A rational expectations approach to the modelling of agricultural supply: a case study of Iowa

dc.contributor.author Tegene, Abebayehu
dc.contributor.department Economics
dc.date 2018-08-15T04:52:27.000
dc.date.accessioned 2020-07-02T06:10:20Z
dc.date.available 2020-07-02T06:10:20Z
dc.date.copyright Sat Jan 01 00:00:00 UTC 1983
dc.date.issued 1983
dc.description.abstract <p>A dynamic model for agricultural supply where expectation of exogenous variables is assumed to be formed rationally is developed. Farmers are assumed to make choices that maximize the expected present values of their incomes streams subject to dynamic and stochastic technology and their information. Their information is assumed to include the actual distributions of the exogenous variables which includes prices. Hence, farmers decision rules depend, among other things, on the stochastic processes of crop prices;The solution for the dynamic optimization problem gives a set of nonlinear simultaneous equations subject to within and cross equation restrictions. The restrictions are the implications of ration expectation hypothesis;The model is fitted to aggregate time series data on corn and soybean and other related variables from the state of Iowa. The results indicate that there is a dynamic interaction among land allocation, crop yields and crop prices. The restrictions imposed are supported by the data. The results also indicate that corn acreage is more responsive to government price support than to market price.</p>
dc.format.mimetype application/pdf
dc.identifier archive/lib.dr.iastate.edu/rtd/8964/
dc.identifier.articleid 9963
dc.identifier.contextkey 6347482
dc.identifier.doi https://doi.org/10.31274/rtd-180813-8931
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath rtd/8964
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/82010
dc.language.iso en
dc.source.bitstream archive/lib.dr.iastate.edu/rtd/8964/r_8407128.pdf|||Sat Jan 15 02:19:35 UTC 2022
dc.subject.disciplines Economics
dc.subject.keywords Economics
dc.title A rational expectations approach to the modelling of agricultural supply: a case study of Iowa
dc.type article
dc.type.genre dissertation
dspace.entity.type Publication
relation.isOrgUnitOfPublication 4c5aa914-a84a-4951-ab5f-3f60f4b65b3d
thesis.degree.level dissertation
thesis.degree.name Doctor of Philosophy
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