Opinions differ among economists as to how effective statistical analyses using time series data can be in identifying factors affecting demand and in measuring their influences. Although this presentation may not materially modify these opinions, it should at least succeed in making even the...

The feasibility of quadratic programming as a means of integrating agricultural pricequantity relationships and regional resource availability is demonstrated for a California test case. Estimates are developed for producer's and consumer's surplus, values of vegetables and field crop...

The demand for U.S. feed grain is estimated using a six-equation simultaneous model. Four different utilizations of feed grain and feed grain price as well as the number of animal units fed are estimated. The reduced form of the model is used to provide forecasts of the endogenous variables for...

The measurement of income elasticities of demand for farm products, both individually and as an aggregate, is a fundamental problem which has concerned a considerable number of agricultural economists. Professor Milton Friedman's recent study, A Theory of the Consumption Function (3),1...

Demand functions for rice in Colombia and Venezuela, estimated by means of ordinary least square, were unsatisfactory because of problems with multicollinearity An alternative approach, principal components regression, was tried Results showed that principal components regression estimates were...

Development is traced of the concepts of consumer's and producer's surplus, and the uses and limitations of these concepts for public policy analysis are examined. The applications to price stabilization and policy programs are surveyed. The use of decision theory as an alternative to...

The exponential utility function for money has long attracted attention from theorists because it exhibits nonincreasing absolute risk aversion. Also, under certain conditions, it generates an expected utility function that is maximizable in a quadratic program. However, this functional form...

Analysts frequently adjust price, income, or other data to eliminate the influence of inflation or difference in size The authors of this article examine economic and statistical reasons for deflating time-series and cross-sectional data prior to estimating demand relations Signs and magnitudes...

A model derived to compute exchange rate effects on trade uses foreign internal demand elasticities and price transmission elasticities which account for government price-insulating policies Appreciation of the Japanese yen relative to the dollar is analyzed for impacts on Japanese imports of U...