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These results suggest that the utilization of the factors in the industry is found in the rational steps, according to the theory of production, that is, the concave zone of the production function, where the benefit of the idnardo is positive. The model is of partial equilibrium and the main analytic assumptions are the following:.
Ogunyinka and Featherstone arrive at this same conclusion after estimating a generalized Box-Cox production cost model, applied to agricultural products and raw materials in the United States. It can be pointed out that all variables were stationary in the first differentiation, except for production, which was so in the second.
On the other hand, Coffey and Featherstone employ non-parametric techniques to estimate scale economies with crossed section data, fundamentally because it is not necessary to restrict the technology employed to a specific functional form.
Industria de la carne de cerdo. In this sense, it is fundamental to know the sign of this exponent.
These trends have caused a decrease in the wholesale market price levels; this trend was also documented for the U. In this way, there is a direct observation of the economefria cost through the market price of pork meat.
Industria de la carne de cerdo. To fundament these results, a contrast was effected upon a linear combination of the estimated coefficients, to validate that the sum of the interest rate coefficient The statistical description of the eclnometria employed is shown in Table 1.
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Technological determinants of firm and industry structure. Using a Cobb-Douglas cost function and the assumption of maximization of the benefits of the company in imperfect competition markets, an econometric model was estimated, that allowed considering indirectly the coefficients of the function of underlying production.
Starting from this expression and considering a long term situation, a technology shows yields in a growing scale when the sum of the exponents accompanying the variables labor and capital is greater than one, so that said technology shows economies of scale. In effect, a fundamental element which allowed this growth in the vertical integration front and back, and the concentration of the demand in the corn market, which it is open to foreign markets.
The pork meat offer has also been concentrated in a dominant company, revealing important cost advantages for it Vargas and Foster, ; Vargas et al.
If a company shows yields in a growing scale of its technology and the perfect information conditions are not present, this company can increase its participation in the market and in this way modify the structure of it, as is argued by Panzar and Amir This investigation had the objective to verify the presence of economies of scale in this industry. In effect, a fundamental element which allowed this growth in the vertical integration front and back, and the concentration of the demand in the corn market, which it is open to foreign markets.
Given the characteristics of the estimated model, the variables were incorporated in their logarithm transformation. Furthermore, agricultural policy elements function in this sector, linked to the compliance to sanitary regulations for the slaughter as well as the domestic and exterior marketing of pork meat. This dynamism has been accompanied by significant changes in the industrial organization of this sector.
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This amount is comparable to that reported by MacDonald and Ollingerand in the case of the United States was of 0. Therefore, the presence of economies of scale in the technological process of a company of the industry generates the conditions for that company to have cost advantages as regards its competition, and eventually consolidate itself as a dominant or leader company in the market.
This shows that the industry shows yields on a growing scale. Statistical characteristics of the series employed. Given the results of the estimation Table 3 a model was configured to try to simulate the long term behavior of the average cost of production of pork meat, to discuss aspects related to the competitiveness of the industry. Unit root test for the variables of the model Given the characteristics of the estimated model, the variables were incorporated in their logarithm transformation.
An indirect way of estimating the coefficients of function 1 is by the estimation of the costs function obtained from the Cobb-Douglas technology, more specifically, by means of the marginal costs function, since this is expressed in terms of the price of the factors and the level of the production. The coefficient accompanying production resulted different and below zero, this suggests that the pork meat production process shows yields on a decreasing scale.
The case presented is characterized because the elasticity of the product factor is less than 1 and above zero Varian, This allows identifying the presence of trend, intercept and constant variance. This fact is also reported for the case of the pork meat market in the United States Morrison, Unit root test results in the model variables. The structural element that sustains concentration and expansion of the production is the presence of increasing returns to scale in the production process.
Maximization of benefits in imperfect competition. This is how that, considering equation 2the estimation of the coefficients and a hypothesis about the value of the parameter M, the following equation for the added cost for the pork meat industry was obtained:. An additional incentive for the expansion of production is constituted by the opening of foreign markets by mean of trade agreements, as well as the restrictions to the import of beef meat due to animal health problems in some supplier countries.
Carried to extremes, scale economy sustains the argument for the existence of a natural monopoly, since in that case the optimum production level coincides with the total demand of the market. This fact is also reported for the case of the pork meat market in the United States Morrison, Thus, we see that the total cost function, issuing from a Cobb-Douglas technology, can be expressed as: In this research the estimated model is based in a time series, is of aggregate character and takes into account the fact that the industry is highly concentrated.
This factor alters the median price level to be observed in the industry, but not the estimation of the exponents of the function.
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We consider the optimum condition for the case of a highly concentrated market in the market of the final product pork meat. Modelo de duopolio de Cournot: The case presented is characterized because the elasticity of the product factor is less than 1 and above zero Varian, Now, we can state that the market price of pork meat Py is equal to the marginal cost CMga condition of the first order for the maximization of the benefit.
Given the above results, johnaton industry presents economies of scale, since the variation of the costs as regards production is estimated as 0. To this end, a t test is applied, allowing to prove H o: The unit root test was applied in this manner.
Métodos de econometría – John Johnston – Google Books
Carried to extremes, scale economy sustains the argument for the existence of a natural monopoly, since in that case the optimum production level coincides with the total demand of the market. Individual coefficients differed from zero, according to statistic t, as well as the group of the same, as seen in statistic F. The AR 1 factor allows the introduction into johnstno model of the systematic part which links the residues in t and t-1, generating a new residual term which complies with the assumptions of the classic model.