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A Dynamic Model of Investment in the U.S. Beef-Cattle Industry

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  • Foster, Kenneth A
  • Burt, Oscar R

Abstract

Reproduction constraints lead to some a priori information that may prove valuable in econometrically modeling inventory dynamics within the U.S. cattle herd. The distributed-lag models estimated for animal inventories suggest an implicit incorporation of the age distribution of the herd that is crucial to understanding the retention/culling (investment) decisions. The estimated equations are validated using postsample observations that were withheld prior to estimation. The final-form dynamic equations have complex roots and protracted price and investment effects. The parameter estimates are used to calculate intermediate and long-run elasticities at the means of relevant variables.

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Bibliographic Info

Article provided by American Statistical Association in its journal Journal of Business and Economic Statistics.

Volume (Year): 10 (1992)
Issue (Month): 4 (October)
Pages: 419-26

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Handle: RePEc:bes:jnlbes:v:10:y:1992:i:4:p:419-26

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Cited by:
  1. Marsh, John M., 2001. "U.S. Feeder Cattle Prices: Effects Of Finance And Risk, Cow-Calf And Feedlot Technologies, And Mexican Feeder Imports," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 26(02), December.
  2. Richard Horan & Christopher Wolf & Eli Fenichel & Kenneth Mathews, 2008. "Joint Management of Wildlife and Livestock Disease," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 41(1), pages 47-70, September.
  3. Benjamin, Catherine & Piot-Lepetit, Isabelle, 2001. "Modelling Dynamic Beef Supply Response Using A Microeconomic Approach: An Application To The French Cattle Sector," International Trade in Livestock Products Symposium, January 18-19, 2001, Auckland, New Zealand 14541, International Agricultural Trade Research Consortium.
  4. Foster, Kenneth A. & Mwanaumo, Anthony, 1995. "Estimation of dynamic maize supply response in Zambia," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 12(1), April.
  5. Dorfman, Jeffrey H. & Park, Myung D., 2009. "Looking for Cattle and Hog Cycles through a Bayesian Window," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49278, Agricultural and Applied Economics Association.
  6. Matthew T. Holt & Andrew M. McKenzie, 2003. "Quasi-rational and ex ante price expectations in commodity supply models: an empirical analysis of the US broiler market," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 18(4), pages 407-426.
  7. David Aadland, 2002. "Cattle Cycles, Heterogeneous Expectations and the Age Distribution of Capital," Others 0211002, EconWPA.
  8. Chavas, Jean-Paul, 1999. "On The Economic Rationality Of Market Participants: The Case Of Expectations In The U.S. Pork Market," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 24(01), July.
  9. Aadland, David, 2002. "Cattle Cycles, Expectations And The Age Distribution Of Capital," 2002 Annual meeting, July 28-31, Long Beach, CA 19795, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  10. Benjamin, Catherine & Piot-Lepetit, Isabelle, 2002. "Measuring the Effects of Alternative Support Policy Instruments on Beef Supply," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24781, European Association of Agricultural Economists.
  11. Mathews, Kenneth H., Jr. & Short, Sara D., 2001. "The Beef Cow Replacement Decision," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 19(2).
  12. Chavas, Jean-Paul, 2000. "On information and market dynamics: The case of the U.S. beef market," Journal of Economic Dynamics and Control, Elsevier, vol. 24(5-7), pages 833-853, June.
  13. Neibergs, J. Shannon & Thalheimer, Richard, 1997. "Price Expectations And Supply Response In The Thoroughbred Yearling Market," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 29(02), December.

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