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Supply Growth And Dairy Industry Deregulation

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  • Chang, Ching-Cheng
  • Stefanou, Spiro E.

Abstract

Optimal control models of aggregate milk supply and demand behavior are used to describe the optimal phasing of the deregulatory dairy price support in the presence of supply growth. Producers are assumed to face costs of adjustment, and are myopic with respect to price expectations and the adoption of the new quasi-fixed factor augmenting technology.

Suggested Citation

  • Chang, Ching-Cheng & Stefanou, Spiro E., 1987. "Supply Growth And Dairy Industry Deregulation," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 16(1), pages 1-9, April.
    • Handle: RePEc:ags:nejare:28891
    DOI: 10.22004/ag.econ.28891
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    References listed on IDEAS

    as
    1. Jeffrey T. LaFrance & Harry de Gorter, 1985. "Regulation in a Dynamic Market: The U.S. Dairy Industry," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 67(4), pages 821-832.
    2. Bruce L. Gardner, 1984. "Price Discrimination or Price Stabilization: Debating with Models of U.S. Dairy Policy," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(5), pages 763-768.
    3. Pindyck, Robert S & Rotemberg, Julio J, 1983. "Dynamic Factor Demands and the Effects of Energy Price Shocks," American Economic Review, American Economic Association, vol. 73(5), pages 1066-1079, December.
    4. Hallberg, M. C., 1982. "Cyclical Instability in the U.S. Dairy Industry without Government Regulations," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 34(1), pages 1-11, January.
    5. Ippolito, Richard A & Masson, Robert T, 1978. "The Social Cost of Government Regulation of Milk," Journal of Law and Economics, University of Chicago Press, vol. 21(1), pages 33-65, April.
    6. Boyd M. Buxton, 1977. "Welfare Implications of Alternative Classified Pricing Policies for Milk," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 59(3), pages 525-529.
    7. Thraen, Cameron S. & Hammond, Jerome W., 1983. "Price Supports, Risk Aversion And U.S. Dairy Policy: An Alternative Perspective Of The Long-Term Impacts," Economic Reports 13034, University of Minnesota, Department of Applied Economics.
    8. Larry S. Karp & Alex F. McCalla, 1983. "Dynamic Games and International Trade: An Application to the World Corn Market," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(4), pages 641-650.
    9. J. P. Gould, 1968. "Adjustment Costs in the Theory of Investment of the Firm," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 35(1), pages 47-55.
    10. Westcott, Paul C., 1986. "A Quarterly Model of U.S. Dairy Sector and Some of Its Policy Implications," Technical Bulletins 157018, United States Department of Agriculture, Economic Research Service.
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    Cited by:

    1. Tanjuakio, Rodolfo V. & Gempesaw, Conrado M., II & Elterich, Joachim G., 1992. "An Optimal Control Framework For Inter - Regional Dairy Policy Analysis," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 24(2), pages 1-11, December.
    2. Tauer, Loren W. & Kaiser, Harry M., 1989. "Optimal Government Policy In Response To Bovine Somatotropin," 1989 Annual Meeting, July 30-August 2, Baton Rouge, Louisiana 270658, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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