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"IRRATIONAL" PLANTING BEHAVIOR AS RATIONAL EXPECTATIONS OF GOVERNMENT SUPPORT

By Dmitry V. Vedenov

Abstract

The paper outlines an approach to estimation of rational expectations acreage response model for US soybeans that explicitly takes into account government payments. Numerical methods are used to recompute the model equilibrium at each iteration of the log-likelihood optimization routine. Estimation results allow one to measure market distortion introduced by the government support programs.Production Economics,

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Citations

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