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Farm Level Demand for Pecans Reconsidered

Published online by Cambridge University Press:  28 April 2015

Gary J. Wells ,
Stephen E. Miller  and
C. Stassen Thompson
Gary J. Wells
Affiliation:
Department of Agricultural Economics and Rural Sociology, Clemson University
Stephen E. Miller
Affiliation:
Department of Agricultural Economics and Rural Sociology, Clemson University
C. Stassen Thompson
Affiliation:
Department of Agricultural Economics and Rural Sociology, Clemson University
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Abstract

Previous studies have consistently indicated the anomalous result of a price inflexible demand for pecans. However, these efforts did not have an adequate measure of pecan stocks available and, as a result, stocks were either excluded from consideration or a proxy variable was introduced. A time series of pecan stocks is now available. Use of this time series in a price dependent demand function results in a flexible farm level demand for pecans. This points out the danger of excluding an appropriate variable or using a so-called “reasonable” proxy variable.

Keywords

pecansdemandfarm-levelelasticityflexibilityproxy-variable
Type
Notes
Information
Journal of Agricultural and Applied Economics , Volume 18 , Issue 1 , July 1986 , pp. 157 - 160
Copyright
Copyright © Southern Agricultural Economics Association 1986

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