Abstract This paper assesses the relationship between decision utility and experienced utility of recreational nature visits. The former is measured as the travel cost to reach that site as routinely used by the travel cost method (TCM), and the latter is operationalized through visit‐related subjective well‐being (SWB). As such, the analysis is a test of convergent validity by examining whether ex ante TCM‐based assessment of recreational value reflecting decision utility corresponds to stated ex post SWB, reflecting experienced utility. It explores to what extent utility revealed by counts of nature visits are associated with self‐reported, visit‐related SWB relating to that same visited site. The analysis uses two existing datasets providing information on (i) 3672 recreational visits to green/blue spaces in England over the course of four years and (ii) 5937 recreational visits to bluespace sites across 14 European countries over one year. Results show a positive association between travel cost and visit‐related SWB while controlling for trip frequency and a large set of covariates, suggesting convergent validity of the two utility concepts. A breakdown by travel mode suggests this relationship only holds for trips involving motorized transport and is not present for habitual, chore‐like walking visits to the recreational site.

Abstract As importing countries honor trade agreements to lower tariff rates, traditional tariff barriers may be replaced with non‐tariff barriers. Previous literature has found that the implementation of food safety standards, specifically the use of import notifications and rejections, has acted as a significant barrier to trade in both the EU and the US. This article estimates the relation between a change in tariff rates and the use of non‐tariff barriers, measured by a count of EU seafood import notifications. We find that when trade agreements generate a decrease in tariffs, we observe an increase in the number of import notifications, holding trade volume constant. This effect is strongest for those products that are rejected at the border for less threatening health reasons. Although we see clear evidence that non‐tariff barriers are responding to health risks, they also appear to be correlated with demand for protection.

American Journal of Agricultural EconomicsVolume 104, Issue 2 p. 474-474 AAEA Presidents Dr. Madhu Khanna First published: 25 January 2022 https://doi.org/10.1111/ajae.12294Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat No abstract is available for this article. Volume104, Issue2March 2022Pages 474-474 RelatedInformation

Abstract We provide the first comprehensive characterization and comparison of implied volatility functions for five major agricultural options markets—corn, soybeans, soft red winter wheat, live cattle, and feeder cattle—using intraday tick data. Our results show that cattle markets exhibit a distinct leftward skew, which is puzzling and indicates that out‐of‐the‐money traded put options are theoretically overpriced. In contrast, we find that grain market implied volatility functions display a flatter, less pronounced smile pattern. We examine market sentiment induced short‐term hedging pressures using Commodity Futures Trading Commission reports, and market uncertainty around Cattle on Feed reports, as potential causes of the cattle markets skew. However, our results show that the explanatory power of our short‐term hedging pressure proxies are only helpful in isolated cases but overall cannot explain the large skews we observe in cattle markets.

Abstract I explore the impact of the Production Credit Associations (PCAs), an arm of the early Farm Credit System, on agricultural yield and input use following the farm crisis of the 1920s. Like many low‐ and middle‐income countries today, farmers in the early 20th century United States found it difficult to access credit. The PCAs were established in 1933 and significantly increased the supply of short‐term credit available to farmers. Using distance from the serving PCA as a proxy for credit access, I find that counties within 30 km of a PCA had 7% to 14% higher crop revenue per acre and 9% higher corn yields than counties more than 60 km from a PCA. These areas also had a small but statistically significant increase in the use of tractors (1% to 2%). These results provide crucial evidence of the impact of government‐sponsored enterprises on the early US agricultural economy and its use as a cost‐effective tool to address market frictions.

Abstract This paper presents direct evidence on the impact of a specific extension program that is aimed at promoting the adoption of varieties resistant to the soybean cyst nematode (SCN), specifically the Iowa State University SCN‐Resistant Soybean Variety Trials. We use two data sources: experimental data from these variety trials and a rich proprietary dataset on farmers’ seed purchases. Combining these data, we estimate the value of soybean cyst nematode‐resistant variety availability, and the associated variety trials that provide information on their performance to farmers and seed companies. Given the scope and diffusion of this extension program, the focus of the analysis is on Iowa and northern Illinois over the period 2011–2016. Farmers’ seed choices are modeled in a discrete choice framework, specifically a one‐level nested logit model. Using the estimated demand model, we find farmers’ marginal willingness to pay for soybean cyst nematode‐resistant varieties, and for related extension information provided by the Iowa State University SCN‐Resistant Soybean Variety Trials program, to be large. These results are confirmed by counterfactual analyses showing that, over the six‐year period and region of the study, the total ex post welfare change associated with the existence of, and information about, SCN‐resistant seeds is about $478 million. About one‐third of this surplus is captured by seed suppliers, and two‐thirds accrues to farmers.

Abstract Governments around the world have taken drastic measures to contain the spread of COVID‐19. Policy responses to the pandemic could affect local food prices in important ways. In this paper, we hypothesize that food prices in regionally integrated markets are more sensitive to mobility constraints than those in segmented markets. We use World Food Programme price data from 774 retail markets in 44 low and middle‐income countries to test whether and how food prices have been affected by the stringency of COVID‐19 containment measures. We assess market segmentation based on pre‐COVID‐19 price data and measure government responses using the Oxford Coronavirus Government Response Tracker. Our results show that more stringent policy responses increase food prices for integrated markets but not for segmented markets. The impact of the stringency of policy responses on food prices seems to be mediated by reductions in mobility and moderated by the dependence of markets on trade before COVID‐19.