The role of expectations in the empirical analysis of agricultural supply is examined under the assumption of separation of expectations and constraints in dynamic decision making. Extrapolative, adaptive, implicit, rational and quasi-rational, and futures-based models of expectation formation are discussed. Empirical and experimental evidence for and against various models of expectation is summarized.
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ReDIF This chapter was published in: B. L. Gardner & G. C. Rausser (ed.) Handbook of Agricultural Economics, , chapter 03, pages 155-206, 2001.
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This chapter was published in the following book, which is listed on IDEAS: B. L. Gardner & G. C. Rausser (ed.), 2001.
"Handbook of Agricultural Economics,"
Handbook of Agricultural Economics,
Elsevier,
edition 1, volume 1, number 1.
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