AN ECONOMETRIC MODEL OF THE U.S. APPLE MARKET

An econometric model of the U.S. apple sector was formulated for 1952-81. A system of demand, domestic market allocation, and margin equations were estimated using the two-stage least squares procedure. Retail prices were found to be significantly related to quantity, real per capita expenditures, s...

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Bibliographic Details
Main Authors Baumes, Harry S., Jr, Conway, Roger K
Format Report
LanguageEnglish
Published 01.06.1985
Edition1486
SeriesAGES850110
Subjects
Crop Production/Industries
Demand and Price Analysis
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Summary:An econometric model of the U.S. apple sector was formulated for 1952-81. A system of demand, domestic market allocation, and margin equations were estimated using the two-stage least squares procedure. Retail prices were found to be significantly related to quantity, real per capita expenditures, substitutes complements, and stocks. The signs of the estimated coefficients in the model agreed with theoretical expectations and their magnitudes were statistically significant. A reduced-form solution to the structural model was derived to show the influence of exogenous variables on product prices, margins, and domestic use.
DOI:10.22004/ag.econ.277669