A sample of U.S. consumers were surveyed in a choice based experiment in the Fall of 2005 and Spring 2006 to elicit Consumers' preferences for quality attributes in beef products. Based on the resulting data, a random coefficients logit model is estimated, and Consumers' willingness to pay for these quality attributes in beef products is obtained. The results indicate that consumers have strong valuation for traceability, grass-fed, and U.S. origin attributes in a standard rib-eye steak and are willing to pay a premium for these attributes.

Obesity is one of the most pressing and widely emphasized health problems in America today. Beverage choices made by households have impacts on determining the intake of calories, calcium, caffeine, and vitamin C. Using data from the Nielsen Homescan Panel over the period 1998-2003, and a two-way random-effects Fuller-Battese error components procedure, we estimate econometric models to examine economic and demographic factors affecting per-capita daily intake of calories, calcium, caffeine, and vitamin C derived from the consumption of nonalcoholic beverages. Our study demonstrates the effectiveness of the USDA 2000 Dietary Guidelines in reducing caloric and nutrient intake associated with nonalcoholic beverages.

This study uses a mixed logit model to analyze monetary and nonmonetary factors that influence location choice behavior of the U.S. Gulf of Mexico shrimpers. Shrimpers' responses to economic conditions are compared and contrasted for two periods related to changing economic conditions in the industry. Results show that even though shrimpers are generally revenue driven in choosing a fishing site, their past experience also plays an important role. Further, changes in economic conditions appear to exhibit an influence on the risk attitudes of some shrimpers.

The capacity of global agricultural production to meet increased demand for food from population growth and wealth accumulation is threatened by extensive land degradation. Nonetheless, previous research has focused primarily on the dynamic implications of input management and ignored land-use choice. This paper extends this theory through an examination of the intertemporal management of agricultural land through the use of non-crop inputs, such as fertilizer, and land uses that either degrade or restore productivity. The need to consider the relative total asset value of alternative crops over time is demonstrated. Moreover, higher output prices for degrading crops are shown to increase their relative value, motivating the later adoption of substitutes. An inability of land markets to reflect differences in resource quality and low capital malleability promote greater degradation. However, substitution of complementary effects through input use may help to sustain productivity. These factors are discussed in the context of crop sequence management in Western Australian cropping systems.

A whole farm economic analysis was conducted to provide a detailed assessment into the economic, risk, and production implications due to the adoption of auto-steer navigation. It was determined that auto-steer navigation was profitable for a grain farmer in Kentucky with net returns increasing up to 0.90% ($3.35/acre). Additionally, the technology could be used in reducing production risk. Adoption of the technology also alters production practices for optimal use.

It is well documented that “unanticipated” information contained in United States Department of Agriculture (USDA) crop reports induces large price reactions in corn and soybean markets. Thus, a natural question that arises from this literature is: To what extent are futures hedges able to remove or reduce increased price risk around report release dates? This paper addresses this question by simulating daily futures returns, daily cash returns, and daily hedged returns around report release dates for two storable commodities (corn and soybeans) in two market settings (North Central Illinois and Memphis, Tennessee). Various risk measures, including “Value at Risk,” are used to determine hedging effectiveness, and “Analysis of Variance” is used to uncover the underlying factors that contribute to hedging effectiveness.

This article examines food price volatility in Greece and how it is affected by short-run deviations between food prices and macroeconomic factors. The methodology follows the GARCH and GARCH-X models. The results show that there exists a positive effect between the deviations and food price volatility. The results are highly important for producers and consumers because higher volatility augments the uncertainty in the food markets. Once the participants receive a signal that the food market is volatile, this might lead them to ask for increased government intervention in the allocation of investment resources and this could reduce overall welfare.

This article examines the effects of the application of panel data estimation methods on a system of equations with unbalanced panel data. We apply pooled, random-effects, and fixed-effects estimation in three data sets: small, medium, and large farms to examine the relationship between farm size and the elasticity of cotton supply with respect to cotton price. Our results indicate that the adoption of various estimation methods entails different estimated parameters both in terms of their absolute value and in terms of their statistical significance. Additionally, the elasticity of cotton supply with respect to price varies according to farm size.

This study estimates the proportion of rice yield increase in University of Arkansas Division of Agriculture's (UofA) released rice cultivars that are attributable to genetic improvements through the University's breeding program. Test plot data from eight UofA experiment stations were used to quantify the yield increases and potential yield growth decreases over time. In addition to quantifying the yield and yield variance evolution at the UofA, this study also calculates the economic benefits of the UofA rice breeding program. Results indicated that by releasing modern rice cultivars, the UofA rice breeding program increased average producer yield by 0.68 bu/ac annually. During the last decade, 1997-2007, the average annual economic benefits were 34.3 million (2007) dollars. When accounting for the spillover of UofA rice varieties to neighboring states the average annual economic benefit of the breeding program increases to 46.7 million (2007) dollars.

We tested agricultural productivity convergence in the United States using the state level total factor productivity data and utilizing new estimation and cluster identification methods to identify convergence in the data. The empirical investigation did not indicate any evidence of agricultural total factor productivity (TFP) convergence at the state level. However, we found the evidence of TFP convergence at the regional level for some regions/clusters.