Dynamic Adjustment in U.S. Agriculture under Climate Uncertainty
Sansi Yang () and
C. Shumway
No 170609, 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota from Agricultural and Applied Economics Association
Abstract:
We construct a stochastic dual model to investigate the structural adjustment of three aggregate input and two aggregate output categories in U.S. agriculture under climatic change uncertainty. A century of national annual data (1910-2011) is used in the empirical analysis. Independent and instantaneous adjustment is rejected for each output and input, but strict fixity cannot be rejected for livestock and capital. It takes about four years for crops, and three years for fertilizer to adjust towards their optimal levels. Labor adjustment reaches the equilibrium within one year.
Keywords: Environmental Economics and Policy; Production Economics; Resource /Energy Economics and Policy; Risk and Uncertainty (search for similar items in EconPapers)
Pages: 27
Date: 2014
New Economics Papers: this item is included in nep-agr and nep-env
References: Add references at CitEc
Citations:
Downloads: (external link)
https://ageconsearch.umn.edu/record/170609/files/Sansi_AAEA_working%20paper.pdf (application/pdf)
Related works:
Working Paper: Dynamic Adjustment in U.S. Agriculture under Climate Uncertainty (2014) 
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: https://EconPapers.repec.org/RePEc:ags:aaea14:170609
DOI: 10.22004/ag.econ.170609
Access Statistics for this paper
More papers in 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota from Agricultural and Applied Economics Association Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().