Dynamic input demand functions and resource adjustment for US agriculture: state evidence
AbstractThe paper presents an econometric model of dynamic agricultural input demand functions that includes research based technical change and autoregressive disturbances and fits the model to data for a set of state aggregates pooled over 1950-82. The methodological approach is one of developing a theoretical foundation for a dynamic input demand system and accepting state aggregate behavior as approximated by nonlinear adjustment costs and long-term profit maximization. Although other studies have largely ignored autocorrelation in dynamic input demand systems, the results show shorter adjustment lags with autocorrelation than without autocorrelation. Dynamic input demand own-price elasticities for six input groups are inelastic, and the demand functions poses significant cross-price and research stock effects.
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Bibliographic InfoArticle provided by Blackwell in its journal Agricultural Economics.
Volume (Year): 17 (1997)
Issue (Month): 2-3 (December)
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Web page: http://www.blackwell-synergy.com/loi/agec
Other versions of this item:
- Perry WARJIYO & Wallace E. HUFFMAN, 1995. "Dynamic Input Demand Functions And Resource Adjustment For U.S. Agriculture: State Evidence," Staff Papers 278, Iowa State University Department of Economics.
- Warjiyo, P. & Huffman, Wallace, 1997. "Dynamic Input Demand Functions and Resource Adjustment for U.S. Agriculture: State Evidence," Staff General Research Papers 5010, Iowa State University, Department of Economics.
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