This paper empirically examines the impact of state government purchasing preference laws on expenditures and revenue of individual states. Purchasing preferences allow firms located within a state to win state contracts without being the low bidder. We find that states with purchasing...

This paper contends that classical spaceless price theory is excessively limited. In contrast, the spatial model provides a robustly general framework such that it even sheds light on the beta statistic in portfolio theory and the capital asset pricing model (CAPM), which led to 1990 Nobels for...

Imperfectly competitive markets, such as those involving spatial separation of producers and consumers are characterized by interactions between competing firms. Actions call forth reactions and the possible reactions form an important part of the information set that should be used to determine...

When the spot price and production risk are jointly normally distributed, the mean-variance approach has little theoretical justification. The authors use Taylor approximations instead and show the three results. One, farmers hedge less than expected production when the futures price is less...