ALTERNATIVE CALIBRATION AND AUCTION INSTITUTIONS FOR PREDICTING CONSUMER WILLINGNESS-TO-PAY FOR NON-GENETICALLY MODIFIED CORN CHIPS

This study explores two important issues in experimental economics: calibration and auction institution. Consumer willingness-to-pay bids for corn chips made with non-genetically modified ingredients are elicited from a 1st price and 2nd price auction. Results suggest that responses to scale differential questions, in a survey, accurately predict consumer willingness-to-pay bids. The 2 nd price auction induces a greater percentage of marginal bidders to offer a positive bid than a 1st price auction. However, average bid levels in the 1st and 2nd price auctions were not statistically different from one other. In a small and unrepresentative sample, 70 percent of student participants were unwilling to pay to exchange a bag of genetically modified corn chips for a bag of non-genetically modified corn chips. However, 20 percent of respondents were willing to pay at least $0.25/oz for the exchange.Consumer/Household Economics, Demand and Price Analysis,

THE MULTI-PRODUCT ASYMPTOTICALLY IDEAL MODEL: AN APPLICATION TO AGRICULTURE

This paper examines the Multi-Product Asymptotically Ideal Production Model as an alternative to the translog and normalized quadratic functional forms using farm level data. Factors such as ease of estimation, imposition of regularity conditions, and quantitative differences in empirical estimates are compared.AIM, Asymptotically Ideal Model, flexible functional form, cost function, Production Economics, Research Methods/ Statistical Methods,

Tigers in the Trenches: A Study of Clemson in the Great War

In April 1917, Clemson Agricultural College was a small, relatively-unknown land-grant college. The college had only been open for 23 years, 8 months with an average annual enrollment of 616 students when the United States declared war and entered World War I. By the end of the war, over 821 Clemson graduates and former students would serve in the U.S and Allied military services. James C. Littlejohn, the registrar from 1910 - 1925, attempted to catalog the service of these alumni during and after the war. In order to conduct this study, a cross reference of Clemson students from 1896 - 1920 with soldier rosters from World War I was necessary. Once this list had been assembled, tracking Clemson alumni through the war is possible by cross referencing their records with their assigned unit. This analysis has permitted locating Clemson Alumni on the battlefield and following them through the course of the war. Clemson alumni earned 2 Medals of Honor, 10 Distinguished Service Crosses, 1 Navy Cross, and 1 Distinguished Service Medal in addition to multiple Silver Star Citations and foreign decorations. Thirty-one alumni gave their lives for their country. This record, combined with the scope of Clemson alumni\u27s military record, demonstrates a distinct contribution which went beyond what could be expected of such a small, young institution

AN EXAMINATION OF THE EMPIRICAL PROPERTIES OF DUALITY BETWEEN THE RESTRICTED PROFIT, UNRESTRICTED PROFIT, AND PRODUCTION FUNCTIONS

This research examines the empirical properties of duality theory. A comparison of the Hessian matrices calculated from the normalized unrestricted and restricted profit, and production functions indicate that duality is highly sensitive to measurement error and relative price variability. Keywords: duality, restricted and unrestricted profit functionsduality, restricted and unrestricted profit functions, Demand and Price Analysis, Production Economics,

Extent and Characteristics of Retail Fresh Beef Branding

Limited information exists regarding the extent and characteristics of branded fresh beef. Retail package data from a sample of grocery stores in three metropolitan areas enabled determining the extent of branded beef for ground beef, roasts, and steaks. Logit models identified factors affecting the probability of beef products being branded, and the probability of beef products carrying specific types of brands compared with store brands and generic (unbranded) beef. The extent of branded beef and type of brand both varied by store type, specific product, quality designation, package type, and presence of special labeling.Marketing,

Teachers of Students with Emotional and Behavioral Disorders’ Perceptions of the Importance of Selected Professional Standards of Practice

Utilizing the Council for Exceptional Children’s (CEC) standards delineated for preparation programs in teaching students with emotional and behavioral disorders (EBD), the present study sought to determine how graduates of one teacher preparation program perceived the importance of the standards in their work with students with EBD. Results indicated that graduates viewed the CEC standards as important to their work. Further, a multiple regression model examined specific demographic variables (i.e., total years of teaching experience, positions graduates currently held, graduates’ feelings about working with students with EBD, and their feelings as to causal factors leading to EBD) as predictors for how graduates perceive the importance of using the CEC standards. Unfortunately, the regression model did not predict the graduates’ perceived importance in using the CEC standards; however, graduates’ years of teaching experience with students with EBD was a significant predictor for three of the standards

When a risky prospect is valued more than its best possible outcome

In this paper, we document a violation of normative and descriptive models of decision making under risk. In contrast to uncertainty effects found by Gneezy, List and Wu (2006), some subjects in our experiments valued certain lotteries more than the best possible outcome. We show that the likelihood of observing this effect is positively related to the probability of winning the lottery and negatively related to the value of the maximum outcome. We also demonstrate that this effect can be partially attributed to subjects’ competitiveness and level of comprehension of the lottery mechanism; the competitiveness effects far outweighing comprehension effects.lottery, risk, competitiveness, Vickrey auctions

Empirical properties of duality theory

This research examines selected empirical properties of duality relationships. Monte Carlo experiments indicate that Hessian matrices estimated from the normalised unrestricted profit, restricted profit and production functions yield conflicting results in the presence of measurement error and low relative price variability. In particular, small amounts of measurement error in quantity variables can translate into large errors in uncompensated estimates calculated via restricted and unrestricted profit and production functions. These results emphasise the need for high quality data when estimating empirical models in order to accurately determine dual relationships implied by economic theory.Research Methods/ Statistical Methods,

A theoretical review of the operation of vibratory stress relief with particular reference to the stabilization of large-scale fabrications

Vibratory stress relief (VSR) is widely used on large welded fabrications to stabilize the structures so that they do not distort during further machining or during operational duty. The level of applied stress achieved during VSR on such structures is only 5–10 per cent of the yield stress. It is, therefore, not obvious how these applied loads come to modify the level of residual stress. It is suggested here that the reason for the success of VSR applied to large fabrications lies (a) in the origin of the residual stresses and (b) in the partial relief of these residual stresses by the initiation of the transformation of retained austenite particles (in the size range from 1 to 25 µm) by the movement of dislocations into positions that are favourable for the nucleation of martensite embryos. The shear deformation associated with the transformation of retained austenite into martensite will reduce the residual stress field to the point where the stability of the structure may be assured