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An Assessment Of Dynamic Behavior In The U.S. Catfish Market: An Application Of The Generalized Dynamic Rotterdam Model

  • Muhammad, Andrew
  • Jones, Keithly G.

Dynamic demand systems have been employed in a number of studies to account for habit formation and inventory adjustments in demand. Few studies have attempted to provide a theoretical foundation for the dynamic demand structures employed. Recently, Bushehri (2003) showed how a generalized dynamic Rotterdam model could be derived from the neoclassical intertemporal utility maximization problem; however, no empirical application is provided in his study. This paper provides an empirical application of the generalized dynamic Rotterdam model to the demand for processed catfish products in the U.S. The two-period dynamic Rotterdam model explained a significant amount of the variation in U.S. catfish demand and was preferred to the one-period and static models. Estimates suggest that buyers adjust short-run inventories such that the past sales negatively affect current sales. Given inventory adjustment behavior, demand was relatively more inelastic in the long-run.

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Paper provided by Southern Agricultural Economics Association in its series 2009 Annual Meeting, January 31-February 3, 2009, Atlanta, Georgia with number 45912.

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Date of creation: 2009
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Handle: RePEc:ags:saeana:45912
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  1. Mahmoud A. M. Bushehri, 2003. "Dynamic generalization of the Rotterdam model," Applied Economics Letters, Taylor & Francis Journals, vol. 10(5), pages 303-306, April.
  2. Seale, James L., Jr. & Merchant, Mary, 2002. "Imports versus Domestic Production: A Demand System Analysis of the U.S. Red Wine Market," Technical Papers 15637, University of Florida, International Agricultural Trade and Policy Center.
  3. Balcombe, K. G. & Davis, J. R., 1996. "An application of cointegration theory in the estimation of the almost ideal demand system for food consumption in Bulgaria," Agricultural Economics, Blackwell, vol. 15(1), pages 47-60, September.
  4. Karagiannis, G. & Katranidis, S. & Velentzas, K., 2000. "An error correction almost ideal demand system for meat in Greece," Agricultural Economics, Blackwell, vol. 22(1), pages 29-35, January.
  5. Deaton,Angus & Muellbauer,John, 1980. "Economics and Consumer Behavior," Cambridge Books, Cambridge University Press, number 9780521296762.
  6. Benjamin Sexauer, 1977. "The Role of Habits and Stocks in Consumer Expenditure," The Quarterly Journal of Economics, Oxford University Press, vol. 91(1), pages 127-142.
  7. Seale, James L., Jr. & Sparks, Amy L. & Buxton, Boyd M., 1992. "A Rotterdam Application To International Trade In Fresh Apples: A Differential Approach," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 17(01), July.
  8. Arnade, Carlos Anthony & Pick, Daniel H. & Vasavada, Utpal, 1993. "Testing Dynamic Specifications For Import Demand Models: The Case Of Cotton," Working Papers 51119, International Agricultural Trade Research Consortium.
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