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Dairy Supply And Factor Demand Response To Output Price Risk: An Econometric Assessment

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  • Luh, Yir-Hueih
  • Stefanou, Spiro E.

Abstract

The model of production decision making for the expected utility maximizing firm under output price uncertainty is applied to a panel Pennsylvania dairy operators. The model generalized duality implemented in this paper has the advantage of generating a system of supply and variable factor demand functions that consistently account for the presence of output price risk. The application to Pennsylvania dairy operators indicates that output price risk measured by the second and third moments of individual operators' historical output price series is not an important factor in production decision making. In addition to not maximizing expected utility, these operators are not expected profit maximizers.

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File URL: http://purl.umn.edu/28872
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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): 18 (1989)
Issue (Month): 2 (October)
Pages:

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Handle: RePEc:ags:nejare:28872

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

Keywords: Livestock Production/Industries;

References

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  1. Jeffrey T. LaFrance & Harry D. Gorter, 1985. "Regulation in a Dynamic Market: The U.S. Dairy Industry," Development Research Unit Working Paper Series archive-34, Monash University, Department of Economics.
  2. Chavas, Jean-Paul & Pope, Rulon, 1985. "Price uncertainty and competitive firm behavior: Testable hypotheses from expected utility maximization," Journal of Economics and Business, Elsevier, vol. 37(3), pages 223-235, August.
  3. Gallant, A. Ronald & Jorgenson, Dale W., 1979. "Statistical inference for a system of simultaneous, non-linear, implicit equations in the context of instrumental variable estimation," Journal of Econometrics, Elsevier, vol. 11(2-3), pages 275-302.
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Cited by:
  1. Gao, Xiaoming & Spreen, Thomas H. & Delorenzo, Michael A., 1992. "A Bio-Economic Dynamic Programming Analysis Of The Seasonal Supply Response By Florida Dairy Producers," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 24(02), December.
  2. Burdine, Kenneth H. & Maynard, Leigh J., 2012. "Risk Reduction of LGM-Dairy and its Potential Impact on Production," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124180, Agricultural and Applied Economics Association.
  3. Lass, Daniel A. & Gempesaw, Conrado M., II, 1992. "Estimation Of Firm-Varying, Input-Specific Efficiencies In Dairy Production," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 21(2), October.

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