Vestal, Mallory K.; Lusk, Jayson L.; DeVuyst, Eric A.; … - Agricultural and Applied Economics Association - AAEA - 2012
horse auction. The data is used to estimate the supply of yearling Quarter Horses using biological production lags to … identify the key structural parameters; we find an own-price elasticity of short- and long-run supply of 0.32 and 0.27. An … inverse demand function is also estimated, and after accounting for endogeneity, we find a price flexibility of own …