Farm Level Demand for Pecans Reconsidered

Gary J. Wells, Stephen E. Miller and C. Stassen Thompson

Journal of Agricultural and Applied Economics, 1986, vol. 18, issue 1, 157-160

Abstract: Previous studies have consistently indicated the anomalous result of a price inflexible demand for pecans. However, these efforts did not have an adequate measure of pecan stocks available and, as a result, stocks were either excluded from consideration or a proxy variable was introduced. A time series of pecan stocks is now available. Use of this time series in a price dependent demand function results in a flexible farm level demand for pecans. This points out the danger of excluding an appropriate variable or using a so-called “reasonable” proxy variable.

Date: 1986
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