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Testing for Consistent Aggregation

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  • Robert G. Chambers
  • Rulon D. Pope

Abstract

This paper designs workable empirical procedures for testing or imposing supply (demand)-price aggregators. Only single-equation methods are considered to shift the focus from any particular optimizing paradigm toward the necessities for correctly tabulating firm-level supplies (demands) and aggregate supply (demand). Both macro-and micro-level tests for consistent aggregation are developed. And constructive rules for aggregation based upon empirically observed micro behavior are provided in tabular form. Empirical tests reveal no support for the aggregate price most commonly reported by USDA. The constructive rules are then used to develop a new wheat-price index consistent with supply aggregation.

Suggested Citation

  • Robert G. Chambers & Rulon D. Pope, 1991. "Testing for Consistent Aggregation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(3), pages 808-818.
    • Handle: RePEc:oup:ajagec:v:73:y:1991:i:3:p:808-818.
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    File URL: http://hdl.handle.net/10.2307/1242833
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    Cited by:

    1. Shumway, C. Richard & Davis, George C., 2001. "Does consistent aggregation really matter?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 45(2), pages 1-34.
    2. Qinghua Liu & C. Richard Shumway, 2004. "Testing aggregation consistency across geography and commodities," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(3), pages 463-486, September.
    3. Jeffrey LaFrance & Rulon Pope & Jesse Tack, 2011. "Risk Response in Agriculture," NBER Chapters, in: The Intended and Unintended Effects of US Agricultural and Biotechnology Policies, pages 143-186, National Bureau of Economic Research, Inc.

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