American Journal of Agricultural Economics最新文献

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Is liquidity provision informative? Evidence from agricultural futures markets
IF 4.2 2区 经济学
American Journal of Agricultural Economics Pub Date : 2024-05-26 DOI: 10.1111/ajae.12479
Richie R. Ma, Teresa Serra
{"title":"Is liquidity provision informative? Evidence from agricultural futures markets","authors":"Richie R. Ma,&nbsp;Teresa Serra","doi":"10.1111/ajae.12479","DOIUrl":"https://doi.org/10.1111/ajae.12479","url":null,"abstract":"<p>Electronic commodity trading witnesses a massive volume of order messages every trading day, but little is known about their informativeness. We examine limit order dynamics and their role in price discovery in the Chicago Mercantile Exchange (CME) corn, soybean, and wheat futures markets from January 2019 to June 2020, using order-level data. Between 75% and 79% of the large number of limit orders submitted are then deleted, which contrasts with the much smaller proportion getting executed or revised. Aggressive trades and limit orders substantially contribute to price discovery, whereas nonaggressive trades and limit orders, representing most market events, play a minor role. Following public information releases, there is a shift in trading strategies, with trades contributing more to price discovery and aggressive limit orders contributing less, compared to nonrelease days. Our findings suggest that most limit orders in agricultural futures markets continue to play the traditional role of uninformed liquidity provision.</p>","PeriodicalId":55537,"journal":{"name":"American Journal of Agricultural Economics","volume":"107 1","pages":"125-151"},"PeriodicalIF":4.2,"publicationDate":"2024-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajae.12479","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142862275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Economic sanctions and agricultural trade 经济制裁和农产品贸易
IF 4.2 2区 经济学
American Journal of Agricultural Economics Pub Date : 2024-05-19 DOI: 10.1111/ajae.12473
Mario Larch, Jeff Luckstead, Yoto V. Yotov
{"title":"Economic sanctions and agricultural trade","authors":"Mario Larch,&nbsp;Jeff Luckstead,&nbsp;Yoto V. Yotov","doi":"10.1111/ajae.12473","DOIUrl":"10.1111/ajae.12473","url":null,"abstract":"<p>Economic sanctions are more popular than ever. But do they affect agricultural trade? Combining two new datasets and capitalizing on the latest developments in the empirical structural gravity literature, we investigate the effects of sanctions on international trade of agricultural products. We find that trade sanctions impede agricultural trade, whereas other sanctions do not show any significant impact. Complete trade sanctions have led to about a 67% decrease in the agricultural trade between the sanctioned and sanctioning countries, or a corresponding tariff equivalent of 25%, and we also obtain significant estimates for partial sanctions. At the industry level, we find substantial heterogeneity depending on the sanctioning and sanctioned countries, the type of sanctions used, and the direction of trade flows. The 2014 sanctions on Russia substantially decreased Russia's agricultural trade, mainly due to reduced trade with the EU but also due to reduced trade with other countries. Although no definitive evidence exists that sanctions alter the actions of governments of receiving countries, this paper provides broad evidence that sanctions hamper agrifood trade and hurt producers, consumers, and real output.</p>","PeriodicalId":55537,"journal":{"name":"American Journal of Agricultural Economics","volume":"106 4","pages":"1477-1517"},"PeriodicalIF":4.2,"publicationDate":"2024-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajae.12473","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141124510","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Heterogeneous effects of Medicaid expansion on food security measures 扩大医疗补助计划对粮食安全措施的不同影响
IF 4.2 2区 经济学
American Journal of Agricultural Economics Pub Date : 2024-05-09 DOI: 10.1111/ajae.12471
Anne T. Byrne, Bhagyashree Katare, John Lowrey
{"title":"Heterogeneous effects of Medicaid expansion on food security measures","authors":"Anne T. Byrne, Bhagyashree Katare, John Lowrey","doi":"10.1111/ajae.12471","DOIUrl":"https://doi.org/10.1111/ajae.12471","url":null,"abstract":"The 2014 Affordable Care Act (ACA) included state‐level Medicaid expansion programs, which have been credited with gains in food security for low‐income, able‐bodied, childless adults without dependents (ABAWDs). Yet, ABAWDs represent a diverse cohort who experience disparities along racial and ethnic lines, which could be partly responsible for differences in health‐related outcomes. This study uses data from the Current Population Survey Food Security Supplement to estimate the heterogeneous effect of ACA Medicaid expansion on food security among ABAWDs by race, ethnicity, and income. We find that Medicaid expansion improved food security for households headed by White ABAWDs—particularly those with incomes above 50% of the