Commodity cycles as random processes

Frederic L. Pryor and Frederick Solomon

European Review of Agricultural Economics, 1982, vol. 9, issue 3, 327-346

Abstract: Cyclical behaviours of hog production in centrally planned and market economies are shown to be quite similar in terms of variability and cycle length. A possible explanation can be made in terms of some simple models that incorporate a form of rational expectations, a lagged production function, and some particular types of random shocks. After presenting a family of such models, the special conditions linking such models to actual production behaviour are analyzed.

Date: 1982
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European Review of Agricultural Economics is currently edited by Timothy Richards, Salvatore Di Falco, Céline Nauges and Vincenzina Caputo

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