Box-Cox Estimation of U.S. Soybean Exports
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US soybean exports to seven major markets are estimated with linear, log-linear, and Box-Cox specifications. Estimates from the three approaches are compared to address these issues regarding the agricultural trade literature functional form selection, longrun price elasticity estimates, and validation of models beyond the sample data. Functional form appreciably affected forecasts outside the sample and the price and income elasticity estimates, which range from elastic to inelastic across markets. This multiple-policymakers and exporters tailor export marketing strategies to fit specific markets.