federal poverty line—but we do not find similarly significant evidence of gains among some historically marginalized populations. We find weak evidence that suggests that households headed by Hispanic ABAWDs may have experienced gains. However, Black‐headed ABAWD households had significantly worse food insecurity relative to the pooled sample of all races and ethnicities. Our results suggest that the relationship between healthcare access and food security is complex and, although spillover effects from a change in healthcare policy can influence food security status, such effects may not be equitably distributed across race, ethnicity, or income.","PeriodicalId":55537,"journal":{"name":"American Journal of Agricultural Economics","volume":" 21","pages":""},"PeriodicalIF":4.2,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140995043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Food security dynamics and measurement error 粮食安全动态和测量误差
IF 4.2 2区 经济学
American Journal of Agricultural Economics Pub Date : 2024-04-26 DOI: 10.1111/ajae.12470
Ian K. McDonough, Daniel L. Millimet
{"title":"Food security dynamics and measurement error","authors":"Ian K. McDonough,&nbsp;Daniel L. Millimet","doi":"10.1111/ajae.12470","DOIUrl":"https://doi.org/10.1111/ajae.12470","url":null,"abstract":"<p>We examine intra- and intergenerational food security dynamics in the United States using longitudinal data from the Panel Study of Income Dynamics (PSID) while accounting for measurement error. We apply recently developed methods on the partial identification of transition matrices and show that accounting for measurement error is crucial as even modest errors can dwarf the information contained in the data. Nonetheless, we find that much can be learned under fairly weak assumptions; the strongest and most informative assumption being that measurement errors are serially uncorrelated. In particular, although the evidence—both intragenerational and intergenerational—is consistent with significant mobility, we also find food security status to be persistent for at least some households in the tails of the distribution. We further document some heterogeneities in dynamics across households differentiated by race and education. Finally, the impact of measurement error in the context of underlying dynamics is widely applicable to other areas of applied microeconomics generally as well as to food security dynamics in less developed countries specifically.</p>","PeriodicalId":55537,"journal":{"name":"American Journal of Agricultural Economics","volume":"106 5","pages":"1714-1744"},"PeriodicalIF":4.2,"publicationDate":"2024-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajae.12470","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142170284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Differential price pass-through in organic and conventional fresh fruit and vegetable markets 有机和常规新鲜果蔬市场的价格传递差异
IF 4.2 2区 经济学
American Journal of Agricultural Economics Pub Date : 2024-04-01 DOI: 10.1111/ajae.12469
Qingxiao Li, Metin Çakır, Timothy K. M. Beatty, Timothy A. Park
{"title":"Differential price pass-through in organic and conventional fresh fruit and vegetable markets","authors":"Qingxiao Li,&nbsp;Metin Çakır,&nbsp;Timothy K. M. Beatty,&nbsp;Timothy A. Park","doi":"10.1111/ajae.12469","DOIUrl":"10.1111/ajae.12469","url":null,"abstract":"<p>Organic food production growth has remained relatively slow compared to organic retail sales growth in the United States. This paper questions whether the conduct of downstream agents plays any role in explaining the difference. Mainly, we shed light on structural differences between organic and conventional fresh fruit and vegetable markets by examining differential price pass-through rates. We estimate a rolling-window retail pricing model using retail and wholesale price data from five metropolitan statistical areas with terminal markets in the United States. We find that pass-through rates are 10 to 15 percentage points lower in the organic market, and the differences are statistically significant. We also find that the gap between pass-through rates narrows as the organic market share increases. Our results suggest the organic market is significantly less competitive than the conventional market. The implication is that farmers may have less incentive to convert to organic farming as they may not capture the full retail price premium consumers pay.</p>","PeriodicalId":55537,"journal":{"name":"American Journal of Agricultural Economics","volume":"107 1","pages":"290-311"},"PeriodicalIF":4.2,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140569134","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Who should benefit from environmental policies? Social preferences and nonmarket values for the distribution of environmental improvements 谁应从环境政策中受益?环境改善分配的社会偏好和非市场价值
IF 4.2 2区 经济学
American Journal of Agricultural Economics Pub Date : 2024-03-24 DOI: 10.1111/ajae.12467
Michela Faccioli, Diana M. Tingley, Mattia C. Mancini, Ian J. Bateman
