Dynamic relationships between US and Thai rice prices

Relationships between the United States Department of Agriculture's (USDA) estimated World Market Price, the Thai milled rice price, US transportation-adjusted cash rough rice price, and the Chicago Rice and Cotton Exchange rough rice futures price are examined for the 1987–1991 marketing years. Specifically, a cointegration analysis is used to address the pricing and informational efficiency of the respective markets. Testing indicates the system is described by two cointegrating vectors. The analysis preformed herein provides insight into the pricing performance of several world rice markets.     

Publication of Information and Market Response: The Case of Airline on Time Performance Reports

This paper investigates market response to publication of on time performance information. Theory suggests that reduction in search costs generates more honest airlines and better quality service, a distribution of price-quality bundles, increased demand, exit by inefficient airlines and reduction of price rigidity. An ARIMA study of U.S. domestic airline operations finds that after publication of performance information the market generated better performance, increased quality distribution, enhanced demand, exit by four of fourteen airlines and reduced price-quality rigidity. Publication of information may improve performance in markets characterized by asymmetric information and high search costs.     

Changes in human nutrition and US exports

Changes in US nutrition could increase the availability of grains for world food use. This study examines such changes by means of a programming model which allows an optimal inter-regional allocation of grains while simultaneous shifts are made in consumer diets. The three alternatives examined include use of added US production potential for wheat production and exports, a substitution of 25% soy protein for meat and reducing the animal protein intake by 25%. Sizable increases in food exports could be made under each of the three alternatives. Of course, institutional means would need to be created to facilitate these shifts.