Price-supply flexibility of wheat market in the Czech Republic
The paper explores of the price-supply flexibility of the Czech commodity market for food quality wheat in the period 1995–2011. For this analysis, inversion definition of the supply function was applied. The model of the inverse supply function in the Czech wheat market was based on the double log-...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Mendel University Press
2013-01-01
|
| Series: | Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis |
| Subjects: | |
| Online Access: | https://acta.mendelu.cz/61/4/1145/ |
| _version_ | 1818202365970350080 |
|---|---|
| author | Pavel Syrovátka |
| author_facet | Pavel Syrovátka |
| author_sort | Pavel Syrovátka |
| collection | DOAJ |
| description | The paper explores of the price-supply flexibility of the Czech commodity market for food quality wheat in the period 1995–2011. For this analysis, inversion definition of the supply function was applied. The model of the inverse supply function in the Czech wheat market was based on the double log-linear construction. The parameters of the given supply model were estimated using OLS-HAC method. The developed regression model of the supply function was statistically tested. Ordinary and dynamic price flexibility of the wheat supply on the Czech commodity market was determined in relation to the parameters of the developed econometric model. In accordance with the estimations, the ordinary price-supply flexibility achieved +0.3492% and the dynamic price-supply flexibility of the first order was –0.2210%. Within the interpretation of both estimated coefficients of the price-supply flexibility, the multi-factor nature of the commodity supply function must be respected. Moreover, it is important to distinguish the short-term and long-term period within the evaluation of the price-supply flexibility. |
| first_indexed | 2024-12-12T03:08:18Z |
| format | Article |
| id | doaj.art-231d02794e7e4eab87a2d70c130123f2 |
| institution | Directory Open Access Journal |
| issn | 1211-8516 2464-8310 |
| language | English |
| last_indexed | 2024-12-12T03:08:18Z |
| publishDate | 2013-01-01 |
| publisher | Mendel University Press |
| record_format | Article |
| series | Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis |
| spelling | doaj.art-231d02794e7e4eab87a2d70c130123f22022-12-22T00:40:27ZengMendel University PressActa Universitatis Agriculturae et Silviculturae Mendelianae Brunensis1211-85162464-83102013-01-016141145115110.11118/actaun201361041145Price-supply flexibility of wheat market in the Czech RepublicPavel Syrovátka0Department of Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech RepublicThe paper explores of the price-supply flexibility of the Czech commodity market for food quality wheat in the period 1995–2011. For this analysis, inversion definition of the supply function was applied. The model of the inverse supply function in the Czech wheat market was based on the double log-linear construction. The parameters of the given supply model were estimated using OLS-HAC method. The developed regression model of the supply function was statistically tested. Ordinary and dynamic price flexibility of the wheat supply on the Czech commodity market was determined in relation to the parameters of the developed econometric model. In accordance with the estimations, the ordinary price-supply flexibility achieved +0.3492% and the dynamic price-supply flexibility of the first order was –0.2210%. Within the interpretation of both estimated coefficients of the price-supply flexibility, the multi-factor nature of the commodity supply function must be respected. Moreover, it is important to distinguish the short-term and long-term period within the evaluation of the price-supply flexibility.https://acta.mendelu.cz/61/4/1145/Czech wheat marketagricultural commodity supplyinverse supply functionregression supply modelprice-supply flexibility |
| spellingShingle | Pavel Syrovátka Price-supply flexibility of wheat market in the Czech Republic Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis Czech wheat market agricultural commodity supply inverse supply function regression supply model price-supply flexibility |
| title | Price-supply flexibility of wheat market in the Czech Republic |
| title_full | Price-supply flexibility of wheat market in the Czech Republic |
| title_fullStr | Price-supply flexibility of wheat market in the Czech Republic |
| title_full_unstemmed | Price-supply flexibility of wheat market in the Czech Republic |
| title_short | Price-supply flexibility of wheat market in the Czech Republic |
| title_sort | price supply flexibility of wheat market in the czech republic |
| topic | Czech wheat market agricultural commodity supply inverse supply function regression supply model price-supply flexibility |
| url | https://acta.mendelu.cz/61/4/1145/ |
| work_keys_str_mv | AT pavelsyrovatka pricesupplyflexibilityofwheatmarketintheczechrepublic |