Should the choice of numeraire price for modelling profit functions be arbitrary, or is more careful study needed? Here, the choice of numeraire is examined using tests for models specification and out-of-sample predictive accuracy based on the crop and livestock data obtained from Iowa. The...

This article considers two coarse measures applicable to antitrust policy: one of market concentration, the Herfindahl--Hirschman Index (HHI) and one of market dominance, threshold value. Calculations of threshold value are compared to HHI values to determine when thresholds might be of specific...

This paper uses a theoretical model to analyze the interaction between general wine sales and enotourism since many wineries sell wine through wine tours as well as wine to non-tourists. We assume that consumers of wine tours, or enotourists, are wine connoisseurs whereas naive wine drinkers...

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...

Resurgent cotton production compels better acreage forecasts for planning seed, chemical, and other input requirements. Structural models describe leading acreage response indicators, and forecasts are compared to time-series models. Cotton price, loan rate, deficiency payments, lagged corn...