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Price Elasticity of the Marketed Surplus of a Subsistence Crop

Jere Behrman

American Journal of Agricultural Economics, 1966, vol. 48, issue 4_Part_I, 875-893

Abstract: The supply response of the marketed surplus of food grains in the agricultural sector of less-developed countries has long been a subject of debate in discussions of the effects of such policies as P.L. 480 disposals, food price regulations, and export taxes. Estimates of this response have been very few because the lack of time-series data for marketed quantities precludes direct estimation. This article presents a model for the indirect estimation of the price elasticity of the marketed surplus of a subsistence crop. The model is contrasted with an earlier model presented by Raj Krishna. The model is then applied to the case of Thai rice. In this application, some new nonlinear estimates of a Nerlovian model for the total supply response of Thai rice production are also presented and discussed.

Date: 1966
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Handle: RePEc:oup:ajagec:v:48:y:1966:i:4_part_i:p:875-893.