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Forecasting Agricultural Production: A Chaotic Dynamic Approach

Journal: World Journal of Applied Economics (Vol.1, No. 1)

Publication Date:

Authors : ; ; ; ; ;

Page : 65-80

Keywords : Chaotic dynamic analysis; lyapunov exponent; deterministic nonlinear prediction; agriculture; Turkey;

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The aim of this study is to examine the existence of chaotic structure in agricultural production in Turkey by using Chaotic Dynamic Analysis (CDA) and to provide accurate forecasts of agricultural production. The data of wheat, barley and rice production in Turkey obtained from Turkish Statistical Institute (TURKSTAT) covers the period of 1991 to 2009. Our analysis shows that the supply of the selected agricultural products has a chaotic structure. Our dynamic system constructed predicted the supply of year 2010 with % 0.5 error for wheat, %5 error for barley, and %2.5 error ratio for rice. This study is the first attempt using CDA to forecast future agricultural product supply in Turkey. The findings of this study will help to produce effective policies to prevent supply disequilibrium, and excess price fluctuations.

Last modified: 2017-04-30 01:30:48