Title

Assessing the impacts of stochastic trend in crop acreage supply response model

Document Type

Article

Publication Date

2-1-2008

Abstract

This paper demonstrates the need to revisit the way a technical change has been incorporated in a crop acreage supply response model. Three different versions of technological change were introduced and compared: no trend, deterministic trend, and stochastic trend. The results confirm the need to treat a technology variable as a stochastic trend for better results in crop acreage supply response model specifications.

Publication Source (Journal or Book title)

Applied Economics

First Page

295

Last Page

302

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