Risky production functions which are commonly in use are shown to be very restrictive. In particular, such functions cannot describe technologies where inputs marginally reduce risk. A simple production function which avoids these restrictions is posited and alternative estimation procedures are...

A beef import model is specified and estimated using disequilibrium econometrics. The statistical significance of the model suggests that disequilibrium has historically existed in the US beef import market. Surplus analysis based on the disequilibrium framework indicates that a welfare loss has...

It is postulated that some issues of economic policy in general, and of Australian agricultural policy in particular, may be analysed in the framework of an adaptive control model. Policy making is characterized as a rational, sequential decision-making process under conditions of imperfect...