After controlling a variety of feeder cattle characteristics and market and sale conditions in Iowa feeder auctions, the price premiums for preconditioning claims (vaccinations and minimum 30 days of weaning) with and without third-party certification (TPC) are estimated as $6.12/cwt and $3.35/cwt, respectively. These premiums differ statistically (p < 0.0001), and their difference exceeds the average participation cost of TPC ($l/cwt). This indicates that TPC is valued in the market to credibly signal preconditioning investment under asymmetric information.

Elasticities of import demand and supply often drive economic models, butfew empirical estimates of these elasticities exist for vegetables andfruits. For those that do exist, most are outdated. Because elasticitieschange over time as income, prices, and market conditions change, outdatedelasticity estimates may not be representative of changes in importquantities demanded or in acreages, yield, and quantities supplied.Moreover, import demand elasticities by country of origin for mostvegetables and fruits are nonexistent. This article presents research thatupdates elasticity estimates for each of the selected product categories andincludes production and trade implications.

This article analyzes the impact of removing the U.S. tobacco program inboth a partial and general welfare economics framework. In apartial-equilibrium framework, a consumer tax-funded quota buyout can resultin producer gains, consumer losses, net losses resulting from higher prices,and deadweight losses. In a general-equilibrium framework, society can gainfrom the buyout resulting from considerable potential savings from reducedhealthcare costs attributable to a reduction in smoking. Additionally, wepresent a model that addresses the addictive qualities of tobacco whileconsidering the effects of the quota buyout. We also conclude that anotherpossible effect of the buyout is an increase in worker productivity becauseemployees who are able to quit smoking reduce the amount of smoking-relatedsick days taken.