The role of price risk in sow farrowings is investigated by using bivariate ARCH-M and GARCH-M models and a nonparametric kernel estimator. To account for the relevant time horizon of irreversible supply decisions, predictions for mean price and conditional price variance are iterated forward. The empirical results vary markedly in terms of their implications for risk response in hog supply dec...

In this paper, I develop a duopoly location model of differentiated products in which consumers’ product preferences vary positively with product prices. The level of preference price-dependence (“PPD”) is allowed to vary across consumers. I find that equilibrium prices increase with the PPD level of the marginal, or “just indifferent,” consumer, but are not influenced by the PPD levels of othe...

In canine ileum we investigated the distribution of pituitary adenylate cyclase-activating peptide (PACAP), using immunofluorescence and radioimmunoassay and the binding of 125I-PACAP-27 to membranes. Nerve profiles immunoreactive to PACAP-27, and often to vasoactive intestinal polypeptide (VIP) as well, were found in all plexi, but PACAP was present in ∼100-fold lesser amounts than VIP. High-p...

The univariate discrete moment problem (DMP) is to find the minimum and/or maximum of the expected value of a function of a random variable which has a discrete finite support. The probability distribution is unknown, but some of the moments are given. This problem is an ill-conditioned LP, but it can be solved by the dual method presented in Prékopa (1990). The multivariate discrete moment pro...

We explore the case for monopolistic price flexibility in a linear setting. With different marginal costs, by changing the production mix price differentiation can improve welfare and also aggregate consumer surplus even if total output does not increase (as in the linear case). This depends on the variability of cost and demand parameters, and on their correlation. We also show that the welfar...

Many attribute the rise in obesity since the early 1980s to the overconsumption of fast food. A dynamic model of a differentiated-product industry equilibrium shows that a firm with market power will price below marginal cost in a steady-state equilibrium. A spatial hedonic pricing model is used to test whether fast food firms set prices in order to exploit their inherent addictiveness. The res...

ADAMSON, D.A., SELKIRK, P.M., PRICE, D.M., WARD N. & SELKIRK, ].M., 1996 (xi): Pleistocene uplift and palaeoenvitonments of Macquarie Island: evidence from palaeobeaches and sedimentary deposits. In Banks, M.R. & Brown, M.J, (Eds): CLIMATIC SUCCESSION AND GLACIAL HISTORYOF THE SOUTHERN HEMISPHERE OVER THE LAST FIVE MILLION YEARS. Pap. Proc. R. Soc. Tasm. 130(2): 25-32. ISSN 0080-4703. School of...

Hedonic house price models typically impose a constant price structure on housing characteristics throughout an entire market area. However, there is increasing evidence that the marginal prices of many important attributes vary over space, especially within large markets. In this paper, we compare two approaches to examine spatial heterogeneity in housing attribute prices within the Tucson, Ar...

We analyze the valuation of American options under the forward performance criterion introduced by Musiela and Zariphopoulou (2008). In this framework, the performance criterion evolves forward in time without reference to a specific future time horizon. Moreover, risk preferences change with stochastic market conditions, which is natural as investors are clearly more risk averse in economic do...

The idea of price-directed control is to use an operating policy that exploits optimal dual prices from a mathematical programming relaxation of the underlying control problem. We apply it to the problem of replenishing inventory to subsets of products/locations, such as in the distribution of industrial gases, so as to minimize long-run time average replenishment costs. Given a marginal value ...