Download or read book An Econometric Model of Japanese Meat Markets written by Wyatt Thompson and published by . This book was released on 1998 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces the reader to the current state of markets and policies in Japan, reviews previous econometric models covering individual or multiple Japanese beef, pork, and poultry markets, develops the underlying theory, and presents such a model. The individual equations are presented in detail, the models simulated individually and together over the sample period, and the system's response to exogenous variables tested through impact multipliers. The retail demand is specified as an Almost Ideal Demand System with endogenous group expenditure a function of its own-price, as represented by the non-linear AIDS price term. As mandated by recent literature, the AIDS and group expenditure are estimated together. Furthermore, to understand the empirical implications of estimating group expenditure, appropriate Marshallian elasticities are computed and compared to those of the AIDS alone. The final system provides the reader with an update of those past studies, applying recent market and policy events to the structure and estimates, re-structuring to better use existing data, and evaluating some links between these and other markets. This is used to construct a baseline through 2000 for comparison against two scenarios with varying assumptions for key macroeconomic variables. This analysis shows the response of these markets to different macroeconomic assumptions as dictated by the economic incentives, biological constraints, and policies. The system can be applied in the future to other similar baseline versus scenario comparison work.