Interdependencies between commodity prices can arise from the impact of changing macroeconomic variables, from complementarities or substitutabilities between commodities, or from common responses by speculators. Malliaris and Urrutia (1996) found significant linkages between rollover prices of...

This paper develops a theory of the family farm in conditions of uncertainty where attention is focussed on the labour-input decisions. Specifically, the farm family is faced with two labour decisions, namely with respect to hired labour and to family labour. The framework for analysis is...

Payments for ecosystem service outputs have become a popular policy prescription for a range of agri-environmental schemes. The focus of this paper is on the choice of sets of instruments in an ecosystem service principal-agent model that addresses adverse selection and moral-hazard. Results...

The paper analyses the differences of technical, allocative, cost and scale efficiencies of irrigated and rain-fed rice farmers in Sri Lanka in two different perspectives; first, relative to a common metafrontier, defined as the boundary of an unrestricted technology set and second relative to...

A land retirement policy whereby land is taken out of agriculture and converted to natural vegetation or forestry has the potential to reduce environmental damage related to dryland salinity in Western Australia. This paper uses some recent results in the theory of directional distance functions...

This paper reports a series of pre-trade investigations into the hedge effectiveness of futures contracts of wheat, barley, and canola for Western Australia hedgers. Hedge ratios were estimated through the ordinary least square model, the vector autoregressive model, and the vector...

Payments for ecosystem service outputs have become a popular policy prescription for a range of agri-environmental schemes. The focus of this paper is on the choice of sets of instruments in an ecosystem service principal-agent model that addresses adverse selection and moral-hazard. Results...