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Resource adjustments, dynamic price responses, and research impacts in US agriculture, 1950-1982

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  • Warjiyo, Perry

Abstract

A multioutput model is developed within the dynamic duality of the adjustment cost theory to analyze resource adjustments, dynamic price responses, and research impacts in U.S. agriculture during the post-war period. The model is rich enough to incorporate both the slow adjustment nature of some farm resources and the role of public and private research in U.S. agriculture. The resource adjustments are investigated for automobiles/trucks, tractors, equipment, service structure, land, and labor. Using state-level data from 1950-1982, the results show that these inputs are best characterized as quasi-fixed inputs. The dynamic price responses and research impacts are analyzed for capital, land, labor, intermediate inputs, crop output, and livestock product. Price and research elasticities are classified into short-run or long-run and direct or indirect. The indirect effects are due to the slow adjustments of capital, land, and labor. The long-run elasticities measure the ultimate impacts of price and research changes when the adjustments of these quasi-fixed inputs have been completed. Differential effects of the existing and new technology from agricultural research are also analyzed. The robustness of the results to the specifications about price expectations and error autocorrelations is investigated.

Suggested Citation

  • Warjiyo, Perry, 1991. "Resource adjustments, dynamic price responses, and research impacts in US agriculture, 1950-1982," ISU General Staff Papers 1991010108000010596, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:1991010108000010596
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    Cited by:

    1. Rozelle, Scott & Huang, Jikun, 2000. "Transition, development and the supply of wheat in China," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 44(4), pages 1-29.
    2. Alan de Brauw & Jikun Huang & Scott Rozelle, "undated". "Sequencing and the Success of Gradualism: Empirical Evidence from China's Agricultural Reform," Center for Development Economics 173, Department of Economics, Williams College.
    3. Alan De Brauw & Jikun Huang & Scott Rozelle, 2004. "The sequencing of reform policies in China's agricultural transition," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 12(3), pages 427-465, September.
    4. Rosegrant, Mark W. & Kasryno, Faisal & Perez, Nicostrato D., 1998. "Output response to prices and public investment in agriculture: Indonesian food crops," Journal of Development Economics, Elsevier, vol. 55(2), pages 333-352, April.

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