SHORT- AND LONG-RUN DEMAND AND SUBSTITUTION OF AGRICULTURAL INPUTS
Northeastern Journal of Agricultural and Resource Economics, 1992, vol. 21, issue 1, 14
Short- and long-run Hicksian and Marshallian elasticities are estimated, along with Morishima elasticities of substitution, using a restricted profit function and a series of decomposition equations. Convexity in prices and concavity in quasi-fixed factors of the restricted profit function are simultaneously imposed using Bayesian techniques. The empirical model is disaggregated in the input side, utilizes a Fuss-quadratic flexible functional form, incorporates the impact of agricultural policies, and introduces a new weather index. The methodology is applied to Illinois's agriculture, and implications for agriculture in the Corn Belt and the Northeast are briefly discussed.
Keywords: Demand; and; Price; Analysis (search for similar items in EconPapers)
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