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WAEA Presidential Address: Evolution toward Private Negotiation as a Dominant Institution in Agribusiness Supply Chains: Implications, Challenges, and Opportunities

This paper discusses the implications, challenges, and opportunities arising from increased contracting and the use of private negotiation as a trading institution within agribusiness supply chains. I address the following questions: (i) As these changes occur and private negotiation becomes a dominant institution, are market signals and economic performance improved?; (ii) Are we preparing our […]

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Revenue-Neutral Pollution Taxes in the Presence of a Renewable Fuel Standard

We assess the welfare implications of a revenue-neutral tax in the presence of two Renewable Fuel Standard (RFS) policies for cellulosic biofuels: the waiver credit and the input-ratio requirement. We extend the model of revenue-neutral taxation to allow for the taxation of a dirty input in an imperfectly competitive market while integrating RFS-specific policies. Simulations

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The Cost of Forest Preservation in the Brazilian Amazon: The “Arc of Deforestation”

We estimate the trade-off between agricultural production and forest preservation for the municipalities in Brazil’s agricultural frontier, the so-called ‘arc of deforestation,’ using census and deforestation data for 2006. We use a nonparametric directional output distance function that allows us to identify the gradients of the production possibility frontier, which are the trade-offs of interest.

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The Impact of Input and Output Decisions on Agricultural Production Risk

This paper investigates the measurement of risk exposure in agriculture and its linkages with input and output decisions. We develop a conceptual analysis of risk under general risk preferences, including cumulative prospect theory. The approach is applied to a sample of U.S. farms from 1996 to 2011. In a multi-input, multi-output framework, the analysis documents

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The Cost and Market Impacts of Slow-Growth Broilers

There has been substantial productivity growth in the broiler industry; however, high growth rates might adversely affect animal welfare, resulting in calls for slow-growth breeds. This research shows production costs are 11%’25% per pound higher for slower-growing breeds than for modern breeds, depending on the target endpoint. Breakeven wholesale price premiums needed equate net returns

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Organic Wheat Prices and Premium Uncertainty: Can Cross Hedging and Forecasting Play a Role?

We compare the volatility of organic wheat prices to that of conventional wheat prices using historical measures. To reduce uncertainty, we examine the possibility of cross hedging using conventional wheat futures and the ability of futures to forecast the organic premium. Results provide evidence that conventional futures can be used to cross hedge organic wheat

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Practical Alternatives for Forecasting Corn and Soybean Basis in the Eastern Corn Belt throughout the Crop-Marketing Year

This paper re-evaluates practical methods of forecasting corn and soybean basis in the eastern Corn Belt. The accuracy of forecast methods differs over the course of the crop-marketing year. At harvest, historical moving average forecasts perform best. Post-harvest forecasts may be improved at short forecast horizons (

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Benefits, Challenges and Trade-Offs: Buyer and Contract Characteristics Valued by Small Farm Suppliers to Wholesale Marketing Channels

There is increasing interest in accessing local food products through ‘conventional’ food marketing systems. This study identifies and quantifies key contract characteristics and buyer attributes valued by small-scale produce farmers who are currently or are considering marketing into wholesale channels. Overall, produce farmers are receptive to entering into contracts with wholesale buyers. Substantial heterogeneity, however,

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Macroeconomic Impacts of U.S. Farm and Nutrition Programs

This study estimates the economy-wide impacts of two components of U.S. federal spending’nutrition programs and farm support programs’using an applied general equilibrium model. Both programs slightly reduce overall economic output and have important distributional effects. Farm programs reduce expenditures on a wide array of goods and services throughout the economy, including agricultural products, primarily since

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