Micro versus Macro Acreage Response Models: Does Site-Specific Information Matter?
Because requisite micro data frequently are unavailable, it is common practice to use aggregate data to estimate economic relationships representing the behavior of individual agents. A substantial body of literature has examined conditions under which inferences between micro and aggregate specific...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Western Agricultural Economics Association
2002-07-01
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| Series: | Journal of Agricultural and Resource Economics |
| Subjects: | |
| Online Access: | https://ageconsearch.umn.edu/record/31074 |
| _version_ | 1818334110903435264 |
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| author | JunJie Wu Richard M. Adams |
| author_facet | JunJie Wu Richard M. Adams |
| author_sort | JunJie Wu |
| collection | DOAJ |
| description | Because requisite micro data frequently are unavailable, it is common practice to use aggregate data to estimate economic relationships representing the behavior of individual agents. A substantial body of literature has examined conditions under which inferences between micro and aggregate specifications can be made. Less attention has been focused on the relative accuracy of predictions for each scale of model. In an empirical application, we compare the goodness-of-fit measures of eight sets of acreage response models, varying in aggregation from field- (micro-) level to regional- (macro-) level models. Results suggest aggregate models are superior to the micro model in predicting acreage response, even thought the micro models contain substantially more data on site-specific characteristics. |
| first_indexed | 2024-12-13T14:02:20Z |
| format | Article |
| id | doaj.art-22fc6fb12a9441a9a9d0d70f429ac83e |
| institution | Directory Open Access Journal |
| issn | 1068-5502 2327-8285 |
| language | English |
| last_indexed | 2024-12-13T14:02:20Z |
| publishDate | 2002-07-01 |
| publisher | Western Agricultural Economics Association |
| record_format | Article |
| series | Journal of Agricultural and Resource Economics |
| spelling | doaj.art-22fc6fb12a9441a9a9d0d70f429ac83e2022-12-21T23:42:41ZengWestern Agricultural Economics AssociationJournal of Agricultural and Resource Economics1068-55022327-82852002-07-01271406010.22004/ag.econ.3107431074Micro versus Macro Acreage Response Models: Does Site-Specific Information Matter?JunJie WuRichard M. AdamsBecause requisite micro data frequently are unavailable, it is common practice to use aggregate data to estimate economic relationships representing the behavior of individual agents. A substantial body of literature has examined conditions under which inferences between micro and aggregate specifications can be made. Less attention has been focused on the relative accuracy of predictions for each scale of model. In an empirical application, we compare the goodness-of-fit measures of eight sets of acreage response models, varying in aggregation from field- (micro-) level to regional- (macro-) level models. Results suggest aggregate models are superior to the micro model in predicting acreage response, even thought the micro models contain substantially more data on site-specific characteristics.https://ageconsearch.umn.edu/record/31074acreage response modelaggregationmacro modelsmicro modelsprediction accuracysite-specific information |
| spellingShingle | JunJie Wu Richard M. Adams Micro versus Macro Acreage Response Models: Does Site-Specific Information Matter? Journal of Agricultural and Resource Economics acreage response model aggregation macro models micro models prediction accuracy site-specific information |
| title | Micro versus Macro Acreage Response Models: Does Site-Specific Information Matter? |
| title_full | Micro versus Macro Acreage Response Models: Does Site-Specific Information Matter? |
| title_fullStr | Micro versus Macro Acreage Response Models: Does Site-Specific Information Matter? |
| title_full_unstemmed | Micro versus Macro Acreage Response Models: Does Site-Specific Information Matter? |
| title_short | Micro versus Macro Acreage Response Models: Does Site-Specific Information Matter? |
| title_sort | micro versus macro acreage response models does site specific information matter |
| topic | acreage response model aggregation macro models micro models prediction accuracy site-specific information |
| url | https://ageconsearch.umn.edu/record/31074 |
| work_keys_str_mv | AT junjiewu microversusmacroacreageresponsemodelsdoessitespecificinformationmatter AT richardmadams microversusmacroacreageresponsemodelsdoessitespecificinformationmatter |