Market Interrelationships and Applied Demand Analysis: Bridging the Gap Between Theory and Empirics in Commodities Markets (Palgrave Studies in Agricultural Economics and Food Policy)

Wohlgenant, Michael K.

ISBN 10: 303073143X / ISBN 13: 9783030731434

Published by Palgrave Macmillan, 2021

About this Item

Seller Inventory # I-9783030731434

Bibliographic Details

• Title: Market Interrelationships and Applied Demand Analysis: Bridging the Gap Between Theory and Empirics in Commodities Markets (Palgrave Studies in Agricultural Economics and Food Policy)
• Publisher: Palgrave Macmillan
• Publication Date: 2021
• Language: English
• ISBN 10: 303073143X
• ISBN 13: 9783030731434
• Binding: Soft cover
• Condition: New

About this title

Synopsis

This textbook addresses the core issues facing economists concerning price determination in commodity markets, especially food and agricultural commodities. This book hones in on the conceptual basis of the various relationships, with special emphasis on market interrelationships, both horizontally and vertically. This book covers key concepts such as consumer demand theory; quality, heterogeneous goods, and cross section demand; derived demand, marketing margins, and relationship between output and raw material prices; retail-to-farm demand linkages, imperfect competition, and short-run price determination; dynamic consumer demand; and dynamic models of the firm.

What makes this textbook of particular use to students is its focus on bridging the gap between theory and empirical analysis. Going from theory to empirics requires that we have data―time series or cross section―that match the theoretical constructs. Often the data match is not perfect, either by definition or how the data are computed. In addition to problems of matching data with theoretical constructs, students and researchers need to know how to specify, estimate, and interpret results within the context of imperfect and often incomplete data. This textbook uses several data sets to illustrate how one might address problems in real-world settings. Furthermore, with exercises at the end of each chapter, students are able to test themselves on their ability to bring theory to life.

About the Author

Michael K. Wohlgenant is the William Neals Reynolds Distinguished Professor Emeritus at North Carolina State University, USA.