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Abstract

Price elasticity of export demand is an important parameter that determines the effect of price changes on export earnings. This report analyzes the price elasticity of export demand in general and reviews recent estimates for selected U.S. agricultural commodities. While there is little consensus on the size of this parameter, these studies suggest that the shortrun (1 year or less) price elasticity of export demand for U.S. grains, soybeans, and cotton is inelastic. The longrun (more than 1 year) evidence is even less conclusive. Few studies estimate the longrun price elasticity of demand for U.S. agricultural products; and their estimates range from very inelastic to very elastic.

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