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Price Determination In Structural Models: A Comparison Of Alternative Inverse Demand Specifications

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  • Chen, Dean T.
  • Dharmaratne, Gerard S.

Abstract

A theoretical framework is proposed to evaluate price determination behavior of alternative inverse demand specifications of structural models. Price impacts of a wheat model to a supply shock indicated that inverse domestic demand and inverse export demand were inappropriate specifications, while inverse stock demand specification generated credible results.

Suggested Citation

  • Chen, Dean T. & Dharmaratne, Gerard S., 1991. "Price Determination In Structural Models: A Comparison Of Alternative Inverse Demand Specifications," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271156, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  • Handle: RePEc:ags:aaea91:271156
    DOI: 10.22004/ag.econ.271156
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    References listed on IDEAS

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    1. James P. Houck, 1966. "A Look at Flexibilities and Elasticities," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 48(2), pages 225-232.
    2. Salathe, Larry E. & Price, J. Michael & Gadson, Kenneth E., 1982. "The Food and Agricultural Policy Simulator," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 34(2), pages 1-15, April.
    3. Shonkwiler, J S & Taylor, T G, 1984. "The Implications of Estimating Market Demand Curves by Least Squares Regression," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 11(1), pages 107-118.
    4. Unknown, 1989. "A structural econometric model of the World wheat market," Technical Bulletins 312303, United States Department of Agriculture, Economic Research Service.
    5. Robert G. Chambers & Kenneth E. McConnell, 1983. "Decomposition and Additivity in Price-Dependent Demand Systems," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(3), pages 596-602.
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