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Modeling Pork Supply Response and Price Volatility: The Case of Greece

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Author Info

  • Rezitis, Anthony N.
  • Stavropoulos, Konstantinos S.

Abstract

This paper examines the supply response of the Greek pork market. A GARCH process is used to estimate expected price and price volatility, while price and supply equations are estimated jointly. In addition to the standard GARCH model, several different symmetric, asymmetric, and nonlinear GARCH models are estimated. The empirical results indicate that among the estimated GARCH models, the quadratic NAGARCH model seems to better describe producers’ price volatility, which was found to be an important risk factor of the supply response function of the Greek pork market. Furthermore, the empirical findings show that feed price is an important cost factor of the supply response function and that high uncertainty restricts the expansion of the Greek pork sector. Finally, the model provides forecasts for quantity supplied, producers’ price, and price volatility.

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File URL: http://purl.umn.edu/48764
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Bibliographic Info

Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

Volume (Year): 41 (2009)
Issue (Month): 01 (April)
Pages:

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Handle: RePEc:ags:joaaec:48764

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Web page: http://www.saea.org/jaae/jaae.htm
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Related research

Keywords: asymmetry; GARCH; pork supply; price volatility; Agribusiness; Demand and Price Analysis; International Development; Risk and Uncertainty; C510; D200; Q110;

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Cited by:
  1. Bicknell, Kathryn, 2011. "The Distributional Implications for Higher Farm Animal Welfare in New Zealand," 2011 Conference, August 25-26, 2011, Nelson, New Zealand 115418, New Zealand Agricultural and Resource Economics Society.
  2. Rude, James & Surry, Yves, 2013. "Canadian Hog Supply Respose: A Provincial Level Analysis," Working Papers 148590, Structure and Performance of Agriculture and Agri-products Industry (SPAA).

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