Please use this identifier to cite or link to this item:
Full metadata record
DC FieldValueLanguage
dc.contributor.authorPanisara Phochanachanen_US
dc.contributor.authorPathairat Pastpipatkulen_US
dc.contributor.authorWoraphon Yamakaen_US
dc.contributor.authorSongsak Sriboonchittaen_US
dc.description.abstract© Serials Publications Pvt.Ltd. This paper purposed a new welfare measurement using the regime switching approach to capturing the structural change in the welfare along selected period. To estimate the welfare, it is necessary to specify accurate demand and supply equations; therefore, we incorporate the Markov switching model into Seemingly Unrelated regression and purposed the use of Markov Switching Seemingly Unrelated regression (MS-SUR) method to derive the demand and supply equations. To estimate this model, the adaptive Metropolis Hasting is employed in the Bayesian estimation. In this study, we focused on Thai rubber market, and the results show that the model performs well in estimating the demand and supply of rubber. The amount of total welfare in the high growth regime is determined to be 1.75(105) units and approximately 1.28(104) units in the low growth regime. It might be noticeable that an amount of producer surplus is negative in regime 2 as the negative supply curve is obtained. Moreover, we found the consumer surplus to be larger than the producer surplus in the Thai rubber market.en_US
dc.subjectBusiness, Management and Accountingen_US
dc.subjectEconomics, Econometrics and Financeen_US
dc.titleWelfare measurement on Thai rubber marketen_US
article.title.sourcetitleInternational Journal of Applied Business and Economic Researchen_US
article.volume15en_US of Phayaoen_US Mai Universityen_US
Appears in Collections:CMUL: Journal Articles

Files in This Item:
There are no files associated with this item.

Items in CMUIR are protected by copyright, with all rights reserved, unless otherwise indicated.