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An Empirical Model of Asset Replacement in Dairy Production

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Author Info
Miranda, Mario J
Schnitkey, Gary D

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Abstract

Throughout the U.S. dairy farm industry, observed rates of dairy cow replacement consistently exceed the rates prescribed as optimal by dairy economists. We attempt to uncover the causes of this discrepancy by estimating a series of dynamic discrete choice models of dairy cow replacement using historical farm-level data. We also advance the methods used to estimate dynamic discrete choice models by demonstrating how orthogonal polynomial projection methods can be effectively combined with standard maximum likelihood techniques to estimate structