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Intraseasonal Demand for Fall Potatoes under Rational Expectations
Author(s) -
Miranda Mario J.,
Glauber Joseph W.
Publication year - 1993
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1242958
Subject(s) - rational expectations , consumption (sociology) , economics , dynamic programming , econometrics , nonlinear system , stochastic programming , microeconomics , agricultural economics , computer science , mathematical optimization , mathematics , social science , physics , quantum mechanics , sociology
An iterative numerical strategy combining maximum likelihood methods and stochastic‐dynamic programming is used to estimate a dynamic nonlinear rational expectations model of the U.S. fall potato market. The model captures the essential processes governing the intraseasonal dynamics of potato consumption and storage, including the impact of price expectations on stockholding decisions. The model is used to analyze the temporal pattern of demand for fall potatoes.