A GENERALIZED SUPPLY RESPONSE/FACTOR DEMAND MODEL AND ITS APPLICATION TO THE FEEDER CATTLE MARKET

• Published in: Western Journal of Agricultural Economics Vol. 10; no. 2
• Main Authors: Shonkwiler, John Scott, Hinckley, Suzanne
• Format: Journal Article
• Language: English
• Published: Western Agricultural Economics Association 1985
• Series: Western Journal of Agricultural Economics
• Subjects: Demand and Price Analysis; Industries; Livestock Production

The appropriate specification of expectations in empirical models of supply response or factor demand is discussed. A general model that admits both extrapolative and rational expectations is formulated and analyzed. The model is used to investigate the decision making process of cattle feeders by i...