A Critique Of The Constant Elasticity Of Transformation (Cet) Linear Supply System
An elusive restriction maintained in earlier CET supply models with three or more products is shown to result in a potentially serious misspecification. Its impact on empirical estimates is found to be substantial, and an alternative formulation is presented which overcomes the problem while still maintaining the CET hypothesis.
Volume (Year): 09 (1984)
Issue (Month): 02 (December)
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- Vincent, David P & Dixon, Peter B & Powell, Alan A, 1980. "The Estimation of Supply Response in Australian Agrucilture: The CRESH/CRETH Production System," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 221-42, February.
- Houck, James P. & Ryan, Mary E., 1972. "Supply Analysis For Corn In The United States: The Impact Of Changing Government Programs," Staff Papers 13554, University of Minnesota, Department of Applied Economics.
- Scobie, Grant M & Johnson, Paul R, 1974. "Protection and Exchange Rate: An Analysis of the New Zealand Foreign Exchange Market," The Economic Record, The Economic Society of Australia, vol. 50(132), pages 534-54, December.
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