This paper addresses the issue of the shadow price of environmental bads treated as an undesirable output (normal input) with weak (strong) disposability in a two-stage estimation. Nebraska agriculture sector time series data used is spread over 1936-94. Results indicate the difference in the...

We use Monte Carlo experiments to assess the accuracy of two nonstructural and two statistical nonparametric market power tests. We implement these monopoly and monopsony market power tests using data from ten known market structures. The objective is to determine which test is most able to...

Defining appropriate probability distributions for the variables in an economic model is an important and often arduous task. This paper evaluates the performance of several common probability distributions under different distributional assumptions when sample sizes are small and there is...

This paper demonstrates that linear regression models with an AR(1) error structure implicitly assume that y{t} does not Granger cause any of the exogenous variables in X{t}. An indirect test of the common factor restrictions based on this Granger non-causality is proposed and shown to...

Measuring the lower tail of a crop yield distribution is important for managing agricultural production risk and rating crop insurance. Common parametric techniques encounter difficulties when attempting to model extreme yield events. We evaluate and compare alternative models based on our...

In this paper we present a continuous time optimal control analysis of resistance buildup in agricultural chemicals when the supplier is a monopolist. We compare the monopolistic, competitive and socially optimal solutions after establishing the stability of each equilibrium. The central finding...

Johannesson et al.(1996) conjecture that in a coercive, uniform tax setting like dichotomous choice contingent valuation, willingness to pay for public programs would be affected by altruistic consideration of the costs imposed on others. Using a voting-BDM elicitation mechanism, we demonstrate...

This study explores the evidence of convergence in the U.S agriculture sector by using the state level total factor productivity (TFP) data. The empirical investigation conducted in this study does not find any evidence of convergence while looking at the state level TFP. However, there seems to...

This paper considers estimation and inference for the binary response model in the case where endogenous variables are included as arguments of the unknown link function. Semiparametric estimators are proposed that avoid the parametric assumptions underlying the likelihood approach as well as...