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A partial adjustment model with rational expectations applied to the goat sector in Greece

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  • Christos V. Fotopoulos

Abstract

In this paper an attempt is made to examine the rational expectations hypothesis for the goat‐meat sector in Greece within the framework of a single equation method that describes the factors affecting demand and supply. The structural equations of the model are estimated by applying the Cochrane‐Orcutt technique. The calculated elasticities suggest that Greek goat producers should pay more attention to milk rather than meat production. Statistical indications also confirm the effects of the Chernobyl accident upon the goat sector. Moreover, the forecasting ability of the model has been tested using simulation procedures, which indicate a small deviation between theoretical and observed values. Finally, some further implications concerning the goat sector are drawn from this analysis.

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  • Christos V. Fotopoulos, 1995. "A partial adjustment model with rational expectations applied to the goat sector in Greece," Agricultural Economics, International Association of Agricultural Economists, vol. 12(2), pages 163-170, April.
    • Handle: RePEc:bla:agecon:v:12:y:1995:i:2:p:163-170
    DOI: 10.1111/j.1574-0862.1995.tb00360.x
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    Cited by:

    1. Job Nmadu & Ezekiel Yisa & Usman Mohammed & Halima Sallawu & Yebosoko Nmadu & Sokoyami Nmadu, 2022. "Structural Analysis and Forecast of Nigerian Monthly Inflation Movement between 1996 and 2022," RAIS Conference Proceedings 2022-2023 0211, Research Association for Interdisciplinary Studies.

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