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Format: 1 online resource (498 pages)

Edition: 1st ed.

ISBN: 9783031538407

Series Statement: Palgrave Studies in Agricultural Economics and Food Policy Series

Note: Intro -- Preface -- You Know More Than You Think, but This Book Offers Surprising New Insights -- Acknowledgments -- Praise for food economics -- This Book in Verse -- Why Are Kiwis So Cheap? -- Contents -- List of Figures -- List of Tables -- 1 Introduction -- 1.1 From Farming to Eating, Research and Teaching -- 1.1.1 Using Food Economics, for Professional Life and as Consumers and Citizens -- 1.1.2 The Origins of This Book -- 1.1.3 Supplementary Materials -- 1.2 Why Study Food Through Economics, and Economics Through Food? -- 1.2.1 Learning Objectives of the Book -- 1.2.2 Why Study Food Through Economics, and Economics Through Food? -- Why Use Economics to Study Food? -- Why Use Food to Understand Economics? -- Economics as a Science -- Economics as a Social Science -- How Economics Differs from Other Social Sciences -- What Economics Is Not -- Questions About Food and Nutrition that Economics Can Answer -- Economic Thinking as a Useful Skill for Any Profession -- 1.2.3 Intended Audiences for This Book -- The Models Used in This Book -- Two-Dimensional Diagrams Show a System of Simultaneous Equations -- How to Learn These Models -- On the Philosophies of Modeling -- Ways of Knowing in This Book -- 1.3 Understanding Charts of Economic Data -- 2 Individual Choices: Explaining Food Consumption and Production -- 2.1 Consumer Choices: Food Preferences and Dietary Intake -- 2.1.1 Motivation and Guiding Questions -- 2.1.2 Analytical Tools -- A Model of Consumer Choices -- Notation and Specification of Variables on Each Axis -- Indifference Curves for Consumption of Each Good -- 2.1.3 Conclusion -- 2.2 Producer Choices: Agriculture and Food Manufacturing -- 2.2.1 Motivation and Guiding Questions -- 2.2.2 Analytical Tools -- The Production Possibilities Frontier (PPF) -- The Input Response Curve (IRC) -- The Isoquant or Input Substitution Curve (ISC). , 2.3 Economics of Size and Scale -- 2.3.1 Conclusion -- 3 Societal Outcomes: Predicting Food Market Prices and Quantities -- 3.1 Market Equilibrium with Perfectly Competitive Interactions -- 3.1.1 Motivation and Guiding Questions -- 3.1.2 Analytical Tools -- The Supply Curve -- The Demand Curve -- Interaction in Markets Between Local Producers, Local Consumers and Trade with Others -- 3.1.3 Conclusion -- 3.2 Market Elasticities: Measuring How People Respond to Change -- 3.2.1 Motivation and Guiding Questions -- 3.2.2 Analytical Tools -- Mathematical Notation and the Definition of Elasticities -- Elasticities Summarize Complex Interactions in Production and Consumption -- Price Elasticity and Behavioral Responses Along Supply and Demand Curves -- Income Elasticity, Engel's Law and Bennett's Law -- Elasticities Determine the Impact of Intervention on Market Outcomes -- Price Elasticities and the Incidence of a Tax or Regulation -- Trade Policy: Tariffs and Quotas on Imports or Exports -- Domestic Policies and Separability Between Supply and Demand -- 3.2.3 Conclusion -- 4 Social Welfare: Evaluating Change in Food Markets -- 4.1 Economic Surplus: Who Gains from Market Transactions? -- 4.1.1 Motivation and Guiding Questions -- 4.1.2 Analytical Tools -- A Toy Model: Introducing the Alphabet Beach Fish Market -- Market Equilibrium Between Buyers and Sellers -- Economic Surplus for Consumers and Producers -- Gains and Losses from Allowing Trade for Producer and Consumer Surplus -- Economic Surplus in Perfect Competition: The First Theorem of Welfare Economics -- Linking Economic Surplus to Consumers' Interest in Policy Change -- Linking Gains from Trade to Wellbeing, Separability and Comparative Advantage -- Conclusion -- 4.2 Externalities: Unintended Side Effects of Market Activity -- 4.2.1 Motivation and Guiding Questions -- 4.2.2 Analytical Tools. , Externalities and the Full Social Cost or Benefit of Each Activity -- Related Terminology: Pecuniary Externalities, Network Effects and Congestion -- Equity and Sustainability Effects of Externalities in the Food System -- Internalizing Externalities: Regulation, Taxation and Allocation of Legal Rights -- Conclusion -- 5 Market Power: Imperfect Competition and Strategic Behavior -- 5.1 Monopoly and Monopsony: When One Seller or Buyer Sets Total Quantity and Price -- 5.1.1 Motivation and Guiding Questions -- 5.1.2 Analytical Tools -- Relative Scale of Enterprises in Agriculture and the Food Sector -- Monopoly Sellers, Marginal Revenue and Price Discrimination -- Monopsony Buyers and Marginal Expenditure -- Impacts of Market Power on Economic Surplus, Equity and Efficiency -- Market Power Can Be Obtained by Innovation: Walmart in the 1970s and 1980s -- Market Power Can Be Obtained Legally, Including Through Protection from Trade -- Profits