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Feeding and the Equilibrium Feeder Animal Price-Weight Schedule

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  • Hennessy, David A.

Abstract

Feeder animal prices depend on fed animal prices, the biological growth technology, and feed costs. In addition, daily maintenance costs can be avoided through accelerated feeding. These observations allow us to model optimal feeding under equilibrium feeder animal pricing. Our model enables a better understanding of regulation in feedstuff markets. The feeder animal price-weight schedule is likely decreasing and convex in weight. Prices for animals with better growth potential should be less sensitive to feed and fed animal prices. Prices for lighter animals should be more sensitive to these prices. Regression analyses on Southern Great Plains cattle prices provide support for this model.

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Bibliographic Info

Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 31 (2006)
Issue (Month): 02 (August)
Pages:

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Handle: RePEc:ags:jlaare:8609

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Web page: http://waeaonline.org/
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Related research

Keywords: days on feed; energy use; feed ban; growth hormones; Kleiber's law; ration density; veal market; Livestock Production/Industries;

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  1. Geoffrey B. West & James H. Brown & Brian J. Enquist, 1997. "A General Model for the Origin of Allometric Scaling Laws in Biology," Working Papers 97-03-019, Santa Fe Institute.
  2. Harry J. Paarsch, 1985. "Micro-economic Models of Beef Supply," Canadian Journal of Economics, Canadian Economics Association, vol. 18(3), pages 636-51, August.
  3. Rosen, S. & Murphy, K.M. & Scheinkman, J.A., 1993. "Cattle Cycles," University of Chicago - Economics Research Center 93-2, Chicago - Economics Research Center.
  4. Topkis Donald M., 1995. "Comparative Statics of the Firm," Journal of Economic Theory, Elsevier, vol. 67(2), pages 370-401, December.
  5. Léonard,Daniel & Long,Ngo van, 1992. "Optimal Control Theory and Static Optimization in Economics," Cambridge Books, Cambridge University Press, number 9780521337465, April.
  6. Chavas, J. P. & Kliebenstein, James, 1985. "Modeling Dynamic Agricultural Production Response: The Case of Swine Production," Staff General Research Papers 10631, Iowa State University, Department of Economics.
  7. David Aadland & DeeVon Bailey, 2001. "Short-Run Supply Responses in the U.S. Beef-Cattle Industry," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(4), pages 826-839.
  8. Chavas, Jean-Paul, 2000. "On information and market dynamics: The case of the U.S. beef market," Journal of Economic Dynamics and Control, Elsevier, vol. 24(5-7), pages 833-853, June.
  9. Jarvis, Lovell S, 1974. "Cattle as Capital Goods and Ranchers as Portfolio Managers: An Application to the Argentine Cattle Sector," Journal of Political Economy, University of Chicago Press, vol. 82(3), pages 489-520, May/June.
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