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RTG 1666 GlobalFood ⋅ Heinrich Düker Weg 12 ⋅ 37073
The high volatility of the world cocoa price makes the millions of cocoa farmers in the developing world highly vulnerable to poverty. A large volatility in the value of an agricultural commodity is linked to the inelasticity of its supply or demand. Therefore, we test the hypothesis that the price elasticities of the global cocoa supply and demand are low. We describe the global cocoa market with cointegration dynamic supply, demand and price sub-models. Our OLS, 2SLS, and SUR estimates arefatcat:anzrrsmebbhk3fkerzu7e57kg4