Agricultural Supply Response in ORANI
Philip Adams ()
Review of Marketing and Agricultural Economics, 1987, vol. 55, issue 03, 17
In the ORANI general equilibrium model, the supply behaviour of agricultural industries is the crucial element shaping the response of agriculture as a whole to any exogenous shock. In this paper, elasticity formulae which measure agricultural supply behaviour in the model are derived. These elasticities are found to be very sensitive to year-on year changes in the level of agricultural profitability, embodied within the model's data base. The appropriate procedure, therefore, is to construct a synthetic data set designed to capture the agricultural sector in a recent average year. Supply elasticities based upon these data represent the "preferred" estimates of this study.
Keywords: Demand; and; Price; Analysis (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:remaae:12431
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