An Application Of The Rational Expectations Hypothesis In The U.S. Beekeeping Industry
A national beekeeping-industry model, assuming rational expectations, is presented. Consistent and asymptotically efficient estimates are obtained by a modified two-step two-stage least squares method. Based on parameter estimates, elasticities, and likelihood functions, a previously estimated modified adaptive expectations model explains industry behavior better than the rational expectations model. Simulation analyses of the models suggest the direction of the impacts of an ineffective federal honey support program from 1982 through 1985 is similar but the magnitudes are varied. The rational expectations model indicates the decrease in beekeepers' revenue in this period is larger than the decrease identified by the modified adaptive expectations model.
Volume (Year): 20 (1991)
Issue (Month): 2 (October)
|Contact details of provider:|| Web page: http://www.narea.org/|
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Cumby, Robert E. & Huizinga, John & Obstfeld, Maurice, 1983.
"Two-step two-stage least squares estimation in models with rational expectations,"
Journal of Econometrics,
Elsevier, vol. 21(3), pages 333-355, April.
- Maurice Obstfeld & Robert E. Cumby & John Huizinga, 1983. "Two-Step Two-Stage Least Squares Estimation in Models with Rational Expectations," NBER Technical Working Papers 0011, National Bureau of Economic Research, Inc.
- 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.
- Wallis, Kenneth F, 1980. "Econometric Implications of the Rational Expectations Hypothesis," Econometrica, Econometric Society, vol. 48(1), pages 49-73, January.
- Satheesh V. Aradhyula & Matthew T. Holt, 1988.
"Risk Behavior and Rational Expectations in the U.S. Broiler Market,"
Food and Agricultural Policy Research Institute (FAPRI) Publications
88-wp33, Food and Agricultural Policy Research Institute (FAPRI) at Iowa State University.
- Aradhyula, Satheesh V. & Holt, Matthew, 1989. "Risk Behavior and Rational Expectations in the U.S. Broiler Market," Staff General Research Papers 274, Iowa State University, Department of Economics.
- Satheesh V. Aradhyula & Matthew T. Holt, 1988. "Risk Behavior and Rational Expectations in the U.S. Broiler Market," Center for Agricultural and Rural Development (CARD) Publications 88-wp33, Center for Agricultural and Rural Development (CARD) at Iowa State University.
When requesting a correction, please mention this item's handle: RePEc:ags:nejare:29019. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.