IDEAS home Printed from https://ideas.repec.org/p/ags/saeana/45912.html
   My bibliography  Save this paper

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

Author

Listed:
  • Muhammad, Andrew
  • Jones, Keithly G.

Abstract

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.

Suggested Citation

  • Muhammad, Andrew & Jones, Keithly G., 2009. "An Assessment Of Dynamic Behavior In The U.S. Catfish Market: An Application Of The Generalized Dynamic Rotterdam Model," 2009 Annual Meeting, January 31-February 3, 2009, Atlanta, Georgia 45912, Southern Agricultural Economics Association.
  • Handle: RePEc:ags:saeana:45912
    as

    Download full text from publisher

    File URL: http://purl.umn.edu/45912
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. 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.
    2. Karagiannis, Giannis & Katranidis, Stelios D. & Velentzas, K., 2000. "An error correction almost ideal demand system for meat in Greece," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 22(1), January.
    3. Balcombe, Kelvin George & 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 of Agricultural Economists, International Association of Agricultural Economists, vol. 15(1), September.
    4. 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.
    5. 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.
    6. repec:oup:revage:v:25:y:2003:i:1:p:187-202. is not listed on IDEAS
    7. Mahmoud A. M. Bushehri, 2003. "Dynamic generalization of the Rotterdam model," Applied Economics Letters, Taylor & Francis Journals, vol. 10(5), pages 303-306, April.
    8. James L. Seale & Mary A. Marchant & Alberto Basso, 2003. "Imports versus Domestic Production: A Demand System Analysis of the U.S. Red Wine Market," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 25(1), pages 187-202.
    9. Deaton,Angus & Muellbauer,John, 1980. "Economics and Consumer Behavior," Cambridge Books, Cambridge University Press, number 9780521296762, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Walters, Lurleen M. & Jones, Keithly G., 2016. "Caribbean Food Import Demand: An Application of the CBS Differential Demand System," Journal of Food Distribution Research, Food Distribution Research Society, vol. 47(2), July.

    More about this item

    Keywords

    Dynamic; Rotterdam model; catfish; demand; partial adjustment; Demand and Price Analysis; Research Methods/ Statistical Methods; Q11; Q13;

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness
    • Q17 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agriculture in International Trade

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:saeana:45912. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search). General contact details of provider: http://edirc.repec.org/data/saeaaea.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.