A Multimarket Bounded Price Variation Model under Rational Expectations: Corn and Soybeans in the United States
将理性预期下的有界价格模型扩展到多市场，估计美国玉米和大豆的供需模型，模拟取消价格支持和休耕计划的市场均衡效应，发现休耕对玉米供给的影响大于价格支持。
Abstract The bounded prices model under rational expectations is extended to a multimarket setting. Because the resulting rational expectations model is highly nonlinear, Fair and Taylor's iterative procedure is employed in conjunction with the multimarket framework to obtain maximum likelihood estimates of a supply‐demand model for corn and soybeans. The estimated model is then used to simulate the market equilibrium effects associated with removing price support and acreage set‐aside programs over the sample period. Among other things, the results reveal that acreage set‐asides have dominated the induced supply effects of price support programs for corn.