Journal
EUROPEAN REVIEW OF AGRICULTURAL ECONOMICS
Volume 30, Issue 1, Pages 27-50Publisher
OXFORD UNIV PRESS
DOI: 10.1093/erae/30.1.27
Keywords
agricultural supply analysis; mathematical programming models; maximum entropy estimation; prior information; constrained optimisation models
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The paper introduces a general methodological approach for the estimation of constrained optimisation models in agricultural supply analysis. It is based on optimality conditions of the desired programming model and shows a conceptual advantage compared with Positive Mathematical Programming in the context of well-posed estimation problems. Moreover, it closes the empirical and methodological gap between programming models and duality-based models with explicit allocation of fixed factors. Monte Carlo simulations are performed with a maximum entropy estimator to evaluate the functionality of the approach as well as the impact of empirically relevant prior information with small samples.
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