Modeling Beef Quality Heterogeneity
AbstractThe effects of various supply and demand shifts on beef price, quantity, and industry welfare have been widely studied under the assumption of beef quality homogeneity. In this paper, we construct a model of the beef sector that incorporates differences in beef quality. The model is used to analyze the effect of supply and demand shifts on changes in prices and quantities of high-and low-quality beef and changes in revenue accruing to producers of high-and low-quality beef. Model results indicate that supply and demand shocks have the potential to alter the average quality of beef on the market and the price premium charged for high-quality beef, which has important implications for retailers selling quality-differentiated beef and producers selling cattle on a grid.
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Bibliographic InfoArticle provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.
Volume (Year): 37 (2005)
Issue (Month): 03 (December)
beef; equilibrium displacement model; multisector model; quality heterogeneity; Q11; Q18;
Find related papers by JEL classification:
- Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices
- Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy
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- Bhattacharya, Suparna & Azzam, Azzeddine M. & Mark, Darrell R., 2009. "Ethanol and Meat in the U.S.: A Multi-Market Analysis," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin, Agricultural and Applied Economics Association 49371, Agricultural and Applied Economics Association.
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