TY - JOUR
T1 - Price and quantity controlled agricultural markets and disequilibrium econometrics
T2 - A survey
AU - Oczkowski, Edward
PY - 1993/7
Y1 - 1993/7
N2 - This survey reviews the literature on estimating single markets in disequilibrium in the presence of regulated price and/or quantity controls, e.g., minimum price regimes and/or marketing quotas. Most of the literature is found to describe pure econometric technique, with only a few applications having emerged to date. Various reasons for the broad non-acceptance of this literature are offered, including a perceived lack of realism. Proposals to close this econometric theory-application gap are put forward, including: the use of effective demand concepts in specifying demand and supply functions; synthesizing some closely related literature on agricultural price/quantity controls with disequilibrium econometrics (i.e., endogenous government policy and the effects controls have on yield uncertainty and price risk); and outlining more 'applicable' econometric technique extensions.
AB - This survey reviews the literature on estimating single markets in disequilibrium in the presence of regulated price and/or quantity controls, e.g., minimum price regimes and/or marketing quotas. Most of the literature is found to describe pure econometric technique, with only a few applications having emerged to date. Various reasons for the broad non-acceptance of this literature are offered, including a perceived lack of realism. Proposals to close this econometric theory-application gap are put forward, including: the use of effective demand concepts in specifying demand and supply functions; synthesizing some closely related literature on agricultural price/quantity controls with disequilibrium econometrics (i.e., endogenous government policy and the effects controls have on yield uncertainty and price risk); and outlining more 'applicable' econometric technique extensions.
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U2 - 10.1016/0169-5150(93)90036-C
DO - 10.1016/0169-5150(93)90036-C
M3 - Article
AN - SCOPUS:0027756599
SN - 0169-5150
VL - 9
SP - 53
EP - 87
JO - Agricultural Economics
JF - Agricultural Economics
IS - 1
ER -