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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. Shonkwiler, J S & Taylor, T G, 1984. "The Implications of Estimating Market Demand Curves by Least Squares Regression," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 11(1), pages 107-118.
    2. 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.
    3. Unknown, 1989. "A structural econometric model of the World wheat market," Technical Bulletins 312303, United States Department of Agriculture, Economic Research Service.
    4. 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.
    5. 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(02), pages 1-15, April.
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