Skip to main content Accessibility help

A General, Dynamic, Supply-Response Model

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


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.



Hide All
Blackorby, C. and Schworm, W.Aggregate Investment and Consistent Intertemporal Technologies.” Review of Economic Studies 49 (1982):595614.
Chambers, Robert G.Dynamic Supply Response and the Partial-Adjustment Model”; University of Maryland, October 1983.
Chambers, Robert G.Dynamic Stability Consistent Aggregation, and the Behavior of the Steady State.” Department of Agricultural Economics, University of Maryland, June 1984.
Chambers, R. G. and Lopez, R. E.Equity Formation and the On-Farm, Off-Farm Labor Choice.” Department of Agricultural Economics, University of Maryland, October 1983.
Cooper, R. J. and McLaren, K. R.Atemporal, Temporal, and Intertemporal Duality in Consumer Theory.” International Economic Review 21 (1980):599609.
Eisner, R. and Strotz, R. H.Determinants of Business Investment.” in Impacts of Monetary Policy; Englewood Cliffs. N.J.: Prentice-Hall, 1963.
Epstein, L. G.Duality Theory and Functional Forms for Dynamic Factor Demands.” Review of Economic Studies 48 (1981):8195.
Gandolfo, G. Economic Dynamics: Methods and Models 2d ed. New York: North-Holland, 1979.
Kamien, M. and Schwartz, N. Dynamic Optimization: The Calculus of Variations and Optimal Control in Economics and Management. New York: North-Holland, 1982.
Lucas, R.Optimal Investment Policy and the Flexible Accelerator.” International Economic Review 81 (1967):7885.
Lucas, R. E. and Sargent, T. J. Rational Expectation and Econometric Practice vol. 1—(Minneapolis; University of Minnesota, Press, 1981).
Mortensen, D. T.Generalized Costs of Adjustment and Dynamic Factor Demand Theory.” Econometrica 41 (1973):657–65.
Muellbauer, J.Aggregation, Income Distribution, and Consumer Demand.” Review of Economic Studies 42 (1975):525–43.
Shalit, H. and Schmitz, A.Farmland Accumulation and PricesAmerican Journal of Agricultural Economics 64 (1982):710719.
Steigum, E.A Financial Theory of Investment BehaviorEconometrica 51 (1983):637–46.
Taylor, C. R.Stochastic Dynamic Duality: Theory and Empirical ApplicabilityAmerican Journal of Agricultural Economics (forthcoming).
Treadway, A.The Globally Optimal Flexible AcceleratorJournal of Economic Theory 7 (1974):1739.


Full text views

Total number of HTML views: 0
Total number of PDF views: 0 *
Loading metrics...

Abstract views

Total abstract views: 0 *
Loading metrics...

* Views captured on Cambridge Core between <date>. This data will be updated every 24 hours.

Usage data cannot currently be displayed