IRREVERSIBLE SUPPLY FUNCTIONS REVISITED
成功将不可逆供给模型应用于英国鸡蛋行业，发现产能过剩时供给对价格变化的反应仅为非产能过剩时的三分之一，但长期反应对称，且传统对称模型高估了长期弹性约40%。
This paper presents a successful application of an irreversible supply model to the UK egg sector. The model has been developed to overcome the problems that the conventional approaches to irreversible supply modelling face when used with a partial adjustment framework. The results indicate that the supply response to price changes under excess capacity is less than a third of that under non‐excess capacity, but that the long‐run response is symmetric, as required by the underlying theory. Furthermore, the long‐run elasticity from a conventional, symmetric, partial‐adjustment model is some 40% larger than that of the asymmetric model, implying that the importance of the asymmetric specification extends beyond an interest in the short‐run adjustment path.