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A Look at Flexibilities and Elasticities

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  • James P. Houck

Abstract

Economists have developed a carefully reasoned network of theoretical restrictions applying to price and income elasticities of demand. Yet, because supplies of many farm-produced commodities are fixed in the short run, agricultural economists often find that price flexibilities are more useful and easier to measure empirically, especially in marketwide situations. Theoretical restrictions on demand elasticities imply a complete, largely unexplored set of corresponding restrictions among price flexibilities. These flexibility conditions apply to column sums, row sums, and cross-coefficient symmetry within a multicommodity flexibility matrix. As with elasticities, the theoretical relationships among price flexibilities have implications for applied research.

Suggested Citation

  • James P. Houck, 1966. "A Look at Flexibilities and Elasticities," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 48(2), pages 225-232.
    • Handle: RePEc:oup:ajagec:v:48:y:1966:i:2:p:225-232.
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    Citations

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    Cited by:

    1. Chen, Dean T. & Dharmaratne, Gerard S., 1991. "Price Determination In Structural Models: A Comparison Of Alternative Inverse Demand Specifications," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271156, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Cornell, Laurence D. & Sorenson, Vernon L., 1986. "Implications of Structural Change in U.S. Demand for Meat on U.S. Livestock and Grain Markets," Agricultural Economic Report Series 201355, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    3. Heien, Dale & Pick, Daniel, 1991. "The Structure of International Demand for Soybean Products," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 23(1), pages 137-146, July.
    4. Chen, Dean T. & Dharmaratne, Gerard, 1990. "Endogeneity Testing of Wheat Price Determination in a Nonlinear Simultaneous Structural Model," Research Reports 257905, Texas A&M University, Agricultural and Food Policy Center.
    5. Pavel Syrovátka, 2013. "Price-supply flexibility of wheat market in the Czech Republic," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 61(4), pages 1145-1151.
    6. Lee, Young-Jae & Kennedy, P. Lynn & Hilbun, Brian M., 2008. "Determining the Impact of Crawfish Imports on U.S. Domestic Prices," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6344, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Crawford, Gregory S. & Deer, Lachlan & Smith, Jeremy & Sturgeon, Paul, 2017. "The Regulation of Public Service Broadcasters : Should there be more advertising on television?," Economic Research Papers 269092, University of Warwick - Department of Economics.
    8. Usama Haroon & Muhammad Hassan Chaudhary & Muhammad Aamir Shahzad & Muhammad Adnan Khan & Nimra Nisar, 2020. "Vegetable Prices Possess Seasonal Volatility: A Case Study of Lahore, Punjab, Pakistan," Journal of Economic Impact, Science Impact Publishers, vol. 2(2), pages 62-71.
    9. Roger A. Dahlgran & Dean G. Fairchild, 2002. "The demand impacts of chicken contamination publicity-a case study," Agribusiness, John Wiley & Sons, Ltd., vol. 18(4), pages 459-474.
    10. Chen, Dean T. & Dharmaratne, Gerard, 1990. "Farm Price Determination in Structural Models: Implications of Quantity-Dependent and Price-Dependent Specifications," Research Reports 257906, Texas A&M University, Agricultural and Food Policy Center.
    11. Jesse B. Tack & Matthew T. Holt, 2016. "The influence of weather extremes on the spatial correlation of corn yields," Climatic Change, Springer, vol. 134(1), pages 299-309, January.
    12. Peguero, Felipe & Kennedy, P. Lynn & Zapata, Hector O., 2018. "A Generalized Dynamic Inverse AIDS Model for Fresh Fruits and Vegetables: An Application to the U.S. Bell Pepper Industry," 2018 Annual Meeting, February 2-6, 2018, Jacksonville, Florida 266686, Southern Agricultural Economics Association.
    13. Lee, Young-Jae & Kennedy, P. Lynn, 2013. "Quantity And Exchange Rate Effects On U.S. Trout Prices," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 142133, Southern Agricultural Economics Association.
    14. Tomek, William G. & Robinson, Kenneth L., 1977. "PART V. Agricultural Price Analysis and Outlook," AAEA Monographs, Agricultural and Applied Economics Association, number 337217, january.
    15. Ortmann, G. F., 1982. "Demand Analysis Of Vegetables And Subtropical Fruit In South Africa," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 21(2), October.
    16. Wells, Gary J. & Pittman, Jerold F., 1980. "Assessment Of The Price Impact Of The South Carolina Cucumber Marketing Order," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 12(2), pages 1-4, December.
    17. Houck, James P., 1974. "The Short-Run Impact Of Beef Imports On U.S. Meat Prices," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 18(1), pages 1-13, April.
    18. Ingco, Merlinda D. & Manderscheid, Lester V., 1988. "Modelling Parameter Variation in Econometric Models: A Handbook," Agricultural Economic Report Series 201375, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    19. Huang, Kuo S. & Hahn, William F., 1995. "U.S. Quarterly Demand for Meats," Technical Bulletins 156769, United States Department of Agriculture, Economic Research Service.
    20. Stuckey, John A. & Anderson, Jock R., 1974. "Demand Analysis of the Sydney Banana Market," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 42(01), pages 1-15, March.
    21. Ingco, Merlinda D. & Hilker, James H., 1988. "Michigan State University Agriculture Model: U.S. Livestock and Poultry Supply and Demand Component -- Model Structure, Specification, and Empirical Results," Agricultural Economic Report Series 201371, Michigan State University, Department of Agricultural, Food, and Resource Economics.

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