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European Review of Agriculture Economics Vol 26 (4) (1999) pp.461-477
© 1999 Oxford University Press and the Foundation for the European Review of Agricultural Economics

Testing regularity properties in static and dynamic duality models: the case of Greek agriculture

I Reziti1 and A Ozanne2

1 Centre of Planning and Economic Research, Athens, Greece
2 University of Manchester, Manchester, UK

Summary

An error correction model of Greek agriculture for the period 1961-1994 is estimated using a dynamic system of output and input share equations derived from a translog profit function. Nested within this model are a static model and three simpler dynamic models: a partial adjustment model, autoregressive error model and finite distributed lag model. The data-generating process rejects the static model and simpler dynamic models in favour of the more general error correction model, which is also found to perform better than the static model in terms of consistency with the regularity properties implied by economic theory.

Keywords: Greek agriculture, agricultural production, profit function, error correction model, dynamics


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