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Equilibrium Layoff As Termination Of A Dynamic Contract, Cheng Wang Dec 2006

Equilibrium Layoff As Termination Of A Dynamic Contract, Cheng Wang

Economics Working Papers (2002–2016)

In a dynamic model of the labor market with moral hazard, equilibrium layoff is modeled as termination of an optimal long-term contract. Termination, together with compensation (current and future), is used as an incentive device to induce worker efforts. I then use the model to study analytically the effects of a firing tax on termination and worker compensation and utility. There are three layers to the impact of a firing tax on layoff and worker utility. A higher firing tax could either reduce aggregate termination and increase worker utility, or increase aggregate termination and reduce worker utility, depending on the ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Dec 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Index To Volume 17, Nos. 1-24, Agricultural Law Digest Dec 2006

Index To Volume 17, Nos. 1-24, Agricultural Law Digest

Agricultural Law Digest

No abstract provided.


Bankruptcy Court Interpretation Of Chapter 12 Tax Rules, Neil E. Harl, Joseph A. Peiffer Dec 2006

Bankruptcy Court Interpretation Of Chapter 12 Tax Rules, Neil E. Harl, Joseph A. Peiffer

Agricultural Law Digest

The first Bankruptcy Court interpretation1 of the provisions in the Bankruptcy Abuse Prevention and Consumer Protection Act of 20052 pertaining to the income tax treatment of asset dispositions in Chapter 12 bankruptcy cases3 has been published. The first case, involving a hog farmer from Northern Iowa who had encountered disease problems in the swine herd and a series of accidents (following a period of low hog prices), tested the income tax rules enacted in 2005 for Chapter 12 filers. Although the decision was favorable to the taxpayers on some issues, the opinion did not go as far ...


Partially Identifying The Prevalence Of Health Insurance Given Contaminated Sampling Response Error, Brent Kreider Dec 2006

Partially Identifying The Prevalence Of Health Insurance Given Contaminated Sampling Response Error, Brent Kreider

Economics Working Papers (2002–2016)

This paper derives simple closed-form identification regions for the U.S. nonelderly population's prevalence of health insurance coverage in the presence of household reporting errors. The methods extend Horowitz and Manski's (1995) nonparametric analysis of contaminated samples for the case that the outcome is binary. In this case, draws from the alternative distribution (i.e., not the distribution of interest) might naturally be defined as response errors. The derived identification regions can dramatically reduce the degree of uncertainty about the outcome distribution compared with the contaminated sampling bounds. These regions are estimated using data from the Medical Expenditure ...


Intra-Industry Trade, Multilateral Trade Integration, And Invasive Species Risk, Anh T. Tu, John C. Beghin Dec 2006

Intra-Industry Trade, Multilateral Trade Integration, And Invasive Species Risk, Anh T. Tu, John C. Beghin

CARD Working Papers

We analyze the linkage between protectionism and invasive species (IS) hazard in the context of two-way trade and multilateral trade integration, two major features of real-world agricultural trade. Multilateral integration includes the joint reduction of tariffs and trade costs among trading partners. Multilateral trade integration is more likely to increase damages from IS than predicted by unilateral trade opening under the classic Heckscher-Ohlin-Samuelson (HOS) framework because domestic production (the base susceptible to damages) is likely to increase with expanding export markets. A country integrating its trade with a partner characterized by relatively higher tariff and trade costs is also more ...


Nontariff Barriers, John C. Beghin Dec 2006

Nontariff Barriers, John C. Beghin

CARD Working Papers

Nontariff barriers (NTBs) refer to the wide range of policy interventions other than border tariffs that affect trade of goods, services, and factors of production. Most taxonomies of NTBs include market-specific trade and domestic policies affecting trade in that market. Extended taxonomies include macro-economic policies affecting trade. NTBs have gained importance as tariff levels have been reduced worldwide. Common measures of NTBs include tariff-equivalents of the NTB policy or policies and count and frequency measures of NTBs. These NTB measures are subsequently used in various trade models, including gravity equations, to assess trade and/or welfare effects of the measured ...


How High Will Corn Prices Have To Go?, Mike Duffy Nov 2006

How High Will Corn Prices Have To Go?, Mike Duffy

Proceedings of the Integrated Crop Management Conference

The recent boom in ethanol production and the planned expansion could significantly shift the demand for corn. One of the major questions is how high the market price for corn will have to rise to pull enough acres out of other crops and into corn to satisfy this new demand.


Impacts Of The Rapid Expansion In Corn-Based Ethanol Production On Crop Acreage Needs, Grain Prices, Basis Behaivor, And Implications For Corn Users, Robert Wisner Nov 2006

Impacts Of The Rapid Expansion In Corn-Based Ethanol Production On Crop Acreage Needs, Grain Prices, Basis Behaivor, And Implications For Corn Users, Robert Wisner

Proceedings of the Integrated Crop Management Conference

Corn processors have been producing fuel ethanol for more than two decades, but several important events have generated an unprecedented expansion in the industry in the last two years. The combination of events included:


What Is "Like-Kind" For Real Estate?, Neil E. Harl Nov 2006

What Is "Like-Kind" For Real Estate?, Neil E. Harl

Agricultural Law Digest

Since the earliest days of like-kind exchanges,1 the line between real property and depreciable tangible personal property has been indistinct, at best.2 Interestingly, the dichotomy between real and personal property is a creature of the Treasury regulations,3 not of the statute. The statute merely refers to “property”4 other than for separate provisions for real property and personal property indicating that foreign property is not “like-kind” to property located in the United States.5 Actually, the relevant authority has identified three classes of property eligible for like-kind exchange treatment – (1) real property,6 (2) depreciable tangible personal ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Nov 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

Since the earliest days of like-kind exchanges,1 the line between real property and depreciable tangible personal property has been indistinct, at best.2 Interestingly, the dichotomy between real and personal property is a creature of the Treasury regulations,3 not of the statute. The statute merely refers to “property”4 other than for separate provisions for real property and personal property indicating that foreign property is not “like-kind” to property located in the United States.5 Actually, the relevant authority has identified three classes of property eligible for like-kind exchange treatment – (1) real property,6 (2) depreciable tangible personal ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Nov 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Health And Accident Insurance For "2%" S Corporation Shareholders, Neil E. Harl Nov 2006

Health And Accident Insurance For "2%" S Corporation Shareholders, Neil E. Harl

Agricultural Law Digest

Recent developments1 have called into question the availability of the “above-the-line” deduction for federal income tax purposes for “2 percent” shareholders of S corporations under certain circumstances.2 The problem is particularly acute for sole shareholders of S corporations.3


Understanding Post-War Changes In U.S. Household Production: A Full-Income Demand-System Perspective, Wallace Huffman Nov 2006

Understanding Post-War Changes In U.S. Household Production: A Full-Income Demand-System Perspective, Wallace Huffman

Economics Working Papers (2002–2016)

This paper examines the changing structure of U.S. household production over the post-World War II period. We apply production theory in order to define a new set of inputs for U.S. households and use newly constructed data so as to examine with the aid of a relatively simple complete household aggregate demand system. The goal is to extent our understanding of the changing structure of the U.S. household sector over the post-World War II period, including the demand for inputs of women’s and men’s housework or unpaid household labor and seven other aggregate input categories ...


The Long-Run Impact Of Corn-Based Ethanol On The Grain, Oilseed, And Livestock Sectors: A Preliminary Assessment, Amani E. Elobeid, Simla Tokgoz, Dermot J. Hayes, Bruce A. Babcock, Chad E. Hart Nov 2006

The Long-Run Impact Of Corn-Based Ethanol On The Grain, Oilseed, And Livestock Sectors: A Preliminary Assessment, Amani E. Elobeid, Simla Tokgoz, Dermot J. Hayes, Bruce A. Babcock, Chad E. Hart

CARD Briefing Papers

The ongoing growth of corn-based ethanol production raises some fundamental questions about what impact continued growth will have on U.S. and world agriculture. Estimates of the long-run potential for ethanol production can be made by calculating the corn price at which the incentive to expand ethanol production disappears. Under current ethanol tax policy, if the prices of crude oil, natural gas, and distillers grains stay at current levels, then the break-even corn price is $4.05 per bushel. A multi-commodity, multi-country system of integrated commodity models is used to estimate the impacts if we ever get to $4.05 ...


