An empirical application of the output allocation model for major U.S. crops
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How much major crop supplies are affected by output and input prices are important questions for food security concerns. Agricultural policies in the U.S. focus on supporting output prices with relatively little attention to input prices. However, crop productions seem to react sensitively to input price changes. Therefore, linking input and output markets in models of supply response is crucial since farmers’ planting decisions are based on the joint effect from the two markets.