英文摘要 |
In Taiwan, the price of vegetable often moves closely with fluctuations in weather, especially the cabbage prices. This study estimates the elasticity of demand for cabbages using meteorological data in the main production areas as instrumental variables. Our empirical results indicate that cabbages' elasticities of demand are ranged from 0.53 to 0.61. We also assess the impact of the historical climate events including Typhoon Morakot in 2009, and extreme cold weather in 2016 on consumer surplus. Moreover, the cabbage's elasticities of demand are varied by the length of estimated period. For the past 20 years, we find that the elasticity in 2009, and 2013-2015 are particularly larger than other periods. Typhoon Morakot probably contributes to higher cabbage's elasticity of demand in 2009, while the reason behind the greater elasticities observed over the three-year period from 2013 to 2015 may be the new incentive scheme implemented by the company in charge of auction. |