The objectives of the study were to develop a discrete dynamic
model to explain the duality of supply flows from production and
inventory-stocks, to specify a monthly sectoral model of the United
States vegetable oilseeds, oils, and oil products industry, to analyze
policy alternatives using simulation, and to evaluate the potential
of optimal control theory for stabilizing prices in the industry.
A theoretical model of consumer and producer behavior was
developed which, following optimization and aggregation, yielded a
4 equation simultaneous representation of a general market system.
On the basis of the theoretical model an empirical model of the industry
was constructed which included 4 sub-models, each simultaneous
or block simultaneous in structure. The first sub-model consisted of
14 equations and included the final products of the industry--cooking
oil, shortening, ma.rgarine, and peanut butter. The second industry
sub-model consisted of 17 equations and included the markets for
finished soybean oil, semi-finished soybean oil, soybeans, and soybean
meal. The third industry sub-model consisted of 18 equations and included
the markets for finished and semi-finished cottonseed oil,
peanut oil, and peanuts. The fourth sub-model consisted of 10 equations
and included the markets for palm and coconut oil. Each sub-model was estimated using OLS or 3SLS. The data base consisted
of 136 observations covering the period January 1965 to April 1976.
next to an author's name indicates that all files or directories associated with their ETD are accessible from the Virginia Tech campus network only.
![[VT]](http://scholar.lib.vt.edu/images/ETD-db/restricted.gif)
