Information Based Estimators for the Non-Stationary Transition Probability Matrix: An Application to the Danish Pork Industry
AbstractA generalised cross entropy instrumental variables estimator is used to recover the non-stationary transition probability matrix for the Danish pork industry. A technique is also developed to recover missing data points due to category re-specifications. The impact of a set of exogenous variables (prices of pork meat, inputs, and pork substitutes), are evaluated in the form of elasticities. An overall assessment of entry exit and growth of farms is performed.
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Bibliographic InfoPaper provided by Royal Veterinary and Agricultural University, Food and Resource Economic Institute in its series Unit of Economics Working papers with number 24198.
Date of creation: 2001
Date of revision:
cross entropy estimator; Markov chain; pork industry; Denmark; Livestock Production/Industries; C340; C130; Q120;
Other versions of this item:
- Karantininis, Kostas, 2002. "Information-based estimators for the non-stationary transition probability matrix: an application to the Danish pork industry," Journal of Econometrics, Elsevier, vol. 107(1-2), pages 275-290, March.
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