Estimating the Structure of Market Reaction to News: Information Events and Lumber Futures Prices

We develop a new event‐study technique, the distributional event response model (DERM), appropriate to relatively slowly evolving information events. We apply the model to twelve years of daily lumber futures prices and analyze the effects of three different types of information releases: (a) monthly housing starts estimates, (b) aperiodic administrative and judicial announcements about U.S.‐Canada trade disputes, and (c) novel and unprecedented court decisions related to the Endangered Species Act (ESA). The information releases are different in ways that predict their relative speeds of impoundment in prices. We find that housing start events are absorbed more quickly than trade events, which are absorbed more quickly than ESA events

Hedonic price estimation for the Turkish bread wheat characteristics

Quality attributes, Bread wheat, Hedonic price, Commodity exchange,

Long-term tillage and crop sequence effects on wheat grain yield and quality.

Much research around the world has compared the performance of cereals grown under conventional and conservation tillage systems; however, relatively few long-term experiments have been conducted in Mediterranean areas, and little attention has been given to interactions among tillage techniques and other system components across space and time. In this study, we investigated the effects of the long-term (18-yr) use of three tillage techniques (conventional tillage, CT; reduced tillage, RT; and no-till, NT) on wheat (Triticum durum Desf.) grain yield and quality within three crop sequences: continuous wheat, faba bean (Vicia faba L.)\u2013wheat, and berseem clover (Trifolium alexandrinum L.)\u2013wheat. In addition, we investigated the effects of climatic variability on the treatments and evaluated whether cumulative effects occurred from continuous treatment. On average, NT resulted in a grain yield advantage over CT when water stress was high and, conversely, a disadvantage when water stress was low. The effect of the tillage system on grain yield varied by crop sequence. Grain yield differences between NT and CT when wheat was grown after faba bean or berseem clover were explained primarily by climatic variability without a cumulative effect over time. In contrast, in continuous wheat, NT resulted in a progressive decrease in grain yield compared with CT. On average, wheat grain protein content varied significantly by tillage system (CT > RT > NT). This suggests that fertilizer N requirements increase with NT compared with CT because of changes in N cycling that lead to a reduction in plant-available soil N

A review of the formulation and application of the spatial equilibrium models to analyze policy

This paper reviews alternative market equilibrium models for policy analysis. The origin of spatial equilibrium models and their application to wood and wood-processing industries are described. Three mathematical programming models commonly applied to solve spatial problems - namely linear programming, non-linear programming and mixed complementary programming - are reviewed in terms of forms of objective functions and constraint equalities and inequalities. These programming are illustrated with numerical examples. Linear programming is only applied in transportation problems to solve quantities transported between regions when quantities supplied and demanded in each region are already known. It is argued that linear programming can be applied in broader context to transportation problems where supply and demand quantities are unknown and are linear. In this context, linear programming is seen as a more convenient method for modelers because it has a simpler objective function and does not require as strict conditions, for instance the equal numbers of variables and equations required in mixed complementary programming. Finally, some critical insights are provided on the interpretation of optimal solutions generated by solving spatial equilibrium models