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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
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea14:170609

DOI: 10.22004/ag.econ.170609

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