The Dynamics of Agriculture Supply: A Reconsideration
构建了一个作物的动态理性预期均衡模型，推导出供给方程并解析求解价格、产量和土地分配的均衡变动，证明该模型能像Nerlovian供给响应模型一样解释农业供给动态，但解释不同，并给出了动态供给弹性的定义和一致估计方法。
Abstract This paper presents a dynamic rational expectations equilibrium model for a given crop. The dynamic supply equation is derived from the farmer optimization problem; and the equilibrium movements of commodity price, production, and land allocations are solved analytically. It is shown that the observed dynamics of agriculture supply, which are usually explained and measured with the Nerlovian supply response model, can be explained and measured at least as well by the rational expectations equilibrium model. However, interpretation of the results is different, and the paper defines explicitly the dynamic supply elasticities and presents an econometric method for consistent estimators for the parameters.