Home About us Contact
|
Home About us Contact | ||
|
|
||
Output Price (output + price)
Selected AbstractsTechnology choice under changing peanut policiesAGRICULTURAL ECONOMICS, Issue 1 2005T. Jeffrey Price Marketing quotas; Price supports; Real option value; Technology adoption Abstract The effect of marketing quotas and price supports on technology adoption are examined for peanut production in the southeastern United States using a real options model of investment with output price and yield uncertainty. The optimal choice of peanut production technology (dryland versus irrigated) in the southeast is shown to depend on price supports and how they change. The manner in which price supports change will have an effect on the choice and rates of abandonment or adoption of production technologies. [source] Duality, income and substitution effects for the competitive firm under price uncertaintyMANAGERIAL AND DECISION ECONOMICS, Issue 4 2005Carmen F. Menezes This paper uses duality theory to decompose the total effect on the competitive firm's output of an increase in the riskiness of output price into income and substitution effects. Properties of preferences that control the sign of each effect are identified. The analysis extends to the general class of quasi-linear decision models in which the payoff is linear in the random variable. Copyright © 2005 John Wiley & Sons, Ltd. [source] International outsourcing and factor prices with multistage production*THE ECONOMIC JOURNAL, Issue 494 2004Wilhelm Kohler We develop a dual representation of the technology of international fragmentation for an industry using 2 factors in a continuum of stages. We then derive a generalised factor price frontier which incorporates an endogenous adjustment of the margin of fragmentation. Using this frontier in a 2 × 2 general equilibrium model, we investigate the role of outsourcing in the adjustment to a decline in the final output price of the multistage industry, and the attendant factor price effects. We also explore the implications of an improved technology of international fragmentation on the margin of fragmentation and on domestic factor prices. [source] ECONOMETRIC MODELS OF ASYMMETRIC PRICE TRANSMISSIONJOURNAL OF ECONOMIC SURVEYS, Issue 2 2007Giliola Frey Abstract In this paper, we review the existing empirical literature on price asymmetries in commodities, providing a way to classify and compare different studies that are highly heterogeneous in terms of econometric models, type of asymmetries and empirical findings. Relative to the previous literature, this paper is novel in several respects. First, it presents a detailed and updated survey of the existing empirical contributions on price asymmetries in the transmission mechanism linking input prices to output prices. Second, this paper presents an extension of the traditional distinction between long-run and short-run asymmetries to new categories of asymmetries, such as: contemporaneous impact, distributed lag effect, cumulated impact, reaction time, equilibrium and momentum equilibrium adjustment path, regime effect, regime equilibrium adjustment path. Each empirical study is then critically discussed in the light of this new classification of asymmetries. Third, this paper evaluates the relative merits of the most popular econometric models for price asymmetries, namely autoregressive distributed lags, partial adjustments, error correction models, regime switching and vector autoregressive models. Finally, we use the meta-regression analysis to investigate whether the results of asymmetry tests are not model-invariant and find which additional factors systematically influence the rejection of the null hypothesis of symmetric price adjustment. The main results of our survey can be summarized as follows: (i) each econometric model is specialized to capture a subset of asymmetries; (ii) each asymmetry is better investigated by a subset of econometric models; (iii) the general significance of the F test for asymmetric price transmission depends mainly on characteristics of the data, dynamic specification of the econometric model, and market characteristics. Overall, our empirical findings confirm that asymmetry, in all its forms, is very likely to occur in a wide range of markets and econometric models. [source] Tribute chromite mining and environmental management on the northern Great Dyke of ZimbabweNATURAL RESOURCES FORUM, Issue 2 2002Oliver Maponga A combination of poor mining methods, waste storage and disposal systems, as well as the day-to-day activities associated with tribute and contract chromite mining are primarily responsible for environmental problems on the Zimbabwe Great Dyke. For instance, the unsystematic dumping of waste rocks in rivers blocks channels and results in flooding, which further sterilizes agricultural land and mineral resources. Erosion of these haphazardly located dumps causes siltation of water bodies and results in the dispersion of heavy metals in soils and watercourses. Vegetation growth on waste dumps is limited and constrained by the high pH levels from phytotoxic metals in soils, the lack of nutrients, poor moisture retention qualities of the mining waste and critical cation imbalances within dumps. This article attributes poor environmental management on the Dyke to poverty, a direct result of the nature of tribute agreements and output prices. Prices based on output targets are exploitative and undervalue labour and thus perpetuate poverty. By absolving claim holders from environmental liability, tribute agreements contribute directly to environmental problems. Thus, the incorporation of enforceable dual environmental responsibility requirements in contract mining agreements is needed to overcome this problem. This article recommends that, to break the poverty cycle, the primary cause of environmental mismanagement in the sector, miners need to be empowered through claim ownership and the enhancement of their capacity to negotiate prices with buyers of chrome. [source] | ||||||||||