IMPROVING THE RELEVANCE OF RESEARCH ON PRICE FORECASTING AND MARKETING STRATEGIES

B Brorsen and Scott Irwin

Agricultural and Resource Economics Review, 1996, vol. 25, issue 01, 8

Abstract: Agricultural economists' research on price forecasting and marketing strategies has been used little by those in the real world. We argue that fresh approaches to research are needed. First, we argue that we need to adopt a new theoretical paradigm, noisy rational expectations. This paradigm suggests that gains from using price forecasting models with public data or from using a marketing strategy are not impossible, but any gains are likely to be small. We need to conduct falsification tests; to perform confirmation and replication; to adjust research to reflect structural changes, such as increased contracting; and always to conduct statistical tests. We also provide a modest agenda for changing our research and extension programs.

Keywords: Demand and Price Analysis; Marketing (search for similar items in EconPapers)
Date: 1996
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Citations: View citations in EconPapers (33)

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Journal Article: Improving the Relevance of Research on Price Forecasting and Marketing Strategies (1996)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:arerjl:31655

DOI: 10.22004/ag.econ.31655

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