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Modeling Mexican agricultural production

Author

Listed:
  • C. Richard Shumway

    (Department of Agricultural Economics, Washington State University, Pullman, WA 99164, USA)

  • Hongil Lim

    (21007 Victor St. #17, Torrance, CA 90503, USA)

Abstract

Results of time series tests (including unit root and deterministic and stochastic cointegration tests) imply that a mixture of differenced and cointegrated model specifications are warranted for econometric models of Mexican agricultural supplies and input demands. Test results are sensitive to choice of functional form and the set of regressors. For example, share equations should be estimated using differenced data, but output supply and input demand equations generally should not. Generalized Leontief and quadratic functional forms are preferred over the translog. Symmetry and curvature of a restricted profit function are rejected. Short-run output supplies and input demands are generally inelastic.

Suggested Citation

  • C. Richard Shumway & Hongil Lim, 1999. "Modeling Mexican agricultural production," Empirical Economics, Springer, vol. 24(3), pages 509-528.
    • Handle: RePEc:spr:empeco:v:24:y:1999:i:3:p:509-528
    Note: received: February 1998/Final version received: November 1998
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    Cited by:

    1. Ball, V. Eldon & Moss, Charles B. & Erickson, Kenneth W. & Nehring, Richard F., 2003. "Modeling Supply Response In A Multiproduct Framework Revisited: The Nexus Of Empirics And Economics," 2003 Annual meeting, July 27-30, Montreal, Canada 21981, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

    More about this item

    Keywords

    Functional form · profit function · specification tests · time series;

    JEL classification:

    • Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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