This paper considers the estimation and testing of demand systems when the number of sample goods is smaller than the number of commodity choices available to consumers. In this case, the demand system is incomplete. The large majority of papers that appeared in the literature specifies and...

The paper presents an estimator of the errors-in-variables in multiple regressions using only first and second-order moments. The consistency property of the estimator is explored by Monte Carlo experiments. Based on these results, we conjecture that the estimator is consistent. The proof of...

Several recent papers have used annual changes and monthly data to estimate demand systems. Such use of overlapping data introduces a moving average error term. This paper shows how to obtain consistent and asymptotically efficient estimates of a demand system using seasonally differenced data....

Paper for presentation at the Northeastern Agricultural & Resource Economics Association’s Workshop on Economics and Child Nutrition Programs, AAEA & NAREA Joint Annual Meeting, Pittsburgh, Pennsylvania, July 23, 2011.

Paper presented at EAAE 2008 Congress

This paper investigates the dynamics of sequential decision-making in agricultural futures andoptions markets using a quantile regression framework. Analysis of trading records of 12 traderssuggests that there is great heterogeneity in individual trading behavior. Traders responddifferently to...

We study the difference in the volatility dynamics of CBOT corn, soybeans, and oatsfutures prices across different delivery horizons via the smoothed Bayesian estimatorof Karali, Dorfman, and Thurman (2010). We show that the futures price volatilitiesin these markets are affected by the...

Includes cover page, journal info, contents page, and editorial information

Recent research shows that disparities between willingness to pay (WTP) and willingness to accept (WTA) disappear with market experience and training. In effect, preferences can be refined by eliminating subjects’ misconceptions regarding elicitation procedures. We use a stated measure of...