Campus Units
Economics
Document Type
Article
Publication Version
Published Version
Publication Date
2-1988
Journal or Book Title
American Journal of Agricultural Economics
Volume
70
Issue
1
First Page or Article ID Number
103
Last Page
111
DOI
10.2307/1241980
Abstract
A model of optimal dynamic agricultural supply is derived and fitted assuming farmers have two annual stochastic crop production activities, a joint limitation on production capacity, interdependencies between past acreage utilization and current productivity, and rational expectations. A five-equation specification is fitted to annual data, 1948–80. Estimated parameters are consistent with the theory, and the model simulates well. The long-run price elasticity of corn acreage is 0.2, which is similar to those obtained from ad hoc dynamic models, but our short-run elasticities are different.
Rights
Works produced by employees of the U.S. Government as part of their official duties are not copyrighted within the U.S. The content of this document is not copyrighted.
Language
en
File Format
application/pdf
Recommended Citation
Tegene, Abebayehu; Huffman, Wallace E.; and Miranowski, John A., "Dynamic Corn Supply Functions: A Model with Explicit Optimization" (1988). Economics Publications. 364.
https://lib.dr.iastate.edu/econ_las_pubs/364
Included in
Agricultural and Resource Economics Commons, Agricultural Economics Commons, Econometrics Commons
Comments
This article is from American Journal of Agricultural Economics 70 (1988): 103, doi: 10.2307/1241980.