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Abstract

Most of the supply elasticity estimates reported for Australian agriculture are derived from equations estimated using time series data and incorporating ad hoc assumptions about price expectations. The authors' aim is to compare previously obtained supply elasticity estimates with those derived using theoretically more acceptable survey data on both producers' intentions and price expectations. Surveys were conducted in three regions in N.S.W., namely, the Southern Tablelands, the South-West Slopes and a portion of the Western Division centred on Cobar . The results of the research show that there are no major differences between the supply elasticities derived using the traditional time series approach and those obtained using the survey data. This finding is reassuring, given the cost of collecting survey data.

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