Volume 32, Issue 1, April 2007

April, 2007

By: Awokuse, Titus O.
Previous studies on post-reform market performance of Chinese grain markets have produced mixed results. This paper employs province-level price data to determine if China's food market liberalization policies in the 1990s resulted in interregional rice market integration. Furthermore, this study extends the literature on spatial market integration by augmenting multivariate cointegration modeling techniques with directed acyclic models (DAGs), a recently developed statistical method for analyzing contemporaneous causal relationships. While the empirical results confirm the existence of strong market linkages subsequent to the reforms of the early 19902, the linkages became less as the Chinese government reversed several reform policies in the mid-1990s. Overall, the empirical evidence from this study indicates that China's agricultural market policy reforms have been relatively effective.

April, 2007

By: Rimbey, Neil R.; Torell, L. Allen; Tanaka, John A.
Grazing permit value supposedly arises as a cost advantage for permit holders. Yet, ranches are overpriced relative to income earning potential. Hedonic models for New Mexico and the Great Basin were used to evaluate permit value. We found less than 16% of the marginal value of grazing permits in New Mexico can be attributed to livestock production, and for Great Basin ranches, estimates indicate none of the value can be assigned to livestock production. Deeded and public land acreages make the ranch bigger and it is the acreage, not the cattle grazing it, that adds the most to ranchland value.