumers focusing on animal welfare. This makes the cooperatives internally heterogeneous and increases the influence costs. In particular, the...

We propose a different perspective for interpretation of exchange rate pass-through: a relatively lower (higher) degree of pass-through implies a competitive (less competitive) market. Using three different wheat exporting countries, the United States, Canada, and Australia, and two importing...

We examine the optimal hedging strategy with an individual insurance policy, sold at an unfair price, and a fair contract based on an index, which is imperfectly correlated with the individual loss. The tradeoff between transaction costs and basis risk is first analyzed in the expected utility...