from Market Power Depend on Price Elasticities -- Measuring Market Power -- Policies to Address Market Power -- 5.1.3 Conclusion -- 5.2 Strategic Behavior: Game Theory for Two-Person Interactions -- 5.2.1 Motivation and Guiding Questions -- 5.2.2 Analytical Tools -- The Payoff Matrix for a Symmetric Two-Person Interaction -- Payoffs and Predicted Outcomes of the Prisoner's Dilemma -- Price Fixing in the Global Lysine Market: Ajinomoto and ADM in the 1990s -- Influence of the Payoff Matrix on Cooperative Behavior -- Repeated Games, Commitment Mechanisms and Incomplete Contracts -- Multi-person Games and the Tragedy of the Commons -- 5.2.3 Conclusion -- 6 Collective Action: Government Policies and Programs -- 6.1 Public Goods and Social Choice: Property Rights, Taxes and Subsidies -- 6.1.1 Motivation and Guiding Questions -- 6.1.2 Analytical Tools -- Public Goods are Non-excludable, and May Also be Non-rival. , The Scale and Scope of Public Goods Provision: Local, National and Global -- The Value of a Public Good Is the Sum of Willingness to Pay at Each Quantity -- Barriers to Collective Action: Inattention, Free Ridership and Voting -- Policy Processes: Veto Players, Rent-Seeking and Median Voters -- 6.1.3 Conclusion -- 6.2 Cost-Effectiveness and Nonmarket Goals in Food and Agriculture -- 6.2.1 Motivation and Guiding Questions -- 6.2.2 Analytical Tools -- Comparing Monetary Values: Adjusting for Inflation and Purchasing Power -- Risk and Uncertainty: Use Values, Option Values and Existence Values -- Comparing Costs and Effects over Time: Interest Rates and Discounting -- Social Welfare and Inter-personal Comparison of Costs and Benefits -- Ecosystem Services and Environmental Analyses of Costs and Benefits -- Cost-Effectiveness of Optimal, Second-best and Politically Feasible Actions -- Eliciting Willingness to Pay and to Accept in Market and Nonmarket Settings -- Comparing Costs to Benefits: Net Present Value and Cost-Effectiveness -- 6.2.3 Conclusion -- 7 Poverty and Risk: Variation Among People and Over Time -- 7.1 Inequality, Inequity and Disparities in Agriculture and Nutrition -- 7.1.1 Motivation and Guiding Questions -- 7.1.2 Analytical Tools -- Understanding Deprivation: The Lived Experience of People in Poverty -- Defining Poverty: Mollie Orshansky and the U.S. Poverty Line -- Measuring Poverty: Trends and Disparities Among Groups in the U.S. -- Global Poverty: International Comparisons and Trends for Africa and Asia -- Inequality, Lorenz Curves and the Gini Index -- Inequity and Disparities by Gender, Ethnicity, Nationality and Race -- 7.1.3 Conclusion -- 7.2 Vulnerability, Resilience and Safety Nets in the Food System -- 7.2.1 Motivation and Guiding Questions -- 7.2.2 Analytical Tools. , Example Time Paths of Wellbeing for Low-Income Farm Families -- Risk Management Strategies: Diversification, Precautionary Savings and Insurance -- Market Failures in Insurance: Adverse Selection and Moral Hazard -- Risk Aversion and Risk-Reward Choices in Production -- Consumer Prices and Food Crises -- Hunger, Energy Balance and the Prevalence of Undernourishment -- Food Insecurity in the U.S. and Worldwide -- Food Access and Affordability of Healthful Diets -- 7.2.3 Conclusion -- 8 Food and Health: Behavioral Economics and Response to Intervention -- 8.1 Behavioral Economics of Food Choices for Future Health -- 8.1.1 Motivation and Guiding Questions -- 8.1.2 Analytical Tools -- Cognition and Psychological Constraints on Decision-Making -- Indifference Curves for More Healthful vs Less Healthful Foods -- Predictability, Preference Reversals and Behavioral Biases -- Framing, Labeling and Choice Architecture -- Loss Aversion and Status-quo Bias -- Myopic Discounting and Present Bias -- Social Preferences: Altruism and Behavior in Groups -- 8.1.3 Conclusion -- 8.2 Interventions for Behavior Change -- 8.2.1 Motivation and Guiding Questions -- 8.2.2 Analytical Tools -- Impacts of Vouchers and In-kind Transfers -- Impacts of Limiting Redemption Options -- 8.2.3 Conclusion -- 9 Food in the Macroeconomy: The Whole is More Than the Sum of its Parts -- 9.1 National Income and the Circular Flow of Goods and Services -- 9.1.1 Motivation and Guiding Questions -- 9.1.2 Analytical Tools -- The Economy Is a Circular Flow of Goods and Services -- Macroeconomic Data Tracks the Level and Change in Economic Activity -- Macroeconomic Variables and the Definition of GDP -- The Equivalence of Expenditure, Income and Value Added in GDP -- Value Added in the U.S. Food System -- Governing the Macroeconomy: Fiscal and Monetary Policy -- Real Gross Domestic Product per Person. , Inflation and the Purchasing Power of Money.

Additional Edition: Print version: Masters, William A. Food Economics Cham : Springer International Publishing AG,c2024 ISBN 9783031538391

Language: English

Keywords: Electronic books.

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