In-person interviews were carried out with Mexican millers who were administered a conjoint-type survey designed to incorporate uncertainty in attribute levels. Two methods were used to model millers' risk preferences: a modified mean-variance approach and an explicit expected utility approach. Controlling for variability, Mexican millers are willing to pay premiums for increases in quality factors such as test weight, protein content, falling number, and dough strength/extensibility. We find millers are not particularly sensitive to changes in the variability of quality characteristics. Out-of-sample forecasts suggest the mean-variance model provides an accurate depiction of actual Mexican imports.

There is evidence that consumers are increasingly purchasing food directly from local producers, but little is understood about which market-specific, intrinsic, extrinsic, and demographic attributes influence the probability of preferring to purchase fresh produce through direct-market channels. A multinomial logit model is used to analyze a national dataset of fresh produce consumers with a focus on exploring differences among those that prefer to purchase direct always, occasionally (seasonally and as a secondary source), and never. Results suggest that to increase patronage and loyalty of current customers, producers may emphasize the availability of fresh, superior, vitamin-rich, and locally-grown produce at market locations through booth displays, ads in magazines, radio spots, and electronic newsletters. To attract new customers who do not currently admit a preference for purchasing direct, producers may find greater success by locating in convenient-to-reach venues, showcasing a variety of colorful offerings, and working to enhance the overall aesthetic appeal of market locations.

This study compares an ordered probit model and a Tobit model with selection to take into account both true zero and protest zero bids while estimating the willingness to pay (WTP) for conservation easements in Macon County, NC. By comparing the two models, the ordered/unordered selection issue of the protest responses is analyzed to demonstrate how the treatment of protest responses can significantly influence WTP models. Both models consistently show that income and knowledge are positive and significant factors, while distance to poorer quality streams and duration of residency are negative and significant factors on WTP.

This article analyses the forecasts of inflation and GDP growth supplied by the individual respondents to the Bank of England's quarterly Survey of External Forecasters, 1996-2005, using a recently released dataset. This comprises a conventional incomplete panel dataset, with an additional dimension arising from the collection of repeated forecasts for the last quarter of each year. This fixed-event forecast structure allows study of the forecast revision process, its weak and strong efficiency, and its relation to macroeconomic news. The collection of density forecasts as well as point forecasts allows study of the revision process of forecast uncertainty.