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This paper suggests a new approach to econometrically estimate parameters of multi-level Constant Elasticity of Transformation (CET) functional forms which are widely used in developing Computable General Equilibrium (CGE) models. An illustrative CET functional form is estimated using the...
Persistent link: https://www.econbiz.de/10010881127
While performing separability tests, studies rarely checked negativity to ensure the appropriate curvature of the expenditure function. The effect of imposing negativity on the results of separability tests is examined. Findings indicate that imposing negativity can affect separability tests in...
Persistent link: https://www.econbiz.de/10005468475
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Structural change remains a contentious issue in the literature. This study focuses on analyzing structural change in consumer demand for meats, which are modeled over the past half century. A standard inverse demand model is combined with a variant of the Smooth Transition Autoregressive (STAR)...
Persistent link: https://www.econbiz.de/10010916388
Multivariate probit analysis of BMP adoption, based on Louisiana sugarcane producer data, indicates that education and cost-sharing programs are effective means of increasing adoption rates. Results also indicate that contemporaneous correlation exists within and between management measures,...
Persistent link: https://www.econbiz.de/10005513553
This paper develops an option value model to examine the extent to which output price uncertainty creates incentives to adopt two interrelated components of site-specific technologies sequentially. It analyzes how the impact of uncertainty on the sequential adoption decision differs across...
Persistent link: https://www.econbiz.de/10005513556
A model of a (convex) technology of representative and non-representative firms in a heterogeneous sector is presented in non-parametric and parametric versions. The heterogeneity is specified with error terms. The models including a non-parametric distribution of the errors can be estimated...
Persistent link: https://www.econbiz.de/10005513566
Several criteria that produce rankings of risk management alternatives are evaluated. The criteria considered are Value at Risk, the Sharpe ratio, the necessary condition for first degree stochastic dominance with a risk free asset, and the necessary condition for second degree stochastic...
Persistent link: https://www.econbiz.de/10005513571
This paper evaluates the impact of increasing concentration of the livestock sector on the economic welfare of rural Illinois. A pooled time-series, cross-sectional model is developed to study the dynamics of structural changes in hog production for the period 1981-1997. The model tests the...
Persistent link: https://www.econbiz.de/10005513575