Economic theory provides little guidance for selecting a numeraire in estimating dual function profit functions. In this study, we examine the choice of numeraire price (equation) for profit function models of Iowa agriculture. The choice of numeraire is evaluated by forecasting accuracy and...

Ever since 1927, when Al Jolson spoke in the first “talkie” film The Jazz Singer, there had been little doubt that sound added a valuable perceptual dimension to visual media. However, despite the advances of over 80 years, and the complete integration of sound and vision that has occurred...

Should econometricians always incorporate economic theory in their models or only when unrestricted estimators are found to violate an inviolable theory? Using Monte Carlo experiments, we find that econometricians should use economic theory to the fullest extent possible. To paraphrase Leamer's...

This paper demonstrates the application of a recently developed methodology, the combination of directed acyclic graphs (DAGs) with Bernanke structural vector autoregression (VAR) models, to model a system of U.S. commodity-related and value-added markets. As an example, the paper applies this...

This paper applies a combined methodology of a recently developed directed acyclic graph (DAG) analysis with Johansen and Juselius' methods of the cointegrated vector autoregression (VAR) model to a monthly U.S. system of markets for soybeans, soy meal, and soy oil. Primarily a methods paper,...

This paper demonstrates the application of a recently developed methodology, the combination of directed acyclic graphs (DAGs) with Bernanke structural vector autoregression (VAR) models, to model a system of U.S. commodity-related and value-added markets. As an example, the paper applies this...

This paper demonstrates the application of a recently developed methodology, the combination of directed acyclic graphs (DAGs) with Bernanke structural vector autoregression (VAR) models, to model a system of U.S. commodity-related and value-added markets. As an example, the paper applies this...

This paper demonstrates the application of a recently developed methodology, the combination of directed acyclic graphs (DAGs) with Bernanke structural vector autoregression (VAR) models, to model a system of U.S. commodity-related and value-added markets. As an example, the paper applies this...

Conflicts push back development endeavors of a society by many years. The authors attempt to investigate the dynamic effects of conflicts on development, as well as the causal relationships among conflicts, development and foreign assistance, by using Panel-VAR and directed acyclic graphs (DAG)...

Relationships between adaptive expectations, the exponentially weighted moving average, and optimal Univariate statistical predictors are reviewed We show that the behavioral-based adaptive expectations are a subclass of both the exponentially weighted moving average and the (0,1,1) ARIMA model...