Aggregate Food Demand and the Supply of Agricultural Products

R. McFall Lamm

No 157055, Technical Bulletins from United States Department of Agriculture, Economic Research Service

Abstract: Food demand may be somewhat more price inelastic than previously estimated. The simple four-equation model developed here provides a formal empirical framework linking food demand to supply. Medium-range forecasts indicate that food prices may continue to rise slightly faster than average prices for all items over the next 5 years. The model represents a middle-of-the-road approach to forecasting that may be more cost-effective than time-series or a multi-equation, multicommodity approach.

Keywords: Demand and Price Analysis; Food Consumption/Nutrition/Food Safety (search for similar items in EconPapers)
Pages: 24
Date: 1981-07
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uerstb:157055

DOI: 10.22004/ag.econ.157055

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