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State-Space Modeling of Cyclical Supply, Seasonal Demand, and Agricultural Inventories

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  • Jeffrey H. Dorfman
  • Arthur Havenner

Abstract

The production of certain agricultural products follows an alternate bearing pattern of large and small crops. Many agricultural products also experience seasonal shifts in demand. Such patterns present a natural opportunity for profitable inventories. This paper applies state-space modeling techniques to the problem of modeling cyclical patterns in supply and demand and presents an application to the determination of inventory levels for such agricultural products using linear quadratic control.

Suggested Citation

  • Jeffrey H. Dorfman & Arthur Havenner, 1991. "State-Space Modeling of Cyclical Supply, Seasonal Demand, and Agricultural Inventories," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(3), pages 829-840.
    • Handle: RePEc:oup:ajagec:v:73:y:1991:i:3:p:829-840.
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    File URL: http://hdl.handle.net/10.2307/1242835
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    Cited by:

    1. Kusumastuti, Ratih Dyah & Donk, Dirk Pieter van & Teunter, Ruud, 2016. "Crop-related harvesting and processing planning: a review," International Journal of Production Economics, Elsevier, vol. 174(C), pages 76-92.
    2. Lim, Terence & Lo, Andrew W. & Merton, Robert C. & Scholes, Myron S., 2006. "The Derivatives Sourcebook," Foundations and Trends(R) in Finance, now publishers, vol. 1(5–6), pages 365-572, April.
    3. Masanao Aoki, 1991. "Two Complementary Representations of Multiple Time Series in State Space Innovation Forms," UCLA Economics Working Papers 628, UCLA Department of Economics.

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