FAPRI Trade Model for the Soybean Sector: Specification, Estimation, and Validation
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The Center for Agricultural and Rural Development (CARD) conducts innovative public policy and economic research on agricultural, environmental, and food issues. CARD uniquely combines academic excellence with engagement and anticipatory thinking to inform and benefit society.
CARD researchers develop and apply economic theory, quantitative methods, and interdisciplinary approaches to create relevant knowledge. Communication efforts target state and federal policymakers; the research community; agricultural, food, and environmental groups; individual decision-makers; and international audiences.
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The international components and the overall structure of this model are based on recent work by Huyser (1983). The U.S. Structure and components of the model are based on recent work by Ash (1984) and earlier work by Baumes and Meyers (1980) and Meyers and Hacklander (1979). The roots of all these models trace back to the seminal work on the soybean industry by Houck, Ryan, and Subotnik (1972). A review of related modeling work in the soybean sector can be found in Huyser and Ash.