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Acreage Planting Decision Analysis Of South Carolina Tomatoes: Nerlovian Versus Just Risk Model

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  • Fu, Tsu-Tan
  • Fletcher, Stanley M.
  • Epperson, James E.

Abstract

Factors which explain supply response behavior of South Carolina tomato growers were determined. Two well known supply response models were used for comparison: the Nerlovian structural model and the Just risk model. The Just risk model reflected the significance of the risk effect in both stable and unstable periods. An evaluation of forecasting power between the two models was indeterminate. Growers are apparently willing to invest in more information with increased market instability because growers were influenced by the Florida winter price of tomatoes in planting decisions during the period of instability.

Suggested Citation

  • Fu, Tsu-Tan & Fletcher, Stanley M. & Epperson, James E., 1986. "Acreage Planting Decision Analysis Of South Carolina Tomatoes: Nerlovian Versus Just Risk Model," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 18(2), pages 1-7, December.
    • Handle: RePEc:ags:sojoae:29770
    DOI: 10.22004/ag.econ.29770
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    References listed on IDEAS

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    1. Wells, Gary J., 1980. "Forecasting South Carolina Tomato Prices Prior to Planting," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 12(1), pages 109-112, July.
    2. Eckstein, Zvi, 1984. "A Rational Expectations Model of Agricultural Supply," Journal of Political Economy, University of Chicago Press, vol. 92(1), pages 1-19, February.
    3. Andrew Schmitz & Haim Shalit & Stephen J. Turnovsky, 1981. "Producer Welfare and the Preference for Price Stability," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 63(1), pages 157-160.
    4. Wells, Gary J., 1980. "Forecasting South Carolina Tomato Prices Prior To Planting," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 12(1), pages 1-4, July.
    5. Dhrymes, Phoebus J & Klein, Lawrence R & Steiglitz, Kenneth, 1970. "Estimation of Distributed Lags," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 11(2), pages 235-250, June.
    6. William Lin, 1977. "Measuring Aggregate Supply Response under Instability," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 59(5), pages 903-907.
    7. Lin, William, 1977. "Measuring Aggregate Supply Response Under Instability," 1977 AAEA-WAEA Joint Meeting, July 31-August 3, San Diego, California 283678, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. Rulon D. Pope, 1981. "Supply Response and the Dispersion of Price Expectations," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 63(1), pages 161-163.
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