We formulate a method to determine an equitable division of dairy farm partnership income when partners provide unequal amounts of capital, labor, and management and empirically estimate this relationship. New York dairy farm financial data are used within fixed effects and random coefficient...

We formulate a method to determine an equitable division of dairy farm partnership income when partners provide unequal amounts of capital, labor, and management and empirically estimate this relationship. New York dairy farm financial data are used within fixed effects and random coefficient...

We formulate a model that determines the net benefit of Johne's disease vaccination within a tuberculosis-accredited region given the extra costs associated with the vaccine-related cross-reactivity with tuberculosis test results and the probability of a tuberculosis outbreak. We apply the model...

A production function highly concave in inputs will have a dual profit function less convex in prices. Even large variations in prices will cause little variation in input usage and output, resulting in poor profit function estimates. This is demonstrated using Monte Carlo simulation with...

Buy-sell arrangements for the death of a co-owner may be funded with life insurance. The mechanisms and details of buy-sell arrangements were discussed. The decision whether to use life insurance was modeled using the expected utility theorem. State dependent utility was used since a surviving...

A Box-Cox functional form was estimated from corn-nitrogen data previously used to report optimal nitrogen use from a quadratic production function. Results suggest that less nitrogen should be app1ie.d than recommended using the quadratic function, but with more nitrogen being applied if poor...

Changes in individual states' agricultural production diversity and variance of cash receipts were measured over the 30-year period 1960 through 1989. Diversity was measured using a general index, of which the inverse Herfindahl and the Entropy are special cases. Cash receipt variability was...

A real option analysis of dry-grind corn ethanol plants compared to a standard net present value analysis (NPV) shows that the option values increase entry prices and lower exit prices of investment and disinvestment considerably. For a large plant, the gross margin of ethanol price over the...

Agricultural studies have often differentiated and estimated different technologies within a sample of farms. The common approach is to use observable farm characteristics to split the sample into several groups and subsequently estimate different functions for each group. Alternatively, unique...