Economics at your fingertips  

Greek meat supply response and price volatility in a rational expectations framework: a multivariate GARCH approach

Anthony Rezitis () and Konstantinos Stavropoulos

European Review of Agricultural Economics, 2012, vol. 39, issue 2, 309-333

Abstract: This paper examines supply response models in a rational expectations framework for each one of the four major Greek meat markets, i.e. beef, broiler, lamb and pork. A multivariate generalised autoregressive conditional heteroskedasticity model with Cholesky decomposition is used to incorporate price volatility into the rational expectations supply response model for each meat category and as a result the conditional covariance matrix remains positive definite without imposing any restrictions on the parameters. The empirical results confirm the existence of rational behaviour by meat producers in the four examined markets and indicate that price volatility is a major risk factor in Greek meat production. Furthermore, the last Common Agricultural Policy reform is found to have a negative impact on beef and lamb production in Greece. , Oxford University Press.

Date: 2012
References: Add references at CitEc
Citations: View citations in EconPapers (3) Track citations by RSS feed

Downloads: (external link) (application/pdf)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Greek meat supply response and price volatility in a rational expectations framework: A multivariate GARCH approach (2009) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from

Access Statistics for this article

European Review of Agricultural Economics is currently edited by Christoph Weiss, Thomas Heckelei and Paolo Sckokai

More articles in European Review of Agricultural Economics from Foundation for the European Review of Agricultural Economics Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK. Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().

Page updated 2021-10-15
Handle: RePEc:oup:erevae:v:39:y:2012:i:2:p:309-333