AN APPROACH TO UNIQUE SOLUTIONS FOR CONSTANT-ELASTICITY COMMODITY MODELS
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Unique solutions are more difficult to guarantee for commodity
models that have nonlinear simultaneous equations than for
those with linear ones. The nonlinear case requires determination
of uniqueness before a solution is attempted while uniqueness in
the linear case is determined as a byproduct of the solution procedure.
Unique solutions are important because they are necessary
for unambiguous results (that is, results that can always be
duplicated). This article explains an approach for guaranteeing
unique solutions for commodity models specified with a nonlinear
equation type often used in economics, the constant-elasticity
equation. This choice allows researchers the option of
using secondary data sources (parameter estimates) in developing
commodity models.