Effects And Value Of Verifiable Information In A Controversial Market: Evidence From Lab Auctions Of Genetically Modified Food, Matthew Rousu, Wallace Huffman, Jason F. Shogren, Abebayehu Tegene Nov 2006

Effects And Value Of Verifiable Information In A Controversial Market: Evidence From Lab Auctions Of Genetically Modified Food, Matthew Rousu, Wallace Huffman, Jason F. Shogren, Abebayehu Tegene

Economics Working Papers (2002–2016)

Food products containing genetically modified (GM) ingredients have entered the market over the past decade. The biotech industry and environmental groups have disseminating conflicting private information about GM foods. This paper develops a unique methodology for valuing independent third-party information in such a setting and applies this method to consumers’ willingness to pay for food products that might be GM. Data are collected from real consumers in an auction market setting with randomized information and labeling treatments. The average value of third-party information per lab participant is small, but the public good value across U.S. consumers is shown to ...


An Analysis Of The Link Between Ethanol, Energy, And Crop Markets, Simla Tokgoz, Amani E. Elobeid Nov 2006

An Analysis Of The Link Between Ethanol, Energy, And Crop Markets, Simla Tokgoz, Amani E. Elobeid

CARD Working Papers

This study analyzes the impact of price shocks in three input and output markets critical to ethanol: gasoline, corn, and sugar. We investigate the impact of these shocks on ethanol and related agricultural markets in the United States and Brazil. We find that the composition of a country's vehicle fleet determines the direction of the response of ethanol consumption to changes in the gasoline price. We also find that a change in feedstock costs affects the profitability of ethanol producers and the domestic ethanol price. In Brazil, where two commodities compete for sugarcane, changes in the sugar market affect ...


Discounting Spotted Apples: Investigating Consumers' Willingness To Accept Cosmetic Damage In An Organic Product, Chengyan Yue, Frode Alfnes, Helen H. Jensen Nov 2006

Discounting Spotted Apples: Investigating Consumers' Willingness To Accept Cosmetic Damage In An Organic Product, Chengyan Yue, Frode Alfnes, Helen H. Jensen

CARD Working Papers

Organic producers have limited methods of avoiding plant diseases that result in cosmetic damage to produce. Therefore, the appearance of organic produce is often less than perfect. We use an experimental auction to investigate how cosmetic damage affects consumers’ willingness to pay for organic apples. We find that 75% of the participants are willing to pay more for organic than for conventional apples given identical appearance. However, at the first sight of any imperfection in the appearance of the organic apples, this segment is significantly reduced. Furthermore, we find that there is a significant effect of interaction between cosmetic damage ...


New Proposed Regulations On Private Annuities, Neil E. Harl Oct 2006

New Proposed Regulations On Private Annuities, Neil E. Harl

Agricultural Law Digest

On October 18, 2006, the Department of the Treasury issued new proposed regulations on private annuities1 which will affect most private annuities entered into after April 17, 2007 and some entered into after October 18, 2006.2 The proposed regulations will render the private annuity less attractive as an estate and business planning tool.3 Basically, the new rules specify that, in a private annuity setting, the transferor and transferee of property are left as if the transferor had sold the property for cash and used the proceeds to purchase an annuity contract.4 The established rule of deferring ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Oct 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


The Latest On Reporting Csp Payments, Neil E. Harl Oct 2006

The Latest On Reporting Csp Payments, Neil E. Harl

Agricultural Law Digest

On September 25, 2006, the Internal Revenue Service published Rev. Rul. 2006-461 which states that – “. . . the Conservation Security Program is substantially similar to the type of program described in section 126(a)(1) through (8) of the Code within the meaning of section 126(a)(9). As a result, all or a portion of cost-share payments received under the CSP is eligible for exclusion from gross income to the extent permitted by section 126. The language of the ruling echoed the language appearing in the Federal Register2 in June of 2005 in which the Secretary of Agriculture stated ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Oct 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Removal Of U.S. Ethanol Domestic And Trade Distortions: Impact On U.S. And Brazilian Ethanol Markets, Amani E. Elobeid, Simla Tokgoz Oct 2006

