FORECASTING MEAT PRICES: AN INVERSE DEMAND APPROACH

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SALAMI H.

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Journal: Journal of Agricultural Economics & Development Year:2010 | Volume:24 | Issue:3 Page(s): 298-303

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Title

FORECASTING MEAT PRICES: AN INVERSE DEMAND APPROACH

Author(s)

SALAMI H. | Issue Writer Certificate

Keywords

INVERSE DEMANDQ3

QUANTITY ELASTICITIESQ3

FORECASTING PRICESQ2

BEEFQ3

LAMBQ2

BROILERQ2

Abstract

In Agriculture, there is a lag between planting decision and supplying the produced commodity to the market. This makes the marketed commodities as predetermined variables and prices as market clearing factor. Under such a condition, the INVERSE DEMAND function in which price is a function of quantity is an appropriate tool for forecasting price responses to the injected quantities to the market. In this study, a system of prices equations is estimated for three meat commodities namely; BEEF, LAMB, and BROILER, using time series data over period 1985-2006. Results of the estimated own-quantity elasticities (price flexibilities), indicate that a one percent increase in quantities of each of these meats, injected to the market, will cause, a decrease of 0.86, 0.76, and 1.03 percent, respectively, of the prices of BEEF, LAMB, and BROILER. The estimated cross-quantity elasticities revealed that BEEF and LAMBs are not good substitutes for the BROILER. Thus, it is not expected to notice a considerable decline in the price of the latter commodity by injecting more BEEF and LAMBs to the market.

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APA: Copy

SALAMI, H.. (2010). FORECASTING MEAT PRICES: AN INVERSE DEMAND APPROACH. JOURNAL OF ECONOMICS AND AGRICULTURE DEVELOPMENT, 24(3), 298-303. SID. https://sid.ir/paper/141964/en

Vancouver: Copy

SALAMI H.. FORECASTING MEAT PRICES: AN INVERSE DEMAND APPROACH. JOURNAL OF ECONOMICS AND AGRICULTURE DEVELOPMENT[Internet]. 2010;24(3):298-303. Available from: https://sid.ir/paper/141964/en

IEEE: Copy

H. SALAMI, “FORECASTING MEAT PRICES: AN INVERSE DEMAND APPROACH,” JOURNAL OF ECONOMICS AND AGRICULTURE DEVELOPMENT, vol. 24, no. 3, pp. 298–303, 2010, [Online]. Available: https://sid.ir/paper/141964/en

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