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...

Replaced with revised version of paper 05/29/04.

Game-based bargaining theory is presented to evaluate the potential of and stability of cooperative coalition among producers for enhancing producer returns and managing market price and income risk. Results clarify that collective bargaining can increase and stabilize producer profits when they...

In this paper, we model the trade-off between equity and efficiency in a market for a resource when users of that resource are heterogeneous. We develop the analytical model, and show that under certain circumstances efficiency can be achieved in a manner that also reduces inequality. We also...