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A General, Dynamic, Supply-Response Model

Published online by Cambridge University Press:  10 May 2017

Robert G. Chambers  and
Ramon E. Lopez
Robert G. Chambers
Affiliation:
University of Maryland
Ramon E. Lopez
Affiliation:
University of Maryland
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Extract

This paper is divided into two parts which are somewhat independent. The first part of this paper discusses certain properties of a general autonomous control model that appears promising for the analysis of general dynamic supply response models in agricultural economics, resource economics, and related fields. The second part of the paper, which can be read somewhat independently of the first, emphasizes the potential empirical applications of special cases of the general model discussed in the first part. In what follows, we always deal with continuous time and infinite horizon models because of their analytical tractability. Extension and modification of our results for discrete-time, finite-horizon problems should be fairly obvious and are left to the interested reader.

Type
AAEA/NAREA Invited Session: Dynamic Supply Response and Agricultural Investment
Information
Northeastern Journal of Agricultural and Resource Economics , Volume 13 , Issue 2 , October 1984 , pp. 142 - 154
Copyright
Copyright © 1984 Northeastern Agricultural and Resource Economics Association 

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Footnotes

Scientific Article No. A-3996, Contribution No. 6980 of the Maryland Agricultural Experiment Station.

References

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