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| Rezitis, Anthony N.; Stavropoulos, Konstantinos S.. |
| This paper examines supply response models in a rational expectations framework for each one of the four major Greek meat markets, i.e. beef, broiler, lamb and pork. A multivariate GARCH model with Cholesky decomposition is used to incorporate price volatility into the rational expectations supply response model for each meat category and as a result the conditional covariance matrix remains positive definite without imposing any restrictions on the parameters. The empirical results confirm the existence of rational behaviour by meat producers in the four examined markets and indicate that price volatility is a major risk factor in Greek meat production while feed prices and veterinarian medicine prices are both important cost factors. Furthermore, the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Meat supply; Price volatility; Rational expectations; MGARCH.; Agricultural and Food Policy. |
| Ano: 2009 |
URL: http://purl.umn.edu/58120 |
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| Rezitis, Anthony N.; Stavropoulos, Konstantinos S.. |
| This study examines the supply response of the Greek beef market and the possible effect of the European Union’s Common Agricultural Policy (CAP) on the Greek beef sector during the period 1993-2005. A GARCH process is used to estimate expected price and price volatility while several different symmetric, asymmetric and nonlinear GARCH models are estimated. The empirical results show that price volatility and feed price are important risk factors of the supply repose function, while the negative asymmetric price volatility which was detected implies that producers have a weak market position. Furthermore, the empirical findings confirm that the annual premium paid by EU to beef producers had a positive impact on the production level and that the change of... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Beef supply; Price volatility; CAP; Agricultural and Food Policy; Demand and Price Analysis. |
| Ano: 2008 |
URL: http://purl.umn.edu/44210 |
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