Abstract
ABSTRACT The success of a design econometric approach can be structured in a variety of economic researchs. An adopted Nerlovian formulation for supply responses of primary producers in Thailand was examined. The main research question of this paper is to identify determinants in the sufficient sugarcane production and policy problems of economic development facing in the competitive international market. The answers depend on how these contacted farmers’ response to price incentives and non price factors of the sufficient sugarcane production. The properties of the dynamic panel data (DPD) and GMM estimator were tested using panel data during fifteen years period of observation (1997-2011). The resulting of price changes show a positive influence on sugarcane yielded in case of supply responses of small-scale sugarcane growers in Thailand. The results for policy problems of economic development suggest financial incentives to sugarcane farmers, to encourage the producing of contracted lower cost in the competitive international market. Keywords Supply response, Producer’s Surplus, dynamic panel data (DPD), GMM estimator.
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