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Demand Relations Of Oilseed Products In South Africa

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  • van Schalkwyk, Hendrik P.

Abstract

In this study demand relations for primary oilseeds in South Africa is estimated and interpreted with the use of econometric models. Two different models, namely the Linear Approximate Almost Ideal Demand System (LA/AIDS) and the two-step Error Correction Model (ECM), were applied to annual oilseed data for the years 1971-2002. The F ratio test for separability failed to reject the null hypothesis of weak separability in most cases, indicating that sunflower seed, soybeans, groundnuts and cotton could be included in the same system and modeled together. The Hausman test for exogeneity was conducted and proved that the expenditure variable included in the estimated equations is indeed exogenous. The exogeneity of the expenditure variable provides assurance that the Restricted Seemingly Unrelated Regression (RSUR) method of estimation will provide efficient parameter estimates. Both the short run models are estimated in differenced form, from where the parameter estimates obtained were used to calculate compensated, uncompensated and expenditure elasticities of demand.

Suggested Citation

  • van Schalkwyk, Hendrik P., 2003. "Demand Relations Of Oilseed Products In South Africa," Master's Degree Theses 28062, University of the Free State, Department of Agricultural Economics.
    • Handle: RePEc:ags:ufstmd:28062
    DOI: 10.22004/ag.econ.28062
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    References listed on IDEAS

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    1. Steven T. Yen & Wen S. Chern, 1992. "Flexible Demand Systems with Serially Correlated Errors: Fat and Oil Consumption in the United States," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 74(3), pages 689-697.
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