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Dynamic Corn Supply Functions: A Model with Explicit Optimization

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Author Info

  • Miranowski, John
  • Tegene, Abebayehu
  • Huffman, Wallace

Abstract

A model of optimal dynamic agricultural supply is derived and hired assuming farmers have two annual stochastic crop production activities, a joint limitation on production capacity, interdependencies between past acreage utilization and current productivity, and rational expectations. A five-equation specification is fitted to annual data, 1948-80 Estimated parameters are consistent with the theory, and the model simulates well The long-run price elasticity of corn acreage is 0.2, which is similar to those obtained from ad hoc dynamic models, but our short-run elasticities are different.

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 10699.

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Date of creation: 01 Feb 1988
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Publication status: Published in American Journal of Agricultural Economics, February 1988, vol. 70 no. 1, pp. 103-111
Handle: RePEc:isu:genres:10699

Contact details of provider:
Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Cited by:
  1. Peterson, Hikaru Hanawa & Tomek, William G., 2003. "How Much Of Commodity Price Behavior Can A Rational Expectations Storage Model Explain?," Staff Papers 30712, Kansas State University, Department of Agricultural Economics.
  2. Roger Claassen & Richard Horan, 2001. "Uniform and Non-Uniform Second-Best Input Taxes," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(1), pages 1-22, May.
  3. Taffesse, Alemayehu Seyoum, 1997. "Government policy and dynamic supply response: a study of the compulsory grain delivery system," MPRA Paper 18674, University Library of Munich, Germany.
  4. Cho, Gyu D., 1992. "Estimation of a Wheat Acreage Response Function for Kansas," Staff Papers 118174, Kansas State University, Department of Agricultural Economics.
  5. Baker, Mindy L. & Hayes, Dermot J. & Babcock, Bruce A., 2008. "Crop-Based Biofuel Production under Acreage Constraints and Uncertainty," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6352, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  6. Boisvert, Richard N. & Peterson, Jeffrey M., 2001. "Control Of Nonpoint Source Pollution Through Voluntary Incentive-Based Policies: An Application To Nitrate Contamination In New York," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 30(2), October.
  7. Foster, William E. & Babcock, Bruce A., 1993. "Commodity Policy, Price Incentives, And The Growth In Per-Acre Yields," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 25(01), July.
  8. Burton, Diana M. & Love, H. Alan, 1996. "A Review Of Alternative Expectations Regimes In Commodity Markets: Specification, Estimation, And Hypothesis Testing Using Structural Models," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 25(2), October.
  9. Lin, Chien-Pang & Barkley, Andrew P., 1997. "Declining Commodity Program Payments and Enhanced Environmental Regulations: Impacts on Acreage Allocation in the Great Plains," 1997 Annual Meeting, July 13-16, 1997, Reno\Sparks, Nevada 35932, Western Agricultural Economics Association.
  10. Horan, Richard D. & Claassen, Roger & Cooper, Joseph C., 2000. "Environmental Risk And Agri-Environmental Policy Design," 2000 Annual meeting, July 30-August 2, Tampa, FL 21827, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  11. Nyairo, Newton Morara & Kola, Jukka & Sumelius, John, 2010. "Impacts of agricultural trade and market liberalization of food security in developing countries: comparative study of Kenya and Zambia," 2010 AAAE Third Conference/AEASA 48th Conference, September 19-23, 2010, Cape Town, South Africa 96172, African Association of Agricultural Economists (AAAE) & Agricultural Economics Association of South Africa (AEASA).

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