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Dynamic Elasticities and Flexibilities in a Quarterly Model of the U.S. Pork Sector

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  • Karl D. Skold
  • Matthew T. Holt

Abstract

It has long been recognized that usual elasticity and flexibility concepts are of limited value in a multi-equation setting. This is because the response caused by a change in an exogenous variable will have feedback effects as the system obtains a new equilibrium. Consequently, it is necessary to examine total response measures in a system framework. In spite of this recognition there has been no known attempt to examine the structural implications of an econometric model by using total elasticities and flexibilities. This paper extends the results from Cavas, Hassan, and Johnson (1981) to obtain total elasticity and flexibility measures in a general dynamic model, using a quarterly model of the U.S. pork sector. The results indicate that supply elasticities are generally smaller than those reported previously.

Suggested Citation

  • Karl D. Skold & Matthew T. Holt, 1988. "Dynamic Elasticities and Flexibilities in a Quarterly Model of the U.S. Pork Sector," Center for Agricultural and Rural Development (CARD) Publications 88-wp32, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    • Handle: RePEc:ias:cpaper:88-wp32
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    Cited by:

    1. Skold, Karl Durwood, 1989. "The integration of alternative information systems: an application to the Hogs and Pigs report," ISU General Staff Papers 1989010108000010239, Iowa State University, Department of Economics.
    2. Eswaramoorthy, K., 1991. "U.S. livestock production and factor demand: a multiproduct dynamic dual approach," ISU General Staff Papers 1991010108000010523, Iowa State University, Department of Economics.

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