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Volume 41, Number 01, April 2009 >
Please use this identifier to cite or link to this item:
http://purl.umn.edu/48764
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| Title: | Modeling Pork Supply Response and Price Volatility: The Case of Greece |
| Authors: | Rezitis, Anthony N.
Stavropoulos, Konstantinos S. |
| Keywords: | asymmetry
GARCH
pork supply
price volatility |
| JEL Codes: | C510
D200
Q110 |
| Issue Date: | 2009-04 |
| Abstract: | This paper examines the supply response of the Greek pork market. A GARCH process is
used to estimate expected price and price volatility, while price and supply equations are
estimated jointly. In addition to the standard GARCH model, several different symmetric,
asymmetric, and nonlinear GARCH models are estimated. The empirical results indicate that
among the estimated GARCH models, the quadratic NAGARCH model seems to better
describe producers’ price volatility, which was found to be an important risk factor of the
supply response function of the Greek pork market. Furthermore, the empirical findings show
that feed price is an important cost factor of the supply response function and that high
uncertainty restricts the expansion of the Greek pork sector. Finally, the model provides
forecasts for quantity supplied, producers’ price, and price volatility. |
| URI: | http://purl.umn.edu/48764 |
| Institution/Association: | Journal of Agricultural and Applied Economics>Volume 41, Number 01, April 2009 |
| Total Pages: | 18 |
| From Page: | 145 |
| To Page: | 162 |
| Collections: | Volume 41, Number 01, April 2009
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| jaae209.pdf | | 946Kb | PDF | View/Open |
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