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Estimating statistical properties of political economic decisions

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  • Diana Burton
  • H. Alan Love
  • Gordon Rausser

Abstract

Revelation of criteria implicit in setting policy is addressed in a political economic framework that includes identification and estimation of unknown parameters in the presence of multiple sources of uncertainty. Policy formation is viewed as an optimization process under which the government maximizes a criterion function subject to market constraints. A method for estimating political criterion function weights and their associated standard errors over multiple time periods is presented. The approach is illustrated with an empirical example from Japanese rice and wheat trade policy.

Suggested Citation

  • Diana Burton & H. Alan Love & Gordon Rausser, 2004. "Estimating statistical properties of political economic decisions," Applied Economics, Taylor & Francis Journals, vol. 36(13), pages 1489-1499.
    • Handle: RePEc:taf:applec:v:36:y:2004:i:13:p:1489-1499
    DOI: 10.1080/0003684042000204458
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    References listed on IDEAS

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    1. Sebastian Edwards, 1996. "The Determinants of the Choice between Fixed and Flexible Exchange-Rate Regimes," NBER Working Papers 5756, National Bureau of Economic Research, Inc.
    2. Richard Dennis, 2000. "Steps toward identifying central bank policy preferences," Working Paper Series 2000-13, Federal Reserve Bank of San Francisco.
    3. Love, H. Alan & Rausser, Gordon C. & Burton, Diana M., 1990. "Policy preference functions: grand themes and new directions," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt7xw2p9j9, Department of Agricultural & Resource Economics, UC Berkeley.
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    Cited by:

    1. Carmona-Torres, Carmen & Parra-López, Carlos & Sayadi, Samir & Reina-Usuga, Liliana, 2023. "Abandonment factors and alternatives in sloping olive growing: The case of Andalusia, Spain," Land Use Policy, Elsevier, vol. 132(C).
    2. Bullock, David S., 2012. "Dangers of Using Political Preference Functions in Political Economy Analysis: Examples from U.S. Ethanol Policy," 2012 First Congress, June 4-5, 2012, Trento, Italy 124118, Italian Association of Agricultural and Applied Economics (AIEAA).

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