-17-


Table 2.-Derived and unrestricted reduced forms for choice steer prices


Method Restricted reduced forms Ordinary least squares
 constant Panmeters Varying Parameters Unrestricted
Variable Parameter (Standard Error) Parameter (Standard Error) Parameter (Standard Error)


Intercept

 Q2
 Q3
 Q4
NFCSt-2
ZSPRt-i
ZSFCt-i

Placet-2
Q2*Placet-2
Q3*Placet-2

Q4*P acet-2
P1 acet-3

Farrt-2

Q *Farrt-2,
Farrt.3
ZHPRt.

Time


 88.07 (11.54)

 .2837 ( .319)
 -.625 ( .450)
 -1.221 ( .707)
-.000365 (.000331)
 .1355 (.0862)
 .0500 (.0275)

 -.00268 (.00111)
 .00100 (.000365)

 .00158 (.000600)
 .000179 (.00021)
 -.00328 (.00116)

 -.00387 (.00119)
 .000849 (.000374)

 -.00338 (.0121)
 -.0319 (.0238)

 .463 (.104)


7.43

 28


 53.59

 45.50
 35.67
 48.06
 -.00420
 .0670
 .0490

 .00237

 -.00206

-.000724
-.00295

-.000602
-.00846
 .0153
 -.0103

 -.299
 .495


(56.35)

(32.53)
(36.24)
(40.83)
(.0017)
(.479)

(.167)
(.00402)
(.00405)

(.00603)
(.00659)
(.00514)

(.00626)
(.0124)
(.0081)

 (.228)
 (.931)


16.47

 12


 (10.71)

 ( .562)
 (.625)
 (.759)
 (.00037)
 (.0746)

 (.0231)
 (.00112)
(.000266)

(.000603)
(.00021)
(.00117)
(.00114)

(.000404)
(.00123)
 (.0245)

 (.0980)


 98.4

 .6367

 -1.191
 -2.147

-.00109
 .198

 .0849
-.00274

.00103

.00162
0001 83
-.00336
-.00466
.00103
-.00412
-.0385

 .388


12.83

 28