Analysis of supply of kenaf in Thailand.
1986
Urat Visrutavanij
Kenaf price is the most important factor affecting its planting acreage. From the econometric model using a nonsplit-price variable, the price of kenaf positively related to acreage planted with the short run elasticities ranging from 0.706 to 1.125. Using split price variables with the same data set in the model, the short run elasticities of increasing and decreasing prices are 0.88-1.23 and 0.61-1.00, respectively. The elasticity of increasing price is approximately 20 % higher than that of the decreasing price in the Wolffram model, while the estimated elasticity of the increasing price is about two times larger than the elasticity of the decreasing price in the CTY model. This implies the effect of some rigidities in growing kenaf which are traditional and hard to change. When prices decrease, a part of the land is still put to growing kenaf. The use of price policy will benefit for domestic kenaf production especially during the falling price period should be taken as the minimum level of production.
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