DYNAMIC INPUT DEMAND FUNCTIONS AND RESOURCE ADJUSTMENT FOR U.S. AGRICULTURE: STATE EVIDENCE

Perry Warjiyo and Wallace Huffman

No 278, Staff Papers from Iowa State University Department of Economics

Abstract: The paper presents an econometric model of dynamic agricultural input demand functions that includes research based technical change and autoregressive disturbances and fits the model to data for a set of state aggregates pooled over 1950-82. The methodological approach is one of developing a theoretical foundation for a dynamic input demand system and accepting state aggregate behavior as approximated by nonlinear adjustment costs and long-term profit maximization. Although other studies have largely ignored autocorrelation in dynamic input demand systems, the results show shorter adjustment lags with autocorrelation than without autocorrelation. Dynamic input demand own-price elasticities for six input groups are inelastic, and the demand functions poses significant cross-price and research stock effects.

Date: 1995-12
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Related works:
Journal Article: Dynamic input demand functions and resource adjustment for US agriculture: state evidence (1997)
Journal Article: Dynamic input demand functions and resource adjustment for US agriculture: state evidence (1997)
Working Paper: Dynamic Input Demand Functions and Resource Adjustment for U.S. Agriculture: State Evidence (1997)
Working Paper: Dynamic input demand functions and resource adjustment for US agriculture: state evidence (1997)
Working Paper: Dynamic Input Demand Functions and Resource Adjustment for U.S. Agriculture: State Evidence (1995)
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