TESTING FOR DISEQUILIBRIUM IN THE DEMAND FOR AGRICULTURAL INPUTS

Michael LeBlanc and Thomas Lutton

Western Journal of Agricultural Economics, 1984, vol. 09, issue 01, 11

Abstract: A dynamic system of cost-share equations for agricultural inputs is used to test for the presence of input disequilibrium. This dynamic system incorporates a disequilibrium adjustment process into input-share equations derived from a translog cost function. The disequilibrium process is represented as a generalized partial adjustment model where disequilibrium in one input may affect other inputs. Results from this analysis suggest applications of translog share systems to agriculture under static equilibrium assumptions are inappropriate.

Keywords: Demand and Price Analysis; Research Methods/Statistical Methods (search for similar items in EconPapers)
Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:ags:wjagec:32382

DOI: 10.22004/ag.econ.32382

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