@article{Meyer:25432,
      recid = {25432},
      author = {Meyer, Ferdinand H. and Westhoff, Patrick C. and Binfield,  Julian C.R. and Kirsten, Johann F.},
      title = {Model Closure and Price Formation Under Switching Grain  Market Regimes in South Africa},
      address = {2006},
      number = {1004-2016-78915},
      series = {Poster Paper},
      pages = {9},
      year = {2006},
      abstract = {This paper develops the structure and closure of an  econometric regime-switching model within a partial  equilibrium framework that has the ability to generate  reliable estimates and projections of endogenous variables  under market switching regimes. Models used in policy  evaluation usually either ignore the possibility of regime  switching using just a single method of price determination  based on average effects, or incorporate highly stylised  components that may not reflect the complexities of a  particular market. This paper proposes an approach that the  authors believe allows the incorporation of features of  regime switching in a multisector commodity level model  that capture salient features of the South African market  and therefore are able to produce more reliable projections  of the evolution of the sector under alternative shocks.},
      url = {http://ageconsearch.umn.edu/record/25432},
      doi = {https://doi.org/10.22004/ag.econ.25432},
}