Price elasticities of key agricultural commodities in China

摘要

We estimate a simultaneous equations model of Chinese agricultural markets for wheat, rice, corn, pork, and poultry meat. Elasticities are estimated for consumption, feed demand, production, stocks demand, and foreign demand or supply faced in China. While commodity models are estimated using ITSUR in a single commodity simultaneous equations framework, an AIDS model of food demand is estimated using ITSUR as a system covering all commodities. Results fall within the wide range of results from previous studies, and are quite reasonable magnitudes. China has market power in the trade for all five commodities under study.