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...

Ever since 1927, when Al Jolson spoke in the first “talkie” film The Jazz Singer, there had been little doubt that sound added a valuable perceptual dimension to visual media. However, despite the advances of over 80 years, and the complete integration of sound and vision that has occurred...

Voluntary donations to non-game species protection through state income tax checkoffs are analyzed. An analogy between the contingent valuation method and check-off scheme is drawn by observing the existence of agenda effects in the latter. Results reveal that substitution and sequencing effects...

Should econometricians always incorporate economic theory in their models or only when unrestricted estimators are found to violate an inviolable theory? Using Monte Carlo experiments, we find that econometricians should use economic theory to the fullest extent possible. To paraphrase Leamer's...

Household-level Canadian meat purchases from 2002-2008 and the Food Opinion Survey conducted in 2008 were used to explore consumer responses to Bovine Spongiform Encephalopathy (BSE) at the national level in Canada. Three measures of beef purchased were used to understand consumers‟ reaction...

Household-level Canadian scanner data from 2002 – 2005 were used to identify consumer reactions to the early BSE discoveries that severely impacted Canada’s beef industry. In all provinces, consumers reacted to the initial BSE event by purchasing more beef, apparently to support struggling...

Household-level Canadian meat purchases from 2002-2008, household-level egg purchases from 2002-2005 and Food Opinion Survey in 2008 were used to understand how consumers who have different concerns about nutrition react to BSE events and how beef consumption after BSE discoveries were shaped by...