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Functional Forms And Farm-Level Demand For Pecans By Variety

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  • Okunade, Albert Ade.
  • Cochran, Mark J.

Abstract

Recent developments in the U.S. pecan industry appear to limit the utility of past research. The importance of pecan variety has emerged as an issue which could alter past results. The linear and double-log models previously fitted to all pecans (averaged) data may be too restrictive and hence, are less useful for variety-specific analysis. Past research also analyzed price turning points using nominal data. This study investigated functional form and data-averaging problems by fitting separate flexible Box-Cox price-dependent models for all-pecans and each variety of pecans (1970/71 -1988/89 deflated data). Results indicate: other nuts substitute for different pecan varieties, estimated all-pecans price flexibility is biased and clouds variety-specific flexibilities, and restrictive functional forms are inappropriate.

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Bibliographic Info

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

Volume (Year): 23 (1991)
Issue (Month): 02 (December)
Pages:

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Handle: RePEc:ags:sojoae:30051

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Web page: http://www.saea.org/jaae/jaae.htm
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Keywords: Demand and Price Analysis;

References

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  1. Savin, N. E. & White, Kenneth J., 1978. "Estimation and testing for functional form and autocorrelation : A simultaneous approach," Journal of Econometrics, Elsevier, vol. 8(1), pages 1-12, August.
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Cited by:
  1. Wojciech Florkowski & Camilo Sarmiento, 2005. "The examination of pecan price differences using spatial correlation estimation," Applied Economics, Taylor & Francis Journals, vol. 37(3), pages 271-278.
  2. Park, Timothy A. & Florkowski, Wojciech J., 1996. "Demand And Quality Uncertainty In Pecan Purchasing Decisions," Faculty Series 16714, University of Georgia, Department of Agricultural and Applied Economics.
  3. Moore, Eli D. & Williams, Gary W., 2008. "Is the Texas Pecan Checkoff Program Working?," Reports 90497, Texas A&M University, Agribusiness, Food, and Consumer Economics Research Center.
  4. Sande, Doris N. & Mullen, Jeffrey D. & Nzaku, Kilungu, 2009. "Amenity benefits and public policy: An application to the Georgia Pecan Industry," 2009 Annual Meeting, January 31-February 3, 2009, Atlanta, Georgia 46851, Southern Agricultural Economics Association.

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