Dynamic Adjustment in U.S. Agriculture under Climate Uncertainty

Sansi Yang () and C. Shumway

2014 Papers from Job Market Papers

Abstract: We construct a stochastic dynamic dual model to investigate the structural adjustment of two aggregate output and three aggregate input categories in U.S. agriculture under climatic change uncertainty. A century of national annual data (1910-2011) is used in the empirical analysis. No constraints on asset fixity are imposed. Results indicate that both output categories as well as all input categories exhibit quasi-fixity in response to market change and stochastic climate change. Crops adjust most rapidly toward equilibrium levels and capital adjusts most slowly.

JEL-codes: Q11 Q54 (search for similar items in EconPapers)
Date: 2014-11-10
New Economics Papers: this item is included in nep-agr and nep-env
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://ideas.repec.org/jmp/2014/pya413.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:jmp:jm2014:pya413

Access Statistics for this paper

More papers in 2014 Papers from Job Market Papers
Bibliographic data for series maintained by RePEc Team ().