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Negative Milk Supply Response Under Constrained Profit Maximizing Behavior

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Author Info

  • Tauer, Loren W.
  • Kaiser, Harry M.

Abstract

A conceptual model is formulated that shows that a downward sloping supply function may exist for a profit maximizing firm facing a cash-flow constraint. The necessary requirement is that at least one factor must be a non-cash input. The model is tested using analysis of variance on two groups of producers from farm record data, one group facing a binding budget constraint the other group not. The results indicate that farms facing a cash flow constraint increase output more than farms not restricted by a cash flow constraint in response to a price decrease.

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File URL: http://purl.umn.edu/28844
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Bibliographic Info

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

Volume (Year): 17 (1988)
Issue (Month): 2 (October)
Pages:

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Handle: RePEc:ags:nejare:28844

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Web page: http://www.narea.org/
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Related research

Keywords: Livestock Production/Industries;

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Cited by:
  1. St├ęphane Blancard & Jean-Philippe Boussemart & Walter Briec & Kristiaan Kerstens, 2006. "Short- and Long-Run Credit Constraints in French Agriculture: A Directional Distance Function Framework Using Expenditure-Constrained Profit Functions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(2), pages 351-364.
  2. Stefanides, Zdenko & Tauer, Loren W., 1998. "The Empirical Impact Of Bovine Somatotropin On A Group Of New York Dairy Farms," Working Papers 7263, Cornell University, Department of Applied Economics and Management.

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