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Toward a Behavioral Approach to Modelling Dynamic Production Choice Structures

Published online by Cambridge University Press:  10 May 2017

R. D. Weaver  and
S. E. Stefanou
R. D. Weaver
Affiliation:
Agricultural Economics, Department of Agricultural Economics and Rural Sociology, The Pennsylvania State University
S. E. Stefanou
Affiliation:
Agricultural Economics, Department of Agricultural Economics and Rural Sociology, The Pennsylvania State University
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Given the stable position in applied literature now held by static, duality models of choice, the focus of innovation has shifted to development of models of dynamic economic behavior. However, before jumping into this stream it is important to assess 1) the objectives and empirical relevance of study of such behavior, and 2) the characteristics of observed behavior which might help us resolve the specification of such models. The objective of empirical study of dynamic behavior seems clear. An accurate descriptive model is desired which could provide the basis for prediction and comparative analysis of behavior. The relevance of any such study is limited, as usual, by the accuracy and consistency with which the theory of behavior upon which the model is based simulates observed behavior. A prerequisite of relevance is an understanding of the elemental characteristics of observed dynamic behavior which might suggest the primitive elements of a theory of behavior and motivate model specification.

Type
AAEA/NAREA Invited Session: Dynamic Supply Response and Agricultural Investment
Information
Northeastern Journal of Agricultural and Resource Economics , Volume 13 , Issue 2 , October 1984 , pp. 163 - 176
Copyright
Copyright © 1984 Northeastern Agricultural and Resource Economics Association 

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