The burgeoning literature on how the benefits from research may be negative for a given price support arbitrarily ignores the costs of price supports for a given level of research. Furthermore, the very existence of price supports is inconsistent with the normative criterion that governments...

This paper goes beyond orthodox considerations of direct payment e®ects on agricultural output, by highlighting the role of subsidies in a®ecting individual producers' ability to cover ¯xed costs, and in distorting the volume of aggregate production and net trade by implicitly discouraging...

Elasticities of demand for meat imports in Russia are estimated using an AIDS model. The model differentiates among sources of imports as well as kinds of meat, but since the number of observations on Russian imports is limited, an improved block-substitutability restriction is introduced to...

Exchange rates were heavily distorted under the central planning system in Central and Eastern Europe and are still adjusting in the transition process. The use of nominal exchange rates introduces a bias for international price comparisons and in calculations based on them. We present various...

This paper introduces a simple method of price risk decomposition that determines the extent to which producer price risk is attributable to volatile inter-market margins, intra-day variation, intra-week (day of week) variation, or terminal market price variability. We apply the method to...

The value of the timing option implicit in CBOT corn futures contract is estimated. Separate estimates are obtained for the option without and with convenience yield. The effect of the option on basis behavior at day one of the maturity month is examined and is found to be statistically important.

Numerous models of price-demand-supply behavior in agricultural markets have been proposed and estimated. The literature contains valuable contributions, but the cumulative effect is somewhat disappointing. This paper appraises the status of the price analysis literature and makes suggestions...