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"Irrational" Planting Behavior As Rational Expectations Of Government Support

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Author Info
Vedenov, Dmitry
Abstract

The paper outlines an approach to estimation of rational expectations acreage response model for US soybeans that explicitly takes into account government payments. Numerical methods are used to recompute the model equilibrium at each iteration of the log-likelihood optimization rou-tine. Estimation results allow one to measure market distortion introduced by the government support programs.

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File URL: http://purl.umn.edu/35237
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Paper provided by Southern Agricultural Economics Association in its series 2003 Annual Meeting, February 1-5, 2003, Mobile, Alabama with number 35237.

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Date of creation: 2003
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Handle: RePEc:ags:saeatm:35237

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Keywords: Production Economics;

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  1. Miranda, Mario J, 1998. "Numerical Strategies for Solving the Nonlinear Rational Expectations Commodity Market Model," Computational Economics, Springer, vol. 11(1-2), pages 71-87, April. [Downloadable!]
  2. Miranda, Mario J & Glauber, Joseph W, 1993. "Estimation of Dynamic Nonlinear Rational Expectations Models of Primary Commodity Markets with Private and Government Stockholding," The Review of Economics and Statistics, MIT Press, vol. 75(3), pages 463-70, August. [Downloadable!] (restricted)
  3. Askari, Hossein & Cummings, John Thomas, 1977. "Estimating Agricultural Supply Response with the Nerlove Model: A Survey," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 257-92, June. [Downloadable!] (restricted)
  4. Chavas, Jean-Paul & Pope, Rulon D. & Kao, Robert S., 1983. "An Analysis Of The Role Of Futures Prices, Cash Prices And Government Programs In Acreage Response," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 8(01), July. [Downloadable!]
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