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A Statistical Model Of The Primary And Derived Market Levels In The U.S. Beef Industry

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  • Brester, Gary W.
  • Marsh, John M.

Abstract

An annual dynamic model of the primary and derived levels of the U.S. beef industry was estimated by rational distributed lags. Geometric rational lags at the retail level were instrumental in establishing prices in the dressed meat trade and the slaughter and feeder levels. Polynomial rational lags characterized primary inventory supply, which, along with cattle and corn prices, determined the production of fed and nonfed beef. The results suggest that the short- and long-term market behavior in the beef industry is better understood when higher and lower order market interactions are taken into account.

Suggested Citation

  • Brester, Gary W. & Marsh, John M., 1983. "A Statistical Model Of The Primary And Derived Market Levels In The U.S. Beef Industry," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 8(1), pages 1-16, July.
    • Handle: RePEc:ags:wjagec:32485
    DOI: 10.22004/ag.econ.32485
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    References listed on IDEAS

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    1. S. N. Kulshreshtha & A. G. Wilson, 1972. "An Open Econometric Model of the Canadian Beef Cattle Sector," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 54(1), pages 84-91.
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    4. Shlomo Reutlinger, 1966. "Short-Run Beef Supply Response," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 48(4_Part_I), pages 909-919.
    5. John M. Marsh, 1983. "A Rational Distributed Lag Model of Quarterly Live Cattle Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(3), pages 539-547.
    6. Foote, Richard J., 1958. "Analytical Tools for Studying Demand and Price Structures," Technical Resources 316560, United States Department of Agriculture, Agricultural Marketing Service, Transportation and Marketing Program.
    7. Peter Tryfos, 1974. "Canadian Supply Functions for Livestock and Meat," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(1), pages 107-113.
    8. Enrique R. Arzac & Maurice Wilkinson, 1979. "A Quarterly Econometric Model of United States Livestock and Feed Grain Markets and Some of Its Policy Implications," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 61(2), pages 297-308.
    9. John R. Franzmann & Rodney L. Walker, 1972. "Trend Models of Feeder, Slaughter, and Wholesale Beef Cattle Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 54(3), pages 507-512.
    10. Hanssens, Dominique M & Liu, Lon-Mu, 1983. "Lag Specification in Rational Distributed Lag Structural Models," Journal of Business & Economic Statistics, American Statistical Association, vol. 1(4), pages 316-325, October.
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    Cited by:

    1. Melissa G. S. McKendree & Glynn T. Tonsor & Ted C. Schroeder & Nathan P. Hendricks, 2020. "Impacts of Retail and Export Demand on United States Cattle Producers," American Journal of Agricultural Economics, John Wiley & Sons, vol. 102(3), pages 866-883, May.
    2. Eswaramoorthy, K., 1991. "U.S. livestock production and factor demand: a multiproduct dynamic dual approach," ISU General Staff Papers 1991010108000010523, Iowa State University, Department of Economics.
    3. Commodity Economics Division, 1988. "Issues And Options Related To The Reporting And Analysis Of Retail Prices And Price Spreads For Beef," Staff Reports 277999, United States Department of Agriculture, Economic Research Service.
    4. Grundmeier, Eric (Eric L.), 1989. "Formulation of a carcass cutout value: an alternative wholesale beef pricing method," ISU General Staff Papers 1989010108000017580, Iowa State University, Department of Economics.
    5. Hsu, Jane Lu, 2000. "Gradual Switching Structural Changes of Meat Consumption in Taiwan," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 123663, Australian Agricultural and Resource Economics Society.
    6. Vestal, Mallory K. & Lusk, Jayson L. & DeVuyst, Eric A. & Cooper, Steven R. & Ward, Clement E., 2012. "Quarter Horse Supply and Demand: Welfare Analysis and Impacts of the Equine Processing Ban," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124536, Agricultural and Applied Economics Association.

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    Keywords

    Livestock Production/Industries; Marketing;

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