Dermot J. Hayes

Hayes, Dermot J.
Professor
Pioneer Chair in Agribusiness

Contact Information

Iowa State University
568C Heady Hall
Ames, IA 50011
(515) 294-6185
dhayes@iastate.edu
Personal Website

Education

  • PhD, University of California at Berkeley, 1986

Research Interests

International trade, consumer demand, price analysis, commodity markets.

Selected Publications

Awards and Honors

  • 2007 Fellow of the American Agricultural Economics Association
  • Recipient of 2006 AAEA Publication of Enduring Quality Award for “Valuing Food Safety in Experimental Auction Markets” American Journal of Agricultural Economics, 1995 by Dermot Hayes, Jason Shogren, Seung-Youll Shin, and James Kliebenstein
  • Recipient of the 2005 ISU J. H. Ellis Award for Excellence in Undergraduate Introductory Teaching, a University level award for excellence in teaching undergraduate introductory classes
Professor
Pioneer Chair in Agribusiness

Dermot Hayes is the Pioneer Hi-Bred International Chair in Agribusiness, professor of economics, and professor of finance at Iowa State University. He heads the Trade and Agricultural Policy Division at CARD, a position he also held from 1990 through 1998. He is co-director, with Jacinto Fabiosa, of the Food and Agricultural Policy Research Institute, a research center dually administered through CARD at Iowa State and at the University of Missouri at Columbia. He is also a leader of the Policy Task Force of the Plant Science Institute at Iowa State.

A native of the Republic of Ireland, Hayes obtained his degree in agriculture science from the University College in Dublin in 1981 and his Ph.D. from the University of California, Berkeley, in 1986 with a major in international trade. Hayes joined the Department of Economics at Iowa State University in March 1986. He has distinguished himself with many awards at the college and university levels for his work as a teacher and researcher. In 2006 he received a "Publication of Enduring Quality" award from the American Agricultural Economics Association. AAEA named him a Fellow in 2007, its highest recognition for distinction in the discipline. Besides his analysis of U.S. farm policy and international agricultural trade, his other research interests include food safety, livestock modeling, demand analysis, and commodity markets.

Journal Articles

Books and Book Chapters/Sections Authored or Co-authored

Published Proceedings

Extension Publications

  • Babcock, Bruce A.; Kling, Catherine L.; Miranowski, John; Hayes, Dermot J.; Harl, Neil E.; Pieper, Charles A.; Lence, Sergio H.; Duffy, Michael; Edelman, Mark; Beghin, John C.; Hueth, Brent; Zhao, Jinhua; Azevedo, Christopher D.; Herriges, Joseph A., Iowa's Land and Environment - Serving Competing Needs, ISU Agriculture and Home Economics Experiment Station, December 2000
  • Hayes, Dermot J., Opportunities for Iowa Pork Exports, ISU Agriculture and Home Economics Experiment Station, (1998): 9-12.
  • Hayes, Dermot J.; Herriges, Joseph A.; Kling, Catherine L., What Rural Iowans Think About Hogs, ISU Agriculture and Home Economics Experiment Station: Iowa's Pork Industry-Dollars and Scents, (1998): 31-35.

Other Publications

CARD Publications

May 2013
Testimony before the US-China Economic Security Review Commission: China's Agriculture Policy and US Access to China's Market
Dermot J. Hayes
[13-WP 537]

How Long Will Commodity Prices Remain High?
Dermot J. Hayes, Lisha Li
[13-PB 10]

September 2012
Second Response to Knittel and Smith
Dermot J. Hayes
[12-WP 532]

August 2012
Response to “Ethanol Production and Gasoline Prices: A Spurious Correlation” by Knittel and Smith
Dermot J. Hayes
[12-WP 529]

May 2012
Impact of Ethanol Production on U.S. and Regional Gasoline Markets: An Update to 2012, The
Xiaodong Du, Dermot J. Hayes
[12-WP 528]

June 2011
Greenhouse Gas and Nitrogen Fertilizer Scenarios for U.S. Agriculture and Global Biofuels
Amani Elobeid, Miguel Carriquiry, Jacinto F. Fabiosa, Kranti Mulik, Dermot J. Hayes, Bruce A. Babcock, Jerome Dumortier, Francisco Rosas
[11-WP 524]

April 2011
The Impact of Ethanol Production on US and Regional Gasoline Markets: An Update to May 2009
Xiaodong Du, Dermot J. Hayes
[11-WP 523]

A Nonlinear Offset Program to Reduce Nitrous Oxide Emissions Induced by Excessive Nitrogen Application
Francisco Rosas, Bruce A. Babcock, Dermot J. Hayes
[11-WP 521]

FAPRI-ISU 2011 World Agricultural Outlook
FAPRI Staff
[11-FSR 1]

January 2011
Trade-off between Bioenergy and Emissions When Land Is Scarce, The
Nathan S. Kauffman, Dermot J. Hayes
[11-WP 519]

December 2010
How Market Efficiency and the Theory of Storage Link Corn and Ethanol Markets
Mindy L. Mallory, Dermot J. Hayes, Scott H. Irwin
[10-WP 517]

September 2010
Modeling the Effects of Pasture Expansion on Emissions from Land-Use Change
Jerome Dumortier, Dermot J. Hayes, Miguel Carriquiry, Fengxia Dong, Xiaodong Du, Amani Elobeid, Jacinto F. Fabiosa, Kranti Mulik
[10-WP 504]
(Revised)

May 2010
Inference Based on Alternative Bootstrapping Methods in Spatial Models with an Application to County Income Growth in the United States
Daniel C. Monchuk, Dermot J. Hayes, John Miranowski, Dayton M. Lambert
[10-WP 507]

April 2010
FAPRI 2010 U.S. and World Agricultural Outlook
FAPRI Staff
[10-FSR 1]

January 2010
Market Impact of Domestic Offset Programs
Tristan Brown, Amani Elobeid, Jerome Dumortier, Dermot J. Hayes
[10-WP 502]

September 2009
Dynamics of Biofuel Stock Prices: A Bayesian Approach
Xiaodong Du, Dermot J. Hayes, Cindy L. Yu
[09-WP 498]

July 2009
Sensitivity of Carbon Emission Estimates from Indirect Land-Use Change
Jerome Dumortier, Dermot J. Hayes, Miguel Carriquiry, Fengxia Dong, Xiaodong Du, Amani Elobeid, Jacinto F. Fabiosa, Simla Tokgoz
[09-WP 493]

May 2009
Speculation and Volatility Spillover in the Crude Oil and Agricultural Commodity Markets: A Bayesian Analysis
Xiaodong Du, Cindy L. Yu, Dermot J. Hayes
[09-WP 491]

Towards an Integrated Global Agricultural Greenhouse Gas Model: Greenhouse Gases from Agriculture Simulation Model (GreenAgSiM)
Jerome Dumortier, Dermot J. Hayes
[09-WP 490]

April 2009
FAPRI 2009 U.S. and World Agricultural Outlook
FAPRI Staff
[09-FSR 1]

March 2009
Biofuels: Potential Production Capacity, Effects on Grain and Livestock Sectors, and Implications for Food Prices and Consumers
Dermot J. Hayes, Bruce A. Babcock, Jacinto F. Fabiosa, Simla Tokgoz, Amani Elobeid, Tun-Hsiang (Edward) Yu, Fengxia Dong, Chad E. Hart, Ed Chavez, Suwen Pan, Miguel Carriquiry, Jerome Dumortier
[09-WP 487]

November 2008
Welfare Analysis of the U.S. Ethanol Subsidy, A
Xiaodong Du, Dermot J. Hayes, Mindy L. Baker
[08-WP 480]
(Revised)

June 2008
Inference Based on Alternative Bootstrapping Methods in Spatial Models with an Application to County Income Growth in the United States
Daniel C. Monchuk, Dermot J. Hayes, John Miranowski
[08-WP 471]

Insuring Against Losses from Transgenic Contamination: The Case of Pharmaceutical Maize
David Ripplinger, Dermot J. Hayes, A. Susana Goggi, Kendall Lamkey
[08-WP 470]

April 2008
Impact of Ethanol Production on U.S. and Regional Gasoline Prices and on the Profitability of the U.S. Oil Refinery Industry, The
Xiaodong Du, Dermot J. Hayes
[08-WP 467]

FAPRI 2008 U.S. and World Agricultural Outlook
FAPRI Staff
[08-FSR 1]
View Full Text

February 2008
Crop-Based Biofuel Production under Acreage Constraints and Uncertainty
Mindy L. Baker, Dermot J. Hayes, Bruce A. Babcock
[08-WP 460]

Implied Objectives of U.S. Biofuel Subsidies
Ofir D. Rubin, Miguel Carriquiry, Dermot J. Hayes
[08-WP 459]

November 2007
Impact of the South Korea-U.S. Free Trade Agreement on the U.S. Livestock Sector
Jacinto F. Fabiosa, Dermot J. Hayes, Fengxia Dong
[07-WP 455]

August 2007
Creating a Geographically Linked Brand for High-Quality Beef: A Case Study
Bruce A. Babcock, Dermot J. Hayes, John D. Lawrence, Roxanne Clemens
[07-MBP 13]

July 2007
Emerging Biofuels: Outlook of Effects on U.S. Grain, Oilseed, and Livestock Markets
Simla Tokgoz, Amani Elobeid, Jacinto F. Fabiosa, Dermot J. Hayes, Bruce A. Babcock, Tun-Hsiang (Edward) Yu, Fengxia Dong, Chad E. Hart, John C. Beghin
[07-SR 101]
(Revised)

April 2007
Welfare Impacts of Cross-Country Spillovers in Agricultural Research
Sergio H. Lence, Dermot J. Hayes
[07-WP 446]

November 2006
Long-Run Impact of Corn-Based Ethanol on the Grain, Oilseed, and Livestock Sectors: A Preliminary Assessment, The
Amani Elobeid, Simla Tokgoz, Dermot J. Hayes, Bruce A. Babcock, Chad E. Hart
[06-BP 49]

August 2006
Study of the Factors that Influence Consumer Attitudes Toward Beef Products Using the Conjoint Market Analysis Tool, A
Brian Mennecke, Anthony Townsend, Dermot J. Hayes, Steven M. Lonergan
[06-WP 425]

May 2006
Collective Marketing Arrangements for Geographically Differentiated Agricultural Products: Welfare Impacts and Policy Implications
Sergio H. Lence, Stéphan Marette, Dermot J. Hayes, William E. Foster
[06-MWP 9]

April 2005
Analysis of Regional Economic Growth in the U.S. Midwest, An
Daniel C. Monchuk, John Miranowski, Dermot J. Hayes, Bruce A. Babcock
[05-WP 392]

April 2004
Insuring Uncertainty in Value-Added Agriculture: Ethanol Production
Nick D. Paulson, Bruce A. Babcock, Chad E. Hart, Dermot J. Hayes
[04-WP 360]

July 2003
Insuring Eggs in Baskets
Chad E. Hart, Dermot J. Hayes, Bruce A. Babcock
[03-WP 339]

June 2003
Lessons from the Danish Ban on Feed-Grade Antibiotics
Dermot J. Hayes, Helen H. Jensen
[03-BP 41]

March 2003
Farmer-Owned Brands?
Dermot J. Hayes, Sergio H. Lence, Andrea Stoppa
[02-BP 39]
(Revised)

July 2002
Option Pricing on Renewable Commodity Markets
Sergio H. Lence, Dermot J. Hayes
[02-WP 309]

April 2002
Crop Insurance Rates and the Laws of Probability
Bruce A. Babcock, Chad E. Hart, Dermot J. Hayes
[02-WP 298]

November 2001
Response to an Asymmetric Demand for Attributes: An Application to the Market for Genetically Modified Crops
Sergio H. Lence, Dermot J. Hayes
[01-MWP 5]

March 2001
Systemic Risk in U.S. Crop and Revenue Insurance Programs
Chuck Mason, Dermot J. Hayes, Sergio H. Lence
[01-WP 266]

January 2001
Livestock Revenue Insurance
Chad E. Hart, Bruce A. Babcock, Dermot J. Hayes
[99-WP 224]
(Revised)

April 2000
What Do Livestock Feeders Want from Seed Corn Companies?
Dermot J. Hayes, Noah Wendt
[00-BP 29]

March 2000
U.S. Farm Policy and the Variability of Commodity Prices and Farm Revenues
Sergio H. Lence, Dermot J. Hayes
[00-WP 239]

December 1999
Optimal Chinese Agricultural Trade Patterns under the Laws of Comparative Advantage
Dermot J. Hayes, Frank H. Fuller
[99-WP 233]

Economic Impact of a Ban on the Use of Over-the-Counter Antibiotics
Dermot J. Hayes, Helen H. Jensen, Lennart Backstrom
[99-SR 90]

November 1999
Market for U.S. Meat Exports in Eastern Canada, The
Dermot J. Hayes, Roxanne Clemens
[99-WP 229]

May 1999
Reinsuring Group Revenue Insurance with Exchange-Provided Revenue Contracts
Bruce A. Babcock, Steven L. Griffin, Dermot J. Hayes
[99-WP 212]

February 1999
Reconciling Chinese Meat Production and Consumption Data
Frank H. Fuller, Dermot J. Hayes, Darnell B. Smith
[99-WP 210]

Whole-Farm Revenue Insurance for Crop and Livestock Producers
Bruce A. Babcock, Dermot J. Hayes
[99-BP 22]

December 1998
Are Loan Deficiency Payments Too Low In Iowa?
Bruce A. Babcock, Dermot J. Hayes, Phillip Kaus
[98-BP 20]

September 1998
Loan Deficiency Payments or the Loan Program?
Dermot J. Hayes, Bruce A. Babcock
[98-BP 19]

July 1998
Impact of Chinese Accession to the World Trade Organization on U.S. Meat and Feed-Grain Producers
Frank H. Fuller, Dermot J. Hayes
[98-WP 195]

April 1998
China's Role in World Livestock and Feed-Grain Markets
Dermot J. Hayes
[98-BP 18]

March 1998
FAPRI Analysis of the Proposed 'Agenda 2000' European Union CAP Reforms
William H. Meyers, Abner W. Womack, Dermot J. Hayes, Darnell B. Smith, Samarendu Mohanty, Sudhir Chaudhary, Steven L. Elmore, Jacinto F. Fabiosa, Frank H. Fuller, Chad E. Hart, Karen Kovarik
[98-WP 191]

January 1998
FAPRI 1998 World Agricultural Outlook
FAPRI Staff
[98-FSR 2]
View Full Text

FAPRI 1998 U.S. Agricultural Outlook
FAPRI Staff
[98-FSR 1]
View Full Text

June 1997
Budgetary and Producer Welfare Effects of Revenue Insurance, The
David A. Hennessy, Bruce A. Babcock, Dermot J. Hayes
[97-WP 180]

March 1997
Impact of EEP Removal on U.S. Wheat, The
FAPRI Staff, William H. Meyers, Darnell B. Smith, Dermot J. Hayes, Samarendu Mohanty, Steven L. Elmore, James Rude, Frank H. Fuller, V. Premakumar, Sudhir Chaudhary
[97-BP 15]

Chinese Market for U.S. Pork Exports, The
Dermot J. Hayes, Roxanne Clemens
[97-BP 14]

January 1997
FAPRI 1997 World Agricultural Outlook
FAPRI Staff
[97-FSR 2]
View Full Text

FAPRI 1997 U.S. Agricultural Outlook
FAPRI Staff
[97-FSR 1]
View Full Text

December 1996
Feasibility of Broiler Production in Iowa, The
Dermot J. Hayes
[96-BP 13]

January 1996
FAPRI 1996 World Agricultural Outlook
FAPRI Staff
[96-FSR 2]
View Full Text

FAPRI 1996 U.S. Agricultural Outlook
FAPRI Staff
[96-FSR 1]
View Full Text

Pork Production in Iowa: An Industry at a Crossroads
Dermot J. Hayes, Daniel M. Otto, John D. Lawrence
[96-BP 10]

August 1995
Meat Exports or Soybean Exports? An Iowa Perspective
Dermot J. Hayes
[95-BP 9]

February 1995
Budgetary and Resource Allocation Effects of Revenue Assurance
David A. Hennessy, Bruce A. Babcock, Dermot J. Hayes
[95-WP 130]

Budgetary and Resource Allocation Effects of Revenue Assurance: Summary of Results, The
David A. Hennessy, Bruce A. Babcock, Dermot J. Hayes
[95-BP 7]

January 1995
FAPRI 1995 World Agricultural Outlook
FAPRI Staff
[95-FSR 2]
View Full Text

FAPRI 1995 U.S. Agricultural Outlook
FAPRI Staff
[95-FSR 1]
View Full Text

April 1994
Trade Impacts of Soviet Reform: A Heckscher-Ohlin-Vanek Approach
Dermot J. Hayes, Alexander Kumi, Stanley R. Johnson
[94-GATT 19]

CAP Reform Studies: A Comparison
Chad E. Hart, Michael D. Helmar, Dermot J. Hayes, William H. Meyers
[94-GATT 18]

Analysis of the CAP Reform, An
Michael D. Helmar, Deborah L. Stephens, K. Eswaramoorthy, D. Scott Brown, Dermot J. Hayes, Robert E. Young II, William H. Meyers
[94-GATT 17]

March 1994
Recent Developments and Analysis of U.S.–South Korean Agricultural Trade
Dermot J. Hayes
[94-GATT 11]

February 1994
EC Livestock Sector: Policy, Trade, and Research, The
Dermot J. Hayes, John Murphy, David A. Hennessy
[94-GATT 8]

Economic Analysis of the Impact of Changes in the EC's Milk Quota, An
David A. Hennessy, Dermot J. Hayes
[94-GATT 3]

December 1993
GATT and CAP Reform: Different, Similar, or Redundant?
Michael D. Helmar, William H. Meyers, Dermot J. Hayes
[93-GATT 4]

August 1993
Multiperiod Production with Forward and Options Markets
Sergio H. Lence, Yong Sakong, Dermot J. Hayes
[93-WP 112]

June 1993
Forward-Looking Competitive Firm Under Uncertainty, The
Sergio H. Lence, Dermot J. Hayes
[93-WP 111]

Empirical Minimum Variance Hedge, The
Sergio H. Lence, Dermot J. Hayes
[93-WP 109]

Optimal Hedging under Forward-Looking Behavior
Sergio H. Lence, Dermot J. Hayes
[93-WP 108]

Estimation Risk when Theory Meets Reality
Sergio H. Lence, Dermot J. Hayes
[93-WP 107]

Short-Run Behavior of Forward-Looking Firms, The
Sergio H. Lence, Dermot J. Hayes, William H. Meyers
[93-WP 106]

April 1992
Implications of a GATT Agreement for World Commodity Markets, 1993-98: An Analysis of the Dunkel Text on Agriculture
William H. Meyers, Dermot J. Hayes, Patrick C. Westhoff, Michael D. Helmar, Deborah L. Stephens, K. Eswaramoorthy, Abner W. Womack, Robert E. Young II, D. Scott Brown, Gary M. Adams
[93-GATT 1]

January 1992
Test for the Consistency of Demand Data with Consumer Preference Theory, A
Yong Sakong, Dermot J. Hayes
[92-WP 87]

Can Options Be Used as a Hedging Instrument?
Yong Sakong, Dermot J. Hayes, Arne Hallam
[92-WP 85]

July 1991
Transmission of Price Variability under Tariffication
Dermot J. Hayes, Thomas I. Wahl, Stanley R. Johnson
[90-GATT 7]

Measuring International Competitiveness in the Beef Sector
Dermot J. Hayes, John R. Green, Helen H. Jensen, Adrienne Erbach
[90-GATT 6]

Impacts of Liberalizing the Japanese Pork Market
Thomas I. Wahl, Dermot J. Hayes, Stanley R. Johnson
[90-GATT 5]

March 1991
Determining Winners and Losers from a GATT Agreement: The Importance of Base Periods and Rules
Brian L. Buhr, James Hansen, Zuhair A. Hassan, Dermot J. Hayes, Michael D. Helmar, David A. Hennessy, Stanley R. Johnson, Deborah L. Stephens, Kyle J. Stephens, Patrick C. Westhoff
[91-GATT 2]

January 1991
Implications of a GATT Agreement for World Commodity Markets, 1991-2000. Scenario A: Modern Support Reductions of 50-33-33 with Expenditure Disciplines on Export Subsidies
Brian L. Buhr, James Hansen, Zuhair A. Hassan, Dermot J. Hayes, Michael D. Helmar, David A. Hennessy, William H. Meyers, Deborah L. Stephens, Kyle J. Stephens, Patrick C. Westhoff
[91-GATT 1]

December 1988
Generic Advertising without Supply Control: Models and Public Policy Issues
Dermot J. Hayes, Helen H. Jensen
[88-WP 39]

Current Semester Courses

Econ 101. Principles of Microeconomics

Section 9
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