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Price Enhancement, Returns Variability, And Supply Response In The U.S. Dairy Sector

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  • Thraen, Cameron S.
  • Hammond, Jerome W.

Abstract

Dairy producers operating in the U.S. have been protected against market price variability by the federal price support program for over 35 years. During the late 1970s tax outlays to operate this program grew at a rapid rate. While many authors have addressed the economic implications of the existing dairy price support program, few have explicitly considered the relationship between risk aversion, capital investment, milk production, and support price policy in this process. This paper considers the role of uncertainty and risk-averse behavior and suggests that these elements are crucial to an economic analysis of the current program and future dairy policy issues.

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Bibliographic Info

Article provided by Southern Agricultural Economics Association in its journal Southern Journal of Agricultural Economics.

Volume (Year): 19 (1987)
Issue (Month): 02 (December)
Pages:

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Handle: RePEc:ags:sojoae:30207

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Web page: http://www.saea.org/jaae/jaae.htm
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Related research

Keywords: Livestock Production/Industries;

References

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  1. Eeckhoudt, Louis & Hansen, Pierre, 1980. "Minimum and Maximum Prices, Uncertainty, and the Theory of the Competitive Firm," American Economic Review, American Economic Association, vol. 70(5), pages 1064-68, December.
  2. 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.
  3. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September.
  4. 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.
  5. Young, Douglas L., 1982. "Relevance Of Duality Theory To The Practicing Agricultural Economist: Discussion," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(02), December.
  6. Halter, A.N., 1982. "Relevance Of Duality Theory To The Practicing Agricultural Economist: Discussion," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(02), December.
  7. Chambers, Robert G., 1982. "Relevance Of Duality Theory To The Practicing Agricultural Economist: Discussion," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(02), December.
  8. Chavas, Jean-Paul & Pope, Rulon D., 1982. "Hedging And Production Decisions Under A Linear Mean-Variance Preference Function," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(01), July.
  9. Meyer, Jack & Ormiston, Michael B, 1985. "Strong Increases in Risk and Their Comparative Statics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(2), pages 425-37, June.
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Cited by:
  1. Newton, John & Thraen, Cameron S. & Bozic, Marin, 2013. "Whither Dairy Policy? Evaluating Expected Government Outlays and Distributional Impacts of Alternative 2013 Farm Bill Dairy Title Proposals," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 153750, Agricultural and Applied Economics Association.
  2. Marin Bozic & Brian W. Gould, 2009. "Has Price Responsiveness of U.S. Milk Supply Decreased?," Working Papers 0902, The Institute of Economics, Zagreb.

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