This paper tests the hypothesis that the net of extraction cost price of a natural resource does not change with volume. The hypothesis is shown to he a consequence of Hotelling's theory. The tests are performed on equations estimated by a nonparametric regression (ACE), and we show that the...

A low-cost foreign firm lowers its initially high price--dumping if necessary--until it drives the higher cost domestic firms out of business,whereupon it raises its price. At no time, however, does the foreign firm predate (price below its marginal cost). Tariffs, quotas, and other policies...

Food security may be increased by variance-reducing strategies, by food aid, or by development strategies. This paper uses a Korea CGE model, subjected to random fluctuation in world-prices and domestic food productivity, to evaluate these policies. We find that poverty-reducing development...

This paper presents a mean-variance model of portfolio choice and asset pricing when the price of consumption goods as well as the return to assets is uncertain. The correlation of an assets return with purchases at expected prices is shown to reduce both the mean return and the variance of the...