Taking the price of futures as a proxy for expected price, this article treats acreage planted to soybean, the price of futures, and other variables as jointly dependent. A futures price equation is embedded in a simultaneous equations model along with the consumption demand and acreage...

A two-stage approach is used to estimate sensitivity of corn, wheat, and soybean yields to changes in prices and land idled. Estimated elasticity of demand for fertilizer per acre with respect to expected output price equals 0.47, 0.10, and 0.82 for corn, wheat, and soybeans. Upper estimates of...

As the result of Uruguay Round negotiations, Korea and Japan established tariff rate quotas (TRQs) for agricultural imports. Both countries allocate the TRQs with various methods that show different fill rates and welfare implications. The state trading enterprises play important roles in TRQ...

Until recently the Korean beef market was heavily protected. However, since the beginning of 2001 there have been significant changes to the protection of this market. In January 2001 beef import quotas were lifted and replaced by an import tariff. The dual retail system – where domestic and...