A multimarket bounded price variation model under rational expectations: corn and soybeans in the United States
1992
Holt, M.T.
The bounded prices model under rational expectations is extended to a multimarket setting. Because the resulting rational expectations model is highly nonlinear, Fair and Taylor's iterative procedure is employed in conjunction with the multimarket framework to obtain maximum likelihood estimates of a supply-demand model for corn and soybeans. The estimated model is then used to simulate the market equilibrium effects associated with removing price support and acreage set-aside programs over the sample period. Among other things, the results reveal that acreage set-asides have dominated the induced supply effects of price support programs for corn.
Mostrar más [+] Menos [-]Palabras clave de AGROVOC
Información bibliográfica
Este registro bibliográfico ha sido proporcionado por National Agricultural Library