Removal Of U.S. Ethanol Domestic And Trade Distortions: Impact On U.S. And Brazilian Ethanol Markets, Amani E. Elobeid, Simla Tokgoz

CARD Working Papers

We analyze the impact of trade liberalization and removal of the federal tax credit in the United States on U.S. and Brazilian ethanol markets using a multi-market international ethanol model calibrated on 2005 market data and policies. The removal of trade distortions induces a 23.2 percent increase in the price of world ethanol on average between 2006 and 2015 relative to the baseline. The U.S. domestic ethanol price decreases by 14.1 percent, which results in a 7.5 percent decline in production and a 3.2 percent increase in consumption. The lower domestic price leads to ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Sep 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Planning For Retirement And Death Of A Partner, Neil E. Harl Sep 2006

Planning For Retirement And Death Of A Partner, Neil E. Harl

Agricultural Law Digest

Although the number of farm partnerships remains modest,1 the increase in use of limited liability companies in recent years2 has contributed to the need for planning for the retirement and death of partners in general partnerships, limited partnerships, limited liability companies (LLCs) and limited liability partnerships (LLPs), all of which are essentially taxed as partnerships.3 The significant differences in treatment of a partner at retirement and death compared to a sole owner or co-owner of assets add to the importance of careful planning in advance of either event.


Taxing Recoveries That Are Not "Personal Physical Injuries Or Physical Sickness", Neil E. Harl Sep 2006

Taxing Recoveries That Are Not "Personal Physical Injuries Or Physical Sickness", Neil E. Harl

Agricultural Law Digest

With a pair of U.S. Supreme Court decisions in 2005 on handling litigation costs including contingent attorney’s fees1 and an attempt by Congress to resolve the controversy for such fees and expenses in 20042 with respect to costs associated with discrimination in employment and enforcement of civil rights,3 many thought the taxation of settlements and court judgments involving “personal physical injuries or physical sickness” was, at long last, settling down and taxpayers and tax practitioners could expect a modicum of certainty for a few years. However, the recently decided case of Murphy v. United States ...


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Sep 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Pension Protection Act Of 2006, Roger A. Mceowen Sep 2006

Pension Protection Act Of 2006, Roger A. Mceowen

Agricultural Law Digest

Overview. On August 17, President Bush signed into law the Pension Protection Act (Act) of 2006,1 the first comprehensive pension legislation in more than 30 years. The Act is massive, is designed to strengthen traditional pension plans that cover approximately 44 million Americans (primarily in the manufacturing and other non-service industries) and will certainly make retirement planning for businesses and individuals more complex.2 The Act also creates new rules governing charitable donations for businesses and individuals, as well as the operation of charities. In addition, the Act includes numerous miscellaneous provisions and technical corrections.


Cases, Regulations, And Statutes, Robert P. Achenbach Jr Sep 2006

Cases, Regulations, And Statutes, Robert P. Achenbach Jr

Agricultural Law Digest

No abstract provided.


Social Assistance Programs And Outcomes: Food Assistance In The Context Of Welfare Reform, Sonya Kostova Huffman, Helen H. Jensen Sep 2006

Social Assistance Programs And Outcomes: Food Assistance In The Context Of Welfare Reform, Sonya Kostova Huffman, Helen H. Jensen

CARD Working Papers

Food assistance programs play an important role in meeting the basic needs of low-income households. We consider the complex interactions among food stamps, labor force participation, and food insecurity status of low-income households under different program designs and economic conditions. The analysis uses data from the Survey of Program Dynamics to jointly estimate the role of participation in the Food Stamp Program (FSP), labor market participation and well-being, measured as food security, through the use of a simultaneous equation model. The results of our research suggest that food insecurity has a positive effect on FSP participation while labor force participation ...