Development is traced of the concepts of consumer's and producer's surplus, and the uses and limitations of these concepts for public policy analysis are examined. The applications to price stabilization and policy programs are surveyed. The use of decision theory as an alternative to...

This research completes a series of estimates of supply relationships for corn, sorghum, oats, and barley. (See M. E. Ryan and M. E. Abel, "Corn Acreage Response .. .,"Agr. Econ. Res. 24(4); 102-112, Oct. 1972, and "Supply Response of U.S. Sorghum Acreage ...,"Agr. Econ. Res. 25(2); 45-55, April...

This article describes the structure and dynamic properties of the Food and Agricultural Policy Simulator (FAPSIM), an annual econometric model of the US agricultural sector F APSIM estimates a simultaneous price-quantity equilibrium solution for a set of individual commodity models developed...

This article presents the structure, parameters, and validation statistics for the dairy-sector sub-model contained in the U S Department of Agriculture's (USDA's) Food and Agricultural Policy Simulator (FAPSIM) This submodel endogenously estimates dairy cow numbers, milk production farm-level...