Modelling an aggregate agricultural panel with application to US farm input demands
| Autor: | Jeffrey T. LaFrance, Rulon D. Pope, Ricardo Cavazos, Jesse Tack |
|---|---|
| Rok vydání: | 2015 |
| Předmět: |
Flexibility (engineering)
Economics and Econometrics Class (computer programming) business.industry Technological change Aggregate (data warehouse) Industrial research Agricultural and Biological Sciences (miscellaneous) Microeconomics Agriculture Econometrics Economics Production (economics) business |
| Zdroj: | European Review of Agricultural Economics. 42(3):371-396 |
| DOI: | 10.1093/erae/jbu026 |
| Popis: | A recent class of factor demand models is discussed and used to analyze U.S. state-level production data. The approach accommodates output risk, heterogeneous technologies, technological change, endogenous variables, aggregation across agents, and more general flexible functional forms than previous models. We find the approach to flexibility found in the consumer literature empirically useful in the analysis of producer behavior as our results suggest that standard flexible models that have been ubiquitous in agricultural and industrial research are strongly rejected here in favor of a more general and flexible specification. Further, there is substantial heterogeneity of conditional own-price elasticities across states. |
| Databáze: | OpenAIRE |
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