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Alternative Estimates of Fed Beef Supply Response to Risk

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  • Antonovitz, Frances A.
  • Green, Richard D.

Abstract

Supply response models for fed beef incorporating risk by including both the mean and variance of output price are developed, estimated, and compared. Six different estimates of the mean and variance are obtained from futures prices; ARIMA processes; and naive, adaptive, and rational expectations models. Empirical estimates are compared using nonnested testing procedures and indicate that the choice of the expectations model significantly influences elasticity estimates and whether supply response is positive or negative. Empirical evidence does not support any one model in particular, suggesting that expectations are heterogenous rather than homogenous.

Suggested Citation

  • Antonovitz, Frances A. & Green, Richard D., 1992. "Alternative Estimates of Fed Beef Supply Response to Risk," Staff General Research Papers Archive 599, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genres:599
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    Cited by:

    1. Tomek, William G. & Myers, Robert J., 1993. "Empirical Analysis Of Agricultural Commodity Prices: A Viewpoint," Working Papers 6847, Cornell University, Department of Applied Economics and Management.

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