ACREAGE RESPONSE, EXPECTED PRICE FUNCTIONS, AND ENDOGENOUS PRICE EXPECTATIONS

Jung-Sup Choi and Peter G. Helmberger

Journal of Agricultural and Resource Economics, 1993, vol. 18, issue 01, 10

Abstract: Taking the price of futures as a proxy for expected price, this article treats acreage planted to soybean, the price of futures, and other variables as jointly dependent. A futures price equation is embedded in a simultaneous equations model along with the consumption demand and acreage response. The model is estimated using both ordinary and three-stage least squares. Estimated price elasticities for consumption demand, demand for stocks, and acreage response equal, respectively, -.5, -1.8, and +.2 (short run) and +.59 (long run).

Keywords: Crop; Production/Industries (search for similar items in EconPapers)
Date: 1993
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Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:jlaare:30812

DOI: 10.22004/ag.econ.30812

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