Bounded Price Variation, Rational Expectations, and Endogenous Switching in the U.S. Corn Market

Matthew Holt and Stanley Johnson

Food and Agricultural Policy Research Institute (FAPRI) Publications (archive only) from Center for Agricultural and Rural Development (CARD) at Iowa State University

Abstract: A method for estimating bounded price variation models with rational expectations which incorporates all information implied by rationality is applied to a model of the U.S. corn market. The results indicate that the estimated model performs at least as well as a traditional equilibrium model with naive expectations.

Date: 1988-05
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Working Paper: Bounded Price Variation, Rational Expectations, and Endogenous Switching in the U.S. Corn Market (1988)
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Persistent link: https://EconPapers.repec.org/RePEc:ias:fpaper:88-wp28

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