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Disaggregated Analysis Of Short-Run Beef Supply Response

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  • Ospina, Enrique
  • Shumway, C. Richard

Abstract

Conceptual problems in model specification of beef supply response studies are investigated and a simultaneous equation model is formulated to estimate annual U.S. carcass supply, demand, and inventories of beef. Three basic issues are addressed: (a) disaggregation, (b) simultaneity, and (c) differentiation between current and expected price effects. Empirical results indicate positive supply response of each quality type of steers and heifers, and negative supply response of cows to current own-price changes. The derived aggregate supply elasticity is positive. The effects of grain price changes on beef price, supply and composition are also evaluated.

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Bibliographic Info

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

Volume (Year): 04 (1979)
Issue (Month): 02 (December)
Pages:

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Handle: RePEc:ags:wjagec:32295

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Web page: http://waeaonline.org/
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Related research

Keywords: Demand and Price Analysis; Livestock Production/Industries;

References

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  1. Bentley, Ernest & Waters, James R. & Shumway, C. Richard, 1976. "Determining Optimal Replacement Age Of Beef Cows In The Presence Of Stochastic Elements," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 8(02), December.
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Cited by:
  1. Angirasa, Aditi K. & Shumway, C. Richard & Nelsen, T.C. & Cartwright, Thomas C., 1981. "Integration, Risk, And Supply Response: A Simulation And Linear Programming Analysis Of An East Texas Cow-Calf Producer," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 13(01), July.
  2. Perekhozhuk, Oleksandr & Matyukha, Andriy & Glauben, Thomas, 2011. "Estimating the Degree of Buyers' Market Power: Evidence from the Ukrainian Meat Processing Industry," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114782, European Association of Agricultural Economists.
  3. Muth, Mary K. & Wohlgenant, Michael K., 1999. "Measuring The Degree Of Oligopsony Power In The Beef Packing Industry In The Absence Of Marketing Input Quantity Data," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 24(02), December.
  4. Sapelli, Claudio, 1993. "Inflation, capital markets and the supply of beef," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 9(2), August.
  5. Balsevich, Fernando & Schuetz, Paul & Perez, Edwin, 2006. "Cattle Producer' Participation in Market Channels in Central America: Supermarkets, Processors, and Auctions," Staff Papers 11482, Michigan State University, Department of Agricultural, Food, and Resource Economics.
  6. Brester, Gary W. & Lhermite, Pascale & Goodwin, Barry K. & Hunt, Melvin C., 1993. "Quantifying The Effects Of New Product Development: The Case Of Low-Fat Ground Beef," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 18(02), December.
  7. Smith, Rodney B.W. & Gardner, Bruce L., 1993. "Expectations, Futures Prices, And Feedlot Behavior," Staff Papers 13444, University of Minnesota, Department of Applied Economics.

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