The Elasticity of Aggregate Australian Agricultural Supply: Estimates and Policy Implications

Pandey, Sushil; Piggott, Roley R.; MacAulay, T. Gordon

doi:10.1111/j.1467-8489.1982.tb00413.x

Cited by 14 publications

(4 citation statements)

References 22 publications

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“…The third and fourth shift variables are a simple time trend and a quadratic time trend variable respectively. The time trend variables are frequently included in agricultural supply response studies to capture the effect of technology changes, for example see Sharma (1997) and Pandey, Piggott and MacAulay (1982), but they also capture any unspecified non-technological effects.…”

Section: Estimating the Tobacco Supply R Esponsementioning

confidence: 99%

Measuring the Supply Response Function of Tobacco in Zimbabwe

Leaver

2004

Agrekon

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This paper presents an estimate of the price elasticity of supply for tobacco output in Zimbabwe using an adapted Nerlovian model. The results indicate a short-run elasticity of +0.34 and a long-run elasticity of +0.81, suggesting that tobacco farmers are highly unresponsive to price changes. These estimates are similar to those obtained for tobacco in supply response studies conducted in other developing African countries.

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Section: Estimating the Tobacco Supply R Esponsementioning

confidence: 99%

Measuring the Supply Response Function of Tobacco in Zimbabwe

Leaver

2004

Agrekon

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“…The alleged fixity of agricultural inputs in the aggregate provided the intuitive explanation for this hypothesis (Cochrane, 1955). The estimated aggregate agricultural supply elasticities obtained from conventional supply functions fitted to time series data have supported the inelastic hypothesis, most falling in the range of 0.1 to 0.4 (Griliches, 1960;Tweeten and Quance, 1969;Van den Noort, 1969;Herdt, 1970;Pandey et al, 1982;LaFrance and Burt, 1983).…”

Section: Introductionmentioning

confidence: 85%

International Supply Response

Peterson

1988

Agricultural Economics

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Peterson, W., 1988. International supply response. Agric. Aeon., Long-run aggregate agricultural supply elasticities obtained from conventional supply functions fitted to time series data tend to be relatively inelastic in the range of 0.1 to 0.4. I argue that these estimates substantially understate the true long-run supply response in agriculture. Because of the lack of international input price data, implicit output/input price ratios are estimated from a production function assuming profit maximization. The estimation of an aggregate supply function utilizing these price ratios yields long run aggregate supply elasticities in the range of 0.90 to 1.19. These figures are substantially larger than those obtained from conventional supply functions fitted to time series data, but correspond closely to estimates reported in an earlier crosscountry study that used different price data for different points in time. The results imply that policies which distort domestic and/or world market prices of agricultural products cause greater output distortions in both the DCs and LDCs than are predicted by the small supply elasticities obtained from conventional supply estimation.

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“…In the study performed by Yuan, 2011, the analysis of variation in agricultural inputs and outputs and their relations in Hebei Province of China was investigated using Cobb-Douglas production function. The elasticity indexes in the Cobb-Douglas function is in detail described in the article written by Pandey et al, 1982, in which the annual time series data for the period 1950-76 are used to estimate the price elasticity of aggregate Australian agricultural supply. In the paper written by Vanzetti and Quiggin, 1985, the investment analysis is identified at the microeconomic level, by considering the basis of individual decisions, and tested empirically at the aggregate level.…”

Section: Introductionmentioning

confidence: 99%

A business model in agricultural production in Serbia, developing towards sustainability

Zecevic¹,

Pezo²,

Bodroža‐Solarov³

et al. 2019

Ekonomika poljoprivrede

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A B S T R A C TAgricultural production is a Serbian main economic sector, presenting a base for the food industry. By analysing the public available data of the agriculture sector, applying a newly developed business model it is possible to assess the current situation and to realize the relation between variables, which can also be used for prediction of future trends in agricultural production and food industry. Within this paper an attempt was made to develop a novel artificial neural network model for better understanding the relation between the observed parameters and to estimate the efficiency in sustainability achievement and sector potential The well-known Cobb-Douglas production model was compared to the newly developed model. The presented models could be used to achieve the transformation towards a circular bioeconomy, by developing the national strategies for sustainable agricultural production, with the aim of better utilization of resources and reduction of wastes.

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The Elasticity of Aggregate Australian Agricultural Supply: Estimates and Policy Implications

Cited by 14 publications

References 22 publications

Measuring the Supply Response Function of Tobacco in Zimbabwe

Measuring the Supply Response Function of Tobacco in Zimbabwe

International Supply Response

A business model in agricultural production in Serbia, developing towards sustainability

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