A Multimarket Bounded Price Variation Model under Rational Expectations: Corn and Soybeans in the United States
Holt, Matthew 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.
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