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Improving The Relevance Of Research On Price Forecasting And Marketing Strategies

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  • Brorsen, B. Wade
  • Irwin, Scott H.

Abstract

Agricultural economists' research on price forecasting and marketing strategies has been used little by those in the real world. We argue that fresh approaches to research are needed. First, we argue that we need to adopt a new theoretical paradigm, noisy rational expectations. This paradigm suggests that gains from using price forecasting models with public data or from using a marketing strategy are not impossible, but any gains are likely to be small. We need to conduct falsification tests; to perform confirmation and replication; to adjust research to reflect structural changes, such as increased contracting; and always to conduct statistical tests. We also provide a modest agenda for changing our research and extension programs.

Suggested Citation

  • Brorsen, B. Wade & Irwin, Scott H., 1996. "Improving The Relevance Of Research On Price Forecasting And Marketing Strategies," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 25(1), April.
  • Handle: RePEc:ags:arerjl:31655
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    References listed on IDEAS

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    1. Stein, Jerome L, 1992. "Price Discovery Processes," The Economic Record, The Economic Society of Australia, vol. 0(0), pages 34-45, Supplemen.
    2. Freebairn, J W, 1976. "The Value and Distribution of the Benefits of Commodity Price Outlook Information," The Economic Record, The Economic Society of Australia, vol. 52(138), pages 199-212, June.
    3. Robison, Lindon J. & Colyer, Dale, 1994. "Reflections On Relevance Of Professional Journals," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 26(01), July.
    4. Ashley, R & Granger, C W J & Schmalensee, R, 1980. "Advertising and Aggregate Consumption: An Analysis of Causality," Econometrica, Econometric Society, vol. 48(5), pages 1149-1167, July.
    5. Tomek, William G., 1987. "Effects of Futures and Options Trading on Farm Incomes," Staff Papers 186718, Cornell University, Department of Applied Economics and Management.
    6. Goss, Barry A & Stein, Jerome L, 1992. "Special Issue on Futures Markets: Price Discovery and Price Determination: Introduction," The Economic Record, The Economic Society of Australia, vol. 0(0), pages 1-9, Supplemen.
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    Keywords

    Demand and Price Analysis; Marketing;

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