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A structural intertemporal model of agricultural asset arbitrage equilibrium is developed and applied to agriculture in the North Central region of the US. The data are consistent with a unifying level of risk aversion. The levels of risk aversion are more plausible than previous estimates for...

An exactly aggregable system of Gorman Engel curves for US food consumption is developed and implemented. Box-Cox transformations on prices and income nest functional form. The model nests rank up to rank three. The model is estimated by nonlinear three-stage least squares with annual time...