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Error Correction Models and Agricultural Supply Response

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  • Hallam, David
  • Zanoli, Raffaele

Abstract

This paper explores the relevance of the error correction specification to agricultural supply modeling. The theoretical basis of the model is outlined, and it is shown how the familiar partial adjustment model is a restrictive special case. In particular it is shown how the error correction model avoids the partial adjustment model's unrealistic assumption of a fixed target supply based on stationary expectations. In an analysis of U.K. pig supply an error correction model provides good empirical results, and is preferred in specification tests to the partial adjustment model. It is concluded that the error correction model provides a superior alternative to the partial adjustment model on both theoretical and empirical grounds. Copyright 1993 by Oxford University Press.

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Bibliographic Info

Article provided by Foundation for the European Review of Agricultural Economics in its journal European Review of Agricultural Economics.

Volume (Year): 20 (1993)
Issue (Month): 2 ()
Pages: 151-66

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Handle: RePEc:oup:erevae:v:20:y:1993:i:2:p:151-66

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Cited by:
  1. Christensen, Jan & Hansen, Lars Gårn, 2005. "Abatement costs of alternative tax systems to regulate agricultural nitrogen loss," MPRA Paper 44763, University Library of Munich, Germany.
  2. Nikolaou, Agelike & Velentzas, Kostas, 2001. "Estimating the Demand for Cigarettes in Greece: An Error Correction Model," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 2(1), January.
  3. Ali Ferjani & Albert Zimmermann, 2013. "Estimating Agricultural Supply Response with the dynamic sectormodel SILAS-dyn," Yearbook of Socioeconomics in Agriculture, Swiss Society for Agricultural Economics and Rural Sociology, vol. 6(1), pages 155-176.
  4. Tuck Cheong Tang, 2002. "Aggregate Import Demand Behavior For Indonesia: Evidence From The Bounds Testing Approach," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 10(2), pages 179-199, December.
  5. Bakucs, Zoltán & Márkus, Richárd, 2010. "Supply response on the Hungarian pork meat sector," IAMO Forum 2010: Institutions in Transition – Challenges for New Modes of Governance 52698, Leib­niz Institute of Agricultural Development in Central and Eastern Europe (IAMO).
  6. Tang, Tuck Cheong, 2004. "Demand for broad money and expenditure components in Japan: an empirical study," Japan and the World Economy, Elsevier, vol. 16(4), pages 487-502, December.
  7. Chor Foon Tang & Hooi Hooi Lean, 2009. "The Effects Of Disaggregated Savings On Economic Growth In Malaysia - Generalised Variance Decomposition Analysis," Development Research Unit Working Paper Series 04-09, Monash University, Department of Economics.
  8. Tang, Tuck Cheong, 2003. "Japanese aggregate import demand function: reassessment from the 'bounds' testing approach," Japan and the World Economy, Elsevier, vol. 15(4), pages 419-436, December.
  9. Mergos, G. J. & Stoforos, Ch. E., 1997. "Fertilizer demand in Greece," Agricultural Economics, Blackwell, vol. 16(3), pages 227-235, August.
  10. Mushtaq, Khalid & Dawson, P.J., 2003. "Yield Response In Pakistan Agriculture: A Cointegration Approach," 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa 25931, International Association of Agricultural Economists.
  11. Mergos, G.J. & Stoforos, Ch.E., 1997. "Fertilizer demand in Greece," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 16(3), August.
  12. A. J. Errington & L. Harrison Mayfield & Y. Khatri & R. Townsend, 1997. "Estimating the price elasticity of demand for family and hired farm labour in England and Wales," Applied Economics, Taylor & Francis Journals, vol. 29(12), pages 1561-1574.
  13. Tang, Chor Foon, 2011. "Multivariate Granger Causality and the Dynamic Relationship between Health Care Spending, Income and Relative Price of Health Care in Malaysia," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 52(2), pages 199-214, December.
  14. Luis Lanteri, 2009. "Response of the Argentine Soybean Sown Area to Prices," BCRA Working Paper Series 200944, Central Bank of Argentina, Economic Research Department.
  15. Weliwita, Ananda & Govindasamy, Ramu, 1997. "Supply Response In The Northeastern Fresh Tomato Market: Cointegration And Error Correction Analysis," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 26(2), October.
  16. Townsend, Rob F. & Thirtle, Colin G., 1997. "Production Incentives for Small Scale Farmers in Zimbabwe: The Case of Cotton and Maize," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 36(3), September.
  17. Khalid Mushtaq & Abdul Ghafoor & Abedullah & Farhan Ahmad, 2011. "Impact of Monetary and Macroeconomic Factors on Wheat Prices in Pakistan: Implications for Food Security," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 16(1), pages 95-110, Jan-Jun.
  18. Luis Lanteri, 2008. "Argentina’s Soybean Acreage Response to Changes in Price Incentives," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(52), pages 57-86, October -.
  19. Armah, Stephen E., 2008. "Explaining Ghana's Recent Good Cocoa Karma: Smuggling Incentive Argument," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6359, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  20. Mushtaq, Khalid & Dawson, P. J., 2002. "Acreage response in Pakistan: a co-integration approach," Agricultural Economics, Blackwell, vol. 27(2), pages 111-121, August.
  21. Ndayitwayeko, W-M. & Odhiambo, M.O. & Nyangweso, P.M. & Korir, M., 2012. "Determinants of Beef Meat Supply in Burundi: A Vector Error Correction Model Approach Applied to structural Nerlov Paradign," 2012 Eighth AFMA Congress, November 25-29, 2012, Nairobi, Kenya 159414, African Farm Management Association (AFMA).
  22. Tang, Chor Foon, 2011. "Tourism, real output and real effective exchange rate in Malaysia: a view from rolling sub-samples," MPRA Paper 29379, University Library of Munich, Germany.
  23. Jongeneel, Roelof A. & Ge, Lan, 2005. "Explaining Growth in Dutch Agriculture: Prices, Public R&D, and Technological Change," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24573, European Association of Agricultural Economists.
  24. Jaime de Pablo Valenciano & Juan Pérez Mesa & Jean Lévy Mangin, 2008. "The Spanish Tomato Export Sector of the Almeria Region: An Econometric Approach," International Advances in Economic Research, Springer, vol. 14(3), pages 316-328, August.

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