Rationality, Price Risk, And Response
Risk has long been recognized as potentially important in determining agricultural supply. However, supply response models have either incorporated risk in an ad hoc manner or not at all. A rational expectations supply response model incorporating price risk is developed, an estimation procedure suggested, and an empirical example presented.
Volume (Year): 19 (1987)
Issue (Month): 01 (July)
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- Wallis, Kenneth F, 1980. "Econometric Implications of the Rational Expectations Hypothesis," Econometrica, Econometric Society, vol. 48(1), pages 49-73, January.
- B. Wade Brorsen & Jean-Paul Chavas & Warren R. Grant & L. D. Schnake, 1985. "Marketing Margins and Price Uncertainty: The Case of the U.S. Wheat Market," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 67(3), pages 521-528.
- Eckstein, Zvi, 1984. "A Rational Expectations Model of Agricultural Supply," Journal of Political Economy, University of Chicago Press, vol. 92(1), pages 1-19, February.