## Distributed Lags and Demand Analysis for Agricultural and Other Commodities |

### From inside the book

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Page 31

The method of reduction described in the preceding paragraphs involves the

reduction of only one equation, the particular demand equation in which we have

an interest. For that reason we may call it the "

reduction ...

The method of reduction described in the preceding paragraphs involves the

reduction of only one equation, the particular demand equation in which we have

an interest. For that reason we may call it the "

**single**-**equation**"**method**ofreduction ...

Page 60

When the

containing three or more expectational variables, estimation by the non- iterative

method becomes extremely difficult. As indicated on page 31 , if n expectational ...

When the

**single**-**equation method**of reduction is used on demand equationscontaining three or more expectational variables, estimation by the non- iterative

method becomes extremely difficult. As indicated on page 31 , if n expectational ...

Page 92

_-^ as well as xt. The

unmanageable . Since we have specified no additional demand equations in

which p*, p*-i, yt, and yt-i enter, we cannot directly apply the multiple equation

approach.

_-^ as well as xt. The

**single equation method**, directly applied, is clearlyunmanageable . Since we have specified no additional demand equations in

which p*, p*-i, yt, and yt-i enter, we cannot directly apply the multiple equation

approach.

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### Contents

Summary | 1 |

Based on models of expectation | 14 |

Models based on uncertainty about the future | 20 |

5 other sections not shown

### Common terms and phrases

AGRICULTURAL MARKETING SERVICE assume assumption automobiles categories of consumption change in current change in price coefficients of expectations commodity component of income computed consumer unit consumption function current demand current income current price curve demand equation contains derived difference equation discussed distributed lags distribution of lag durable Durbin-Watson statistic effect elasticity of expectations estimates expectational equations expectational variables expected future expected normal income expected normal price factors Friedman hence illus income elasticity independently distributed indifference curves institutional rigidities iterative method Koyck's lagged values matrix measured income method of reduction multiple equation method Nerlove non-expectational variables obtained original demand equation original equation parameters past prices period permanent component permanent income hypothesis price and income reduced equation residual term serial correlation single equation method statistical substitute system of demand technological or institutional tion total consumption transitory components uncertainty uncorrelated variance variance-covariance matrix vector xt-l zero