A GENERALIZED SUPPLY RESPONSE/FACTOR DEMAND MODEL AND ITS APPLICATION TO THE FEEDER CATTLE MARKET

The appropriate specification of expectations in empirical models of supply response or factor demand is discussed. A general model that admits both extrapolative and rational expectations is formulated and analyzed. The model is used to investigate the decision making process of cattle feeders by incorporating information on futures prices (as representations of rational forecasts) and lagged prices. The findings provide some evidence that cattle feeders form their expectations of future prices using both types of information.Demand and Price Analysis, Livestock Production/Industries,

Legendrian contact homology and nondestabilizability

We provide the first example of a Legendrian knot with nonvanishing contact homology whose Thurston-Bennequin invariant is not maximal.Comment: 12 pages, 2 figure

Higher-dimensional linking integrals

We derive an integral formula for the linking number of two submanifolds of the n-sphere S^n, of the product S^n x R^m, and of other manifolds which appear as "nice" hypersurfaces in Euclidean space. The formulas are geometrically meaningful in that they are invariant under the action of the special orthogonal group on the ambient space.Comment: 10 pages, 3 figure

MISSPECIFICATION IN SIMULTANEOUS SYSTEMS: AN ALTERNATIVE TEST AND ITS APPLICATION TO A MODEL OF THE SHRIMP MARKET

Concern over the effects of public policies based on misspecified econometric models motivates interest in a procedure to test, diagnose, and improve the specification of models that have been estimated with three-stage least squares. A test of system-wide specification based on Hausman's specification test is employed in a test of the a priori restrictions placed on the parameters of a structural model of the U.S. shrimp market. The null hypothesis of proper specification is rejected. After diagnosis via a comparison of unrestricted and restricted reduced forms and respecification, the null hypothesis cannot be rejected.Research Methods/ Statistical Methods,

A MODEL OF WEEKLY PRICE DISCOVERY FOR FLORIDA CELERY: REPLY

Demand and Price Analysis,