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Dynamic Corn Supply Functions: A Model with Explicit Optimization

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  • Tegene, Abebayehu
  • Huffman, Wallace E.
  • Miranowski, John A.

Abstract

Both static and dynamic models have been used to estimate aggregate supply elasticities for annual crops. The early studies relied on static single-equation models in a few variables, assumed static price expectations (e.g., Kohls and Paarlberg), and produced very small estimates of own-price supply elasticities (e.g., 0.07 for corn), Nerlove (1956, 1958a) and Nerlove and Addison showed that models of agricultural supply that incorporated adap tive price expectations and (or) dynamic resource adjustment produced larger estimates of supply elasticities for corn and other agricultural commodities. Additionally, they showed that supply elasticities obtained from static models need not be bounded by the short-run and long-run supply elasticities of dynamic models. These simple, single-equation, Nerlovian-type models have been adapted to a wide range of agricultural supply problems, e.g., see Askari and Cummings; Nerlove (1979).

Suggested Citation

  • Tegene, Abebayehu & Huffman, Wallace E. & Miranowski, John A., 1987. "Dynamic Corn Supply Functions: A Model with Explicit Optimization," ISU General Staff Papers 198703010800001161, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:198703010800001161
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