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Linear Approximations of Nonlinear Relationships by the Taylor's Series Expansion Revisited

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  • Womack, Abner W.
  • Matthews, Jimmy L.

Abstract

This paper examines the magnitude of error associated with linear approximations of nonlinear variables based on Taylor's Series. Little attention has been given to the error term in previous empirical studies. This paper presents the mathematical technique for the single-variable and twovariable cases. Examples are given for each situation using agricultural time-series data. Characteristics of time-series data are sometimes crucial in the selection of an evaluation point for minimum error. The importance of selecting evaluation points is illustrated for three categories of timeseries data : (1) smooth trends, (2) trends with substantial variation, and (3) oscillatory series.

Suggested Citation

  • Womack, Abner W. & Matthews, Jimmy L., 1972. "Linear Approximations of Nonlinear Relationships by the Taylor's Series Expansion Revisited," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 24(4), pages 1-12, October.
    • Handle: RePEc:ags:uersja:147025
    DOI: 10.22004/ag.econ.147025
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    Cited by:

    1. Scobie, Grant McDonald, 1981. "Government policy and food imports: the case of wheat in Egypt," Research reports 29, International Food Policy Research Institute (IFPRI).
    2. Tiancheng Zhou & Tongguang Zang & Jun Jiang & Xiaoqi Yang & Konomi Ikebe, 2023. "Analysis of the Influencing Factors of Social Participation Awareness on Urban Heritage Conservation: The Example of Suzhou, China," Sustainability, MDPI, vol. 15(3), pages 1-14, February.

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