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A Critique Of The Constant Elasticity Of Transformation (Cet) Linear Supply System

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  • Shumway, C. Richard
  • Powell, Alan A.

Abstract

An elusive restriction maintained in earlier CET supply models with three or more products is shown to result in a potentially serious misspecification. Its impact on empirical estimates is found to be substantial, and an alternative formulation is presented which overcomes the problem while still maintaining the CET hypothesis.

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File URL: http://purl.umn.edu/32129
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Bibliographic Info

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

Volume (Year): 09 (1984)
Issue (Month): 02 (December)
Pages:

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Handle: RePEc:ags:wjagec:32129

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Web page: http://waeaonline.org/
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Related research

Keywords: Research Methods/ Statistical Methods;

References

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  1. Houck, James P. & Ryan, Mary E., 1972. "Supply Analysis For Corn In The United States: The Impact Of Changing Government Programs," Staff Papers 13554, University of Minnesota, Department of Applied Economics.
  2. Scobie, Grant M & Johnson, Paul R, 1974. "Protection and Exchange Rate: An Analysis of the New Zealand Foreign Exchange Market," The Economic Record, The Economic Society of Australia, vol. 50(132), pages 534-54, December.
  3. Vincent, David P & Dixon, Peter B & Powell, Alan A, 1980. "The Estimation of Supply Response in Australian Agrucilture: The CRESH/CRETH Production System," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 221-42, February.
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Cited by:
  1. Lakatos, Csilla & Walmsley, Terrie, 2012. "Investment creation and diversion effects of the ASEAN–China free trade agreement," Economic Modelling, Elsevier, vol. 29(3), pages 766-779.
  2. Shumway, C. Richard, 1986. "Supply Relationships In The South - What Have We Learned?," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 18(01), July.

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