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A General, Dynamic, Supply-Response Model

  • Robert G. Chambers (a1) and Ramon E. Lopez (a1)

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This paper is divided into two parts which are somewhat independent. The first part of this paper discusses certain properties of a general autonomous control model that appears promising for the analysis of general dynamic supply response models in agricultural economics, resource economics, and related fields. The second part of the paper, which can be read somewhat independently of the first, emphasizes the potential empirical applications of special cases of the general model discussed in the first part. In what follows, we always deal with continuous time and infinite horizon models because of their analytical tractability. Extension and modification of our results for discrete-time, finite-horizon problems should be fairly obvious and are left to the interested reader.

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