Hostname: page-component-7479d7b7d-8zxtt Total loading time: 0 Render date: 2024-07-10T21:12:47.768Z Has data issue: false hasContentIssue false
  • English
  • Français

Farm Level Demand for Pecans Reconsidered

Published online by Cambridge University Press:  28 April 2015

Gary J. Wells ,
Stephen E. Miller  and
C. Stassen Thompson
Gary J. Wells
Affiliation:
Department of Agricultural Economics and Rural Sociology, Clemson University
Stephen E. Miller
Affiliation:
Department of Agricultural Economics and Rural Sociology, Clemson University
C. Stassen Thompson
Affiliation:
Department of Agricultural Economics and Rural Sociology, Clemson University
Get access Rights & Permissions [Opens in a new window]

Abstract

Previous studies have consistently indicated the anomalous result of a price inflexible demand for pecans. However, these efforts did not have an adequate measure of pecan stocks available and, as a result, stocks were either excluded from consideration or a proxy variable was introduced. A time series of pecan stocks is now available. Use of this time series in a price dependent demand function results in a flexible farm level demand for pecans. This points out the danger of excluding an appropriate variable or using a so-called “reasonable” proxy variable.

Keywords

pecansdemandfarm-levelelasticityflexibilityproxy-variable
Type
Notes
Information
Journal of Agricultural and Applied Economics , Volume 18 , Issue 1 , July 1986 , pp. 157 - 160
Copyright
Copyright © Southern Agricultural Economics Association 1986

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Blake, M. J. and Clevenger, T.. “Pecan Marketing Alternatives Using and Estimated Price Realtionship.” Pecan South, 9,6(1982):5–8.Google Scholar
Epperson, J. E. and Allison, J. R.. “Price Futures for the United States Pecan Industry.” Hort. Science 15,4(1980):475–478.Google Scholar
Fowler, M. L. Projections of Production and Price of Pecans in the United States to 1975. Oklahoma State University Agr. Exp. Sta. Technical Bulletin T-88, 1960.Google Scholar
Judge, G. G., Griffiths, W. E., Hill, R. C., and Lee, T.. The Theory and Practice of Econometrics. John Wiley and Sons, New York, 1980.Google Scholar
Kmenta, J. Elements of Econometrics. The Macmillan Company, New York, 1971.Google Scholar
Lerner, E. B. “An Econometric Analysis of the Demand for Pecans with Special Reference to Demand Interrelationhips Among Domestic Tree Nuts” Unpublished M. S. thesis, Oklahoma State University, 1959.Google Scholar
Miller, S. E., Capps, O. Jr. and Wells, G. J.. “Confidence Intervals for Elasticities and Flexibilities for Linear Equations.” Amer. J. Agr. Econ., 66,3(1984):392–396.CrossRefGoogle Scholar
Shafer, C. E. and Hertel, K.. “A Statistical Analysis of Pecan Prices, 1960-1977, with Storage Considerations.” (mimeo) Texas A & M University, 1981.Google Scholar
U. S. Department of Agriculture. Agricultural Outlook. Economic Research Service. Various issues, 1981–1983.Google Scholar
U. S. Department of Agriculture. Regional Cold Storage—Annual Summary. Statistical Reporting Service, 1979–1983.Google Scholar
U. S. Department of Agriculture. Noncitrus Fruits and Nuts—Annual Summary. Statistical Reporting Service, 1979–1982.Google Scholar