Eales, James S.

By: Jekanowski, Mark D.; Binkley, James K.; Eales, James S.
This study explores the growth in demand for fast food. A distinguishing characteristic of fast food is its convenience; in today's pervasive marketplace, consumers need not travel far to find a fast food outlet. This greater availability translates into a decrease in the full price of obtaining a meal, which contributes to greater consumption. Market-level data are used to estimate demand equations in two time periods, incorporating changes in availability as well as prices, income, and various demographic characteristics. Our findings show that greater availability has led to increased consumption. Failure to account for these types of marketplace changes could lead to incorrect inferences regarding the factors responsible for the industry growth.
By: Eales, James S.; Roheim, Cathy A.
The separability of meat products from fish products is investigated to gain a better understanding of Japanese consumer choices in protein demand. Rather than view fish as a single homogeneous commodity, fish and seafood are categorized into several groups of products. Separability is investigated using a demand system approach in which a generalized system of demand equations is specified and used, first to identify if any of the alternative demand structures nested within the general system are appropriate for these data, and then, conditional on those results, to test separability of meats from fish products following Moschini, Moro, and Green. Results indicate that meats and fish were separable prior to 1990; however, when examined over the entire 1981-95 study period, they are not.
By: Eales, James S.; Hyde, Jeffrey; Schrader, Lee F.
Two approaches have been taken to the modeling of poultry demand in U.S. meat demand studies. One has been to ignore turkey, and estimate demands for beef, pork, and chicken. The second has been to include turkey by combining it with chicken, and estimating demands for beef, pork, and poultry. The validity of these two approaches is examined using quarterly U.S. time-series data from 1980-96. The results indicate that either approach to the modeling of poultry demand is appropriate.
Variability in published meat demand elasticity estimates for Canada motivates examining the importance of dynamics and endogeneity of right-hand-side variables. Wickens and Breusch suggest a re-parameterization of dynamics which allows estimating the long-run parameters directly and maintains linearity. A symmetric approach, employing both ordinary and inverse demand systems, to endogeneity of right-hand-side variables is used. Endogeneity of both prices and quantities is examined. Results show both dynamics and endogeneity are important in quarterly Canadian meat demand.
By: Eales, James S.
A new model of consumer preferences is introduced. It is appropriate for modeling perishable commodities which are produced with a lag, where it is reasonable to assume the market-level quantities are fixed by previously made production decisions. The inverse Lewbel system, as it is called, is a flexible nonlinear system of share equations, which nests two other inverse demand systems, the direct translog and the inverse AIDS. Thus, the inverse Lewbel may be employed to test whether these more restrictive preference structures are appropriate. In an application to quarterly U.S. meat consumption, the more restrictive structures are rejected.
By: Thompson, Sarahelen R.; Eales, James S.; Seibold, David
The objectives of this study were to: (a) quantify differences in liquidity costs between Kansas City and Chicago wheat futures contracts, and (b) identify the factors which influence liquidity in these two markets. Regression results suggest that there are significant differences in liquidity costs between Chicago and Kansas City which are in part due to the lower trading volume at Kansas City. However, there appears to be a significantly higher cost of doing business at Kansas City which is independent of trading volume. The implications of these findings to traders is that transacting is more expensive in Kansas City than in Chicago.