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Comparing Supply Systems Derived from a Symmetric Generalized McFadden Profit Function to Isoelastic Supply Systems: Costs and Benefits

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  • Grethe, Harald
  • Weber, Gerald

Abstract

A major drawback of constant elasticity supply and demand systems, which are widely used in simulation models for applied policy analysis, is that they can’t be restricted to globally comply with certain conditions implied by economic theory. This paper compares constant elasticity systems to supply and demand systems derived from second order flexible functional forms (FFFs). Furthermore, supply systems in the model CEEC-ASIM, which are derived from a specific FFF, the Symmetric Generalized McFadden (SGMF) profit function, are assessed and compared to constant elasticity supply specifications which exhibit the same supply elasticities at the point of calibration.

Suggested Citation

  • Grethe, Harald & Weber, Gerald, 2005. "Comparing Supply Systems Derived from a Symmetric Generalized McFadden Profit Function to Isoelastic Supply Systems: Costs and Benefits," 89th Seminar, February 2-5, 2005, Parma, Italy 232599, European Association of Agricultural Economists.
    • Handle: RePEc:ags:eaae89:232599
    DOI: 10.22004/ag.econ.232599
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    Cited by:

    1. Bingxin Yu & Shenggen Fan, 2011. "Rice production response in Cambodia," Agricultural Economics, International Association of Agricultural Economists, vol. 42(3), pages 437-450, May.

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