Dynamic Corn Supply Functions: A Model with Explicit Optimization
Abebayehu Tegene,
Wallace Huffman and
John A. Miranowski
ISU General Staff Papers from Iowa State University, Department of Economics
Abstract:
A model of optimal dynamic agricultural supply is derived and fitted assuming farmers have two annual stochastic crop production activities, a joint limitation on production capacity, interdependencies between past acreage utilization and current productivity, and rational expectations. A five-equation specification is fitted to annual data, 1948–80. Estimated parameters are consistent with the theory, and the model simulates well. The long-run price elasticity of corn acreage is 0.2, which is similar to those obtained from ad hoc dynamic models, but our short-run elasticities are different.
Date: 1988-02-01
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Related works:
Journal Article: Dynamic Corn Supply Functions: A Model with Explicit Optimization (1988) 
Working Paper: Dynamic Corn Supply Functions: A Model with Explicit Optimization (1988)
Working Paper: Dynamic Corn Supply Functions: A Model with Explicit Optimization (1987) 
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Persistent link: https://EconPapers.repec.org/RePEc:isu:genstf:198802010800001356
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