Price endogeneity has been ignored in previous analyses of food demand in China. We exploit farm price data collected from the China National Bureau of Statistics to account for price endogeneity using reduced form price equations. Applying our unique econometric approach to the analysis of...

This article provides a structural framework for studying the market performance of various food industries. It revisits the benefit-function approach to modeling demand and extends its application to the empirical industrial-organization literature. We illustrate the empirical value of our...

Options on agricultural futures are popular financial instruments used for agricultural price risk management and to speculate on future price movements. Poor performance of Black’s classical option pricing model has stimulated many researchers to introduce pricing models that are more...

A common approach in the literature, whether the investigation is about futures price risk premiums or biases in option-based implied volatility coefficients, is to use samples in which consecutive observations can be regarded as uncorrelated. That will be the case for non- overlapping forecast...

We develop a new parametric bootstrap-based statistical test for presence of futures price and options-based implied volatility biases. The new test is applicable to data with overlapping prediction horizons. Information on anticipated volatility embedded in options prices is explicitly used...

Options on agricultural futures are popular financial instruments used for agricultural price risk management and to speculate on future price movements. Poor performance of Black’s classical option pricing model has stimulated many researchers to introduce pricing models that are more...

Socioeconomic determinants are investigated for both the likelihood of consuming fastfood and household expenditure on fastfood using the 1994-98 USDA Continuing Survey of Food Intakes by Individuals. The logit model is used to estimate an empirical relationship between probability an individual...

In this paper, we modeled the economic linkages between a commodity (wheat gluten) and a commodity characteristic (wheat protein). The purpose of this research was to address several issues in the wheat protein complex including the impact of the U.S. gluten import quota on producer protein...