A GENERALIZED SUPPLY RESPONSE/FACTOR DEMAND MODEL AND ITS APPLICATION TO THE FEEDER CATTLE MARKET

J Shonkwiler and Suzanne Hinckley

Western Journal of Agricultural Economics, 1985, vol. 10, issue 2, 9

Abstract: The appropriate specification of expectations in empirical models of supply response or factor demand is discussed. A general model that admits both extrapolative and rational expectations is formulated and analyzed. The model is used to investigate the decision making process of cattle feeders by incorporating information on futures prices (as representations of rational forecasts) and lagged prices. The findings provide some evidence that cattle feeders form their expectations of future prices using both types of information.

Keywords: Demand and Price Analysis; Livestock Production/Industries (search for similar items in EconPapers)
Date: 1985
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Citations: View citations in EconPapers (11)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:wjagec:32322

DOI: 10.22004/ag.econ.32322

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