{"title":"Who should benefit from environmental policies? Social preferences and nonmarket values for the distribution of environmental improvements","authors":"Michela Faccioli, Diana M. Tingley, Mattia C. Mancini, Ian J. Bateman","doi":"10.1111/ajae.12467","DOIUrl":"https://doi.org/10.1111/ajae.12467","url":null,"abstract":"The literature is replete with valuations of the costs and benefits of environmental change, yet the issue of where those impacts fall across society is rarely considered. This is a significant knowledge gap given clear evidence of social preferences regarding distributional effects reflected in both policy and protest. As an initial contribution, we examine preferences regarding projects designed to more than offset the biodiversity impacts of housing developments in England, as mandated under the UK's Net Gain legislation. Employing a nationally representative sample, a Discrete Choice Experiment values options for alternative characteristics and location of both development and offset sites, including their situation relative to both the respondent's home and neighborhoods of different socio-economic status. This defines sets of “winners” and “losers” varying across wealth levels. Results show that respondents did not necessarily prefer that the communities losing biodiversity due to development must also be the beneficiaries of the biodiversity enhancement under Net Gain rules. This is particularly the case where the communities losing biodiversity are located far from the respondent and are high wealth. Instead, our findings show that respondents are willing to pay more for Net Gain policies delivering biodiversity improvements to low or average (rather than high) wealth communities. These results highlight the importance of considering distributional concerns when measuring the welfare impacts of environmental policies and the potential role of such policies as redistributive tools to reduce social inequalities.","PeriodicalId":55537,"journal":{"name":"American Journal of Agricultural Economics","volume":"41 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2024-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140325130","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Misattribution prevents learning 错误归因阻碍学习
IF 4.2 2区 经济学
American Journal of Agricultural Economics Pub Date : 2024-03-17 DOI: 10.1111/ajae.12466
Jessica B. Hoel, Hope Michelson, Ben Norton, Victor Manyong
{"title":"Misattribution prevents learning","authors":"Jessica B. Hoel,&nbsp;Hope Michelson,&nbsp;Ben Norton,&nbsp;Victor Manyong","doi":"10.1111/ajae.12466","DOIUrl":"10.1111/ajae.12466","url":null,"abstract":"<p>In many markets, consumers believe things about products that are not true. We study how incorrect beliefs about product quality can persist even after a consumer has used a product many times. We explore the example of fertilizer in East Africa. Farmers believe much local fertilizer is counterfeit or adulterated; however, multiple studies have established that nearly all fertilizer in the area is good quality. We develop a learning model to explain how these incorrect beliefs persist. We show that when the distributions of outcomes using good and bad quality products overlap, agents can misattribute bad luck or bad management to bad quality. Our learning model and its simulations show that the presence of misattribution inhibits learning about quality and that goods like fertilizer with unobservable quality that are inputs into production processes characterized by stochasticity should be thought of as credence goods, not experience goods. Our results suggest that policy makers should pursue quality assurance programs for products that are vulnerable to misattribution.</p>","PeriodicalId":55537,"journal":{"name":"American Journal of Agricultural Economics","volume":"106 5","pages":"1571-1594"},"PeriodicalIF":4.2,"publicationDate":"2024-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajae.12466","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140199804","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Commodity price volatility and the psychological well-being of farmers 商品价格波动与农民的心理健康
IF 4.2 2区 经济学
American Journal of Agricultural Economics Pub Date : 2024-03-04 DOI: 10.1111/ajae.12468
Saurabh Singhal, Finn Tarp
{"title":"Commodity price volatility and the psychological well-being of farmers","authors":"Saurabh Singhal,&nbsp;Finn Tarp","doi":"10.1111/ajae.12468","DOIUrl":"10.1111/ajae.12468","url":null,"abstract":"<p>We examine the effects of income uncertainty on mental health in Vietnam. We assess this issue using volatility in the price of coffee, a key export commodity, that exposes small coffee farmers to income uncertainty. Using household panel data collected over 2016–2020, we find an increase in volatility of the international coffee price to be positively associated with psychological distress among coffee farmers. The magnitude is greater for men, and the findings are robust to several checks. These results are further substantiated by corresponding estimates for related health measures and self-reported happiness. Channels include an increase in mental stress due to pessimistic expectations of future economic well-being, increased cognitive load and alcohol consumption, and reduced social capital. The results highlight the psychological toll of living with income uncertainty and provide support for the provision of social safety nets that protect farmers from frequent commodity price fluctuations.</p>","PeriodicalId":55537,"journal":{"name":"American Journal of Agricultural Economics","volume":"107 1","pages":"269-289"},"PeriodicalIF":4.2,"publicationDate":"2024-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajae.12468","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140074748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Combatting forest fires in the drylands of Sub-Saharan Africa: Quasi-experimental evidence from Burkina Faso 在撒哈拉以南非洲旱地扑灭森林火灾:布基纳法索的准实验证据
IF 4.2 2区 经济学
American Journal of Agricultural Economics Pub Date : 2024-02-27 DOI: 10.1111/ajae.12464
Tung Nguyen Huy, Guigonan Serge Adjognon, Daan van Soest
{"title":"Combatting forest fires in the drylands of Sub-Saharan Africa: Quasi-experimental evidence from Burkina Faso","authors":"Tung Nguyen Huy,&nbsp;Guigonan Serge Adjognon,&nbsp;Daan van Soest","doi":"10.1111/ajae.12464","DOIUrl":"10.1111/ajae.12464","url":null,"abstract":"<p>Forest fires are among the main drivers of deforestation and forest degradation in the drylands of Sub-Saharan Africa. We use remote sensing data on forest fires and remaining tree cover to estimate the effectiveness of a project targeted at reducing fire incidences in 12 protected forests in arid Burkina Faso. The project consisted of two components that were implemented in the villages surrounding the target forests: a campaign aimed at raising community awareness about the detrimental effects of forest fires, and a program to support establishing and maintaining forest fire prevention infrastructures. Using the synthetic control method, we find that the project resulted in an overall reduction of <span></span><math>\u0000 <mrow>\u0000 <mn>35</mn>\u0000 <mo>%</mo>\u0000 </mrow></math> in the number of days on which an average forest grid cell was detected to be on fire in the month of the year when fires tend to be most prevalent—November, at the very end of the agricultural season. This impact is, however, short lived (as the reduction only occurred in the November months in the first 4 years of the program), and the overall reduction in forest fire occurrences was not sufficiently large to result in a detectable increase in vegetation cover. We then try to uncover the underlying mechanisms to shed light on which of the project's components were effective to also learn how the program can be improved.</p>","PeriodicalId":55537,"journal":{"name":"American Journal of Agricultural Economics","volume":"106 5","pages":"1684-1713"},"PeriodicalIF":4.2,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajae.12464","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140004065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does temporary land retirement promote organic adoption? Evidence from the Conservation Reserve Program 临时退耕是否会促进有机产品的采用?保护区计划提供的证据
IF 4.2 2区 经济学
American Journal of Agricultural Economics Pub Date : 2024-02-27 DOI: 10.1111/ajae.12465
Hannah Wing, Daniel P. Bigelow, Kate Binzen Fuller
{"title":"Does temporary land retirement promote organic adoption? Evidence from the Conservation Reserve Program","authors":"Hannah Wing,&nbsp;Daniel P. Bigelow,&nbsp;Kate Binzen Fuller","doi":"10.1111/ajae.12465","DOIUrl":"10.1111/ajae.12465","url":null,"abstract":"<p>The Conservation Reserve Program (CRP) allows agricultural producers to temporarily remove environmentally sensitive farmland from production in exchange for a yearly rental payment. While enrolled in the CRP, land typically complies with standards for organic certification, which prohibit the use of synthetic pesticides and fertilizers for three years prior to harvest. In this paper, we study the extent to which recent participation in the CRP promotes organic certification. We do so by estimating the relationship between exiting CRP contracts and new organic certifications at the county level over the years 2011–2020. Our primary results are based on an instrumental variables estimator, where we use the number of expiring CRP contracts as an instrument for endogenous net-exiting CRP contracts. We find that the exit of land from the CRP leads to increases in organic adoption, and estimate a 0.029% increase in new organic operations in response to a 1% increase in net-exiting CRP contracts. By highlighting this important co-effect of the CRP, our analysis contributes to contemporary discussions exploring the long-term linkages between land conservation policies, organic agriculture, and other conservation practices.</p>","PeriodicalId":55537,"journal":{"name":"American Journal of Agricultural Economics","volume":"106 5","pages":"1745-1774"},"PeriodicalIF":4.2,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140010978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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