walsh.cottonprice {agridat} R Documentation

## Acres and price of cotton 1910-1943

### Description

Acres and price of cotton 1910-1943

### Format

A data frame with 34 observations on the following 9 variables.

`year`

year, numeric 1910-1943

`acres`

acres of cototn (1000s)

`cotton`

price per pound (cents) in previous year

`cottonseed`

price per ton (dollars) in previous year

`combined`

cotton price/pound + 1.857 x cottonseed price/pound (cents)

`index`

price index, 1911-1914=100

`adjcotton`

adjusted cotton price per pound (cents) in previous year

`adjcottonseed`

adjusted cottonseed price per ton (dollars) in previous year

`adjcombined`

### Details

The 'index' is a price index for all farm commodities.

### Source

R.M. Walsh (1944). Response to Price in Production of Cotton and Cottonseed, Journal of Farm Economics, 26, 359-372. https://doi.org/10.2307/1232237

### Examples

```
library(agridat)

data(walsh.cottonprice)
dat <- walsh.cottonprice

dat <- transform(dat, acres=acres/1000) # convert to million acres

percentchg <- function(x){ # percent change from previous to current
ix <- 2:(nrow(dat))
c(NA, (x[ix]-x[ix-1])/x[ix-1])
}

# Compare percent change in acres with percent change in previous price
# using constant dollars
dat <- transform(dat, chga = percentchg(acres), chgp = percentchg(adjcombined))

with(dat, cor(chga, chgp, use='pair')) # .501 correlation
libs(lattice)
xyplot(chga~chgp, dat, type=c('p','r'),
main="walsh.cottonprice",
xlab="Percent change in previous price", ylab="Percent change in acres")
```

[Package agridat version 1.18 Index]