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Dynamic Corn Supply Functions: A Model with Explicit Optimization
| Content Provider | Semantic Scholar |
|---|---|
| Author | Tegene, Abebayehu Huffman, Wallace E. Miranowski, John A. |
| Copyright Year | 1988 |
| Abstract | A model of optimal dynamic agricultural supply is derived and fitted assuming farmers have two annual stochastic crop production activities, a joint limitation on production capacity, interdependencies between past acreage utilization and current productivity, and rational expectations. A five-equation specification is fitted to annual data, 1948–80. Estimated parameters are consistent with the theory, and the model simulates well. The long-run price elasticity of corn acreage is 0.2, which is similar to those obtained from ad hoc dynamic models, but our short-run elasticities are different. |
| Starting Page | 103 |
| Ending Page | 111 |
| Page Count | 9 |
| File Format | PDF HTM / HTML |
| DOI | 10.2307/1241980 |
| Alternate Webpage(s) | https://lib.dr.iastate.edu/cgi/viewcontent.cgi?article=1161&context=econ_las_staffpapers&httpsredir=1&referer= |
| Alternate Webpage(s) | https://lib.dr.iastate.edu/cgi/viewcontent.cgi?article=1356&context=econ_las_pubs&httpsredir=1&referer= |
| Alternate Webpage(s) | https://doi.org/10.2307/1241980 |
| Volume Number | 70 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
