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Crop yield responses to prices: a Bayesian approach to blend experimental and market data

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  • Rosas, Francisco
  • Lence, Sergio H.
  • Hayes, Dermot J.

Abstract

We estimate yield-price elasticities by blending information from market-based datasets with experimental production data using a Bayesian procedure. Yield-price elasticities are dictated by features of the underlying production technology; therefore, data on crop response to relevant inputs provide extra information about parameters of interest. Bayesian econometrics allows for the joint and simultaneous estimation of all model parameters. The procedure is advocated in situations where field trail or experimental data are available to provide additional information helping recovering production technology parameters with higher precision.

Suggested Citation

  • Rosas, Francisco & Lence, Sergio H. & Hayes, Dermot J., 2018. "Crop yield responses to prices: a Bayesian approach to blend experimental and market data," ISU General Staff Papers 201810030700001646, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:201810030700001646
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