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Aggregate Food Demand and the Supply of Agricultural Products

Author

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  • Lamm, R. McFall Jr.

Abstract

Food demand may be somewhat more price inelastic than previously estimated. The simple four-equation model developed here provides a formal empirical framework linking food demand to supply. Medium-range forecasts indicate that food prices may continue to rise slightly faster than average prices for all items over the next 5 years. The model represents a middle-of-the-road approach to forecasting that may be more cost-effective than time-series or a multi-equation, multicommodity approach.

Suggested Citation

  • Lamm, R. McFall Jr., 1981. "Aggregate Food Demand and the Supply of Agricultural Products," Technical Bulletins 157055, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uerstb:157055
    DOI: 10.22004/ag.econ.157055
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    File URL: https://ageconsearch.umn.edu/record/157055/files/tb1656.pdf
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    Cited by:

    1. Edwards, Clark, 1985. "U.S. Agriculture's Potential to Supply World Food Markets," Agricultural Economic Reports 307995, United States Department of Agriculture, Economic Research Service.

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