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

Date
2018-10-03
Authors
Hayes, Dermot
Rosas, Francisco
Lence, Sergio
Hayes, Dermot
Lence, Sergio
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Economics
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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.

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<p>This is a manuscript of an article published as Rosas, Francisco, Sergio H. Lence, and Dermot J. Hayes. "Crop yield responses to prices: a Bayesian approach to blend experimental and market data." <em>European Review of Agricultural Economics</em> (2018). doi: <a href="https://doi.org/10.1093/erae/jby032">10.1093/erae/jby032</a>. Posted with permission.</p>
Keywords
Bayesian econometrics, duality theory, yield elasticities
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