NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Jesse B. Tack

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Working Papers and Chapters

March 2011Risk Response in Agriculture
with Jeffrey LaFrance, Rulon Pope
in The Intended and Unintended Effects of U.S. Agricultural and Biotechnology Policies, Joshua S. Graff Zivin and Jeffrey M. Perloff, editors
January 2011Risk Response in Agriculture
with Jeffrey LaFrance, Rulon Pope: w16716
Crop production is subject to supply shocks, and both expected and realized outputs as well as output prices are unknown when inputs are chosen. The process by which producers form expectations is difficult to model, especially when working with aggregate data. We present a necessary and sufficient condition on cost and technology to allow variable input demand equations to be specified as functions of input prices, quasi-fixed inputs, and total variable cost. These all are observable when inputs are committed to production, so that ex ante demands can be estimated with observable data. A flexible, exactly aggregable, and economically regular model of variable input demands is derived and applied to aggregate U.S. agricultural data for the period 1960-1999. We use the empirical results of ...

Contact and additional information for this authorAll papers and publicationsWorking Papers onlyWorking Papers with publication info

 
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