The crop insurance program is a prominent facet of U.S. farm policy. The participation of private insurance companies as intermediaries is justified on the basis of efficiency gains. These gains may arise from either decreased transaction costs through better established delivery channels and/or...

The participation of intermediaries in either public policy or private markets can be justified on the basis of efficiency gains. With respect to private insurance company involvement in the U.S. crop insurance program, efficiency gains may arise from either decreased transaction costs through...

Rising urban and environmental demand for water has created growing pressure to re-allocate water from traditional agricultural uses. But, for a variety of reasons, water markets are more complicated than are those for other resources. In this paper, we first explain these differences by...

Using 5 minute data, we examine market volatility in the Dow Jones Industrial Average in the presence of trading collars. We use a polynomial specification for capturing intraday seasonality. Results indicate that market volatility is 3.4 percent higher in declining markets when trading collars...

Using five-minute data, market volatility in the Dow Jones Industrial Average is examined in the presence of trading collars. A polynomial specification is used for capturing intraday seasonality. Results indicate that market volatility is 3.4 % higher in declining markets when trading collars...

To the extent that NYSE Rule 80A collar, which restricts index arbitrage form of program trading on volatile days, aims to delink S&P 500 cash and futures markets and prevent transmission of volatility from the futures to the cash market, this study finds the collar to be ineffective. The...

Since its inception, the gravity model has been the cornerstone of empirical trade analysis. It has been used to estimate the marginal e↵ects of various determinants of trade as well as to test hypothesized relationships, many of which have direct and significant policy implications....