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Dynamic input demand functions and resource adjustment for US agriculture: state evidence

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  • Warjiyo, Perry
  • Huffman, Wallace E.

Abstract

The 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 Info

Article provided by Blackwell in its journal Agricultural Economics.

Volume (Year): 17 (1997)
Issue (Month): 2-3 (December)
Pages: 223-237

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Handle: RePEc:eee:agecon:v:17:y:1997:i:2-3:p:223-237

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References

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  1. Gallant, A. Ronald & Jorgenson, Dale W., 1979. "Statistical inference for a system of simultaneous, non-linear, implicit equations in the context of instrumental variable estimation," Journal of Econometrics, Elsevier, vol. 11(2-3), pages 275-302.
  2. Friesen, J. & Capalbo, S. & Denny, M., 1992. "Dynamic factor demand equations in U.S. and Canadian agriculture," Agricultural Economics, Blackwell, vol. 6(3), pages 251-266, February.
  3. Friesen, J. & Capalbo, S. & Denny, M., 1992. "Dynamic factor demand equations in U.S. and Canadian agriculture," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 6(3), February.
  4. Chambers, Robert G. & Lopez, Ramon E., 1984. "A General, Dynamic, Supply-Response Model," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 13(2), October.
  5. Hatanaka, Michio, 1976. "Several efficient two-step estimators for the dynamic simultaneous equations model with autoregressive disturbances," Journal of Econometrics, Elsevier, vol. 4(2), pages 189-204, May.
  6. Gallant, A. Ronald, 1975. "Seemingly unrelated nonlinear regressions," Journal of Econometrics, Elsevier, vol. 3(1), pages 35-50, February.
  7. Dhrymes, Phoebus J & Taylor, John B, 1976. "On an Efficient Two-Step Estimator for Dynamic Simultaneous Equations Models with Autoregressive Errors," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(2), pages 362-76, June.
  8. Epstein, Larry G & Denny, Michael G S, 1983. "The Multivariate Flexible Accelerator Model: Its Empirical Restrictions and an Application to U.S. Manufacturing," Econometrica, Econometric Society, vol. 51(3), pages 647-74, May.
  9. Mortensen, Dale T, 1973. "Generalized Costs of Adjustment and Dynamic Factor Demand Theory," Econometrica, Econometric Society, vol. 41(4), pages 657-65, July.
  10. Robert J. Barro, 1995. "Inflation and Economic Growth," NBER Working Papers 5326, National Bureau of Economic Research, Inc.
  11. Huffman, Wallace E. & Evenson, Robert E., 1994. "The Development of U.S. Agricultural Research and Education: An Economic Perspective," Staff General Research Papers 10998, Iowa State University, Department of Economics.
  12. Tegene, Abebayehu & Huffman, Wallace & Miranowski, John, 1988. "An Econometric Model of Dynamic and Stochastic Production with Explicit Optimization: Farmers' Decisions on Corn and Soybean Acreage," Staff General Research Papers 10984, Iowa State University, Department of Economics.
  13. Treadway, Arthur B., 1970. "Adjustment costs and variable inputs in the theory of the competitive firm," Journal of Economic Theory, Elsevier, vol. 2(4), pages 329-347, December.
  14. Spencer, David E., 1979. "Estimation of a dynamic system of seemingly unrelated regressions with autoregressive disturbances," Journal of Econometrics, Elsevier, vol. 10(2), pages 227-241, June.
  15. Treadway, Arthur B, 1971. "The Rational Multivariate Flexible Accelerator," Econometrica, Econometric Society, vol. 39(5), pages 845-55, September.
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Cited by:
  1. Catherine Morrison Paul, 2003. "Productivity and Efficiency Measurement in Our “New Economy”: Determinants, Interactions, and Policy Relevance," Journal of Productivity Analysis, Springer, vol. 19(2), pages 161-177, April.

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