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Numeraire Choice In Agricultural Supply Analysis

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  • Paudel, Krishna P.
  • McIntosh, Christopher S.

Abstract

Economic theory provides little guidance for selecting a numeraire in estimating dual function profit functions. In this study, we examine the choice of numeraire price (equation) for profit function models of Iowa agriculture. The choice of numeraire is evaluated by forecasting accuracy and with a non-nested specification test.

Suggested Citation

  • Paudel, Krishna P. & McIntosh, Christopher S., 1998. "Numeraire Choice In Agricultural Supply Analysis," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20962, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea98:20962
    DOI: 10.22004/ag.econ.20962
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    1. C. Richard Shumway & Roberto R. Saez & Pablo E. Gottret, 1988. "Multiproduct Supply and Input Demand in U.S. Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(2), pages 330-337.
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    Cited by:

    1. Thomas, Alban & Chakir, Raja, 2020. "Unintended consequences of environmental policies: the case of set-aside and agricultural intensification," TSE Working Papers 20-1066, Toulouse School of Economics (TSE).
    2. Boonyanam, Nararuk, 2020. "Agricultural economic zones in Thailand," Land Use Policy, Elsevier, vol. 99(C).
    3. Paudel, Krishna P. & Timilsina, Govinda R., 2010. "Would There Be Surplus Grains for Biofuels? An Assessment of Agro-economic Factors and Biofuel Production Potential at the Global Level," Staff Papers 113125, Louisiana State University, Department of Agricultural Economics and Agribusiness.
    4. Murali Adhikari & Krishna Paudel & Jack Houstan & James Bukenya, 2007. "Dairy supply response under stochastic trend and seasonality," Applied Economics Letters, Taylor & Francis Journals, vol. 14(12), pages 887-891.

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