Dynamic Input Demand Functions and Resource Adjustment for U.S. Agriculture: State Evidence
نویسنده
چکیده
The paper presents an econometric model of dynamic agricultural input demand functions that includes research based technical change and autoregressive disturbances and fits the model to data for a set of state aggregates pooled over 1950-82. The methodological approach is one of developing a theoretical foundation for a dynamic input demand system and accepting state aggregate behavior as approximated by nonlinear adjustment costs and long-term profit maximization. Although other studies have largely ignored autocorrelation in dynamic input demand systems, the results show shorter adjustment lags with autocorrelation than without autocorrelation. Dynamic input demand own-price elasticities for six input groups are inelastic, and the demand functions poses significant cross-price and research stock effects. Copyright 1995 by Perry Warjiyo and Wallace E. Huffman. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided this coyright notice appears on all such copies. IOWA STATE IS AN EQUAL OPPORTUNITY EMPLOYER.
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