Panel Data Estimation Techniques for Farm-level Data Model
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Econometric models wishing to estimate
relevant parameters for agricultural policy analysis are increasingly relying on unbalanced panels of farm-level data. Since in the agricultural economics literature such
models have often been estimated through simplified approaches, in this paper we try to verify whether the adoption of more sophisticated panel data techniques may impact the estimation results. For this reason, the policy model by Moro and Sckokai (1999) has been reestimated
using techniques recently developed in the
econometric literature. The preliminary results show a strong impact on the estimations. This seems to suggest that the adoption of proper panel-data techniques is likely to be very important in order to obtain reliable
estimates of some key policy parameters.