This paper investigates the properties of industry equilibrium under pric e uncertainty given free entry and exit. For any form of risk-averse behavior, it is shown that an increase in demand uncertainty (as meas ured by a mean-preserving spread) increases mean output price and red uces output...

Leathers (1991) shows that while the existence of allocable fixed inputs can cause joint production (as in Shumway, Pope and Nash, 1984), it will not necessarily lead to joint production. The extent to which allocable fixed inputs cause joint production in agriculture is an empirical question....

This paper presents a model of economic behavior that explicates the phenomenon known as “orderly marketing,†which was a main objective of the Marketing Orders agricultural program introduced early in the New Deal. Recent analyses of marketing orders start with an implicit assumption...

Recent literature suggests that the value of land may increase faster than the value of depreciable assets when inflation increases. Here, we affirm that result for the specific conditions facing agriculture-where the supply of agricultural land is nearly perfectly inelastic and the supply of...