While homogeneity restrictions of optimal choice functions are well known in the context of neoclassical economic theory, the existence and implications of "homogeneity-like" restrictions in more general optimization models have not received much attention in the literature. The authors call...

A structural inter-temporal model of agricultural asset arbitrage equilibrium is developed and applied to agriculture in the North-Central region of the U.S. The data is consistent with a unifying level of risk aversion. The levels of risk aversion are more plausible than previous estimates for...