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...

Increased attention has recently been given to technical efficiency of small-scale irrigation to achieve food security and increase agricultural development. In this paper, the authors classify irrigation supply management methods as cooperative or non-cooperative, introduce social capital by...

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...

The U.S. frozen concentrated orange juice (FCOJ) market is dominated by a small number of processors in Florida and São Paulo (Brazil), while the European FCOJ market is dominated by São Paulo FCOJ processors. Both the U.S. and European governments impose a tariff on FCOJ imports. We develop a...

Although mass-produced beers still represent the vast majority of U.S. beer sales, there has been a significant growth trend in the craft beer segment. This study analyzes the demand for beer as a differentiated product and estimates own-price, cross-price and income elasticities for beer by...