FUNCTIONAL FORM AND U.S. AGRICULTURAL PRODUCTION ELASTICITIES

C. Richard Shumway · Hongil Lim

46 citations0/0 files storedRePEc: Research Papers in Economics

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Agricultural economics and policies Economics of Agriculture and Food Markets Agricultural Economics and Policy

Abstract

Because so much agricultural policy analysis utilizes estimates of supply and demand elasticities, it is crucial to obtain the most reliable estimates possible. Where reliability cannot be adequately assessed, the sensitivity of elasticities to equally plausible a priori specifications should at least be ascertained. In this article, the sensitivity of U.S. output supply and input demand elasticities to choice of functional form. Considerable sensitivity is found to choice of functional form. Although most frequently used, the translog is generally the outlier and is the least preferred among the alternatives.

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References

1989Flexible Functional Forms and Global Curvature Conditions 1979Parametric Productivity Measurement and Choice Among Flexible Functional Forms 1977On testing separability restrictions with flexible functional forms 1986Investment in U.S. Agriculture 1989Supply and Demand Functions for Multiproduct U.S. Cash Grain Farms: Biases Caused by Research and Other Policies 1984The Structure of U.S. Agricultural Technology, 1910–78 1991Allocable Fixed Inputs as a Cause of Joint Production: A Cost Function Approach 1988Multiproduct Supply and Input Demand in U.S. Agriculture

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