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Testing Regularity Properties in Static and Dynamic Duality Models: The Case of Greek Agriculture

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  • Reziti, Ioanna
  • Ozanne, Adam

Abstract

An error correction model of Greek agriculture for the period 1961-94 is estimated using a dynamic system of output and input share equations derived from a translog profit function. Nested within this model are a static model and three simpler dynamic models: a partial adjustment model, autoregressive error model and finite distributed lag model. The data-generating process rejects the static model and simpler dynamic models in favour of the more general error correction model, which is also found to perform better than the static model in terms of consistency with the regularity properties implied by economic theory. Copyright 1999 by Oxford University Press.

Suggested Citation

  • Reziti, Ioanna & Ozanne, Adam, 1999. "Testing Regularity Properties in Static and Dynamic Duality Models: The Case of Greek Agriculture," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 26(4), pages 461-477, December.
  • Handle: RePEc:oup:erevae:v:26:y:1999:i:4:p:461-77
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    Cited by:

    1. Tullaya Boonsaeng & Michael K. Wohlgenant, 2009. "A Dynamic Approach to Estimating and Testing Separability in U.S. Demand for Imported and Domestic Meats," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 57(1), pages 139-157, March.
    2. Boonsaeng, Tullaya & Wohlgenant, Michael K., 2006. "The Demand for Livestock by the U.S. Meat Processing Industry," 2006 Annual meeting, July 23-26, Long Beach, CA 21120, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Dengjun Zhang, 2015. "The trade effect of price risk: a system-wide approach," Empirical Economics, Springer, vol. 48(3), pages 1149-1167, May.
    4. Frank Asche, 2009. "Adjustment Cost and Supply Response in a Fishery: A Dynamic Revenue Function," Land Economics, University of Wisconsin Press, vol. 85(1), pages 201-215.
    5. Meszaros, Sandor, 2008. "Theory testing (hypothesis testing) in agricultural economics," Studies in Agricultural Economics, Research Institute for Agricultural Economics, issue 107, March.

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