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Structural Change in Supply Response Analysis of Corn Acreage
Fred C. White and Kamil H. Shideed
Review of Agricultural Economics
Vol. 13, No. 2 (Jul., 1991), pp. 237-248
Stable URL: http://www.jstor.org/stable/1349640
Page Count: 12
You can always find the topics here!Topics: Parametric models, Economic models, Modeling, Prices, Economic growth models, Agricultural economics, Supply, Farm economics, Least squares, Corn
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In most previous work on supply response analyses, estimated parameters were assumed constant over time. This study compared results from time-varying parameter models for U.S. corn acreage with OLS results. The time-varying parameter models imply larger effects of prices and faster adjustment than the constant parameter model. Further, this study provides elasticity estimates that reflect structural changes over time. In particular, corn acreage has become less responsive to changes in prices through time.
Review of Agricultural Economics © 1991 Agricultural & Applied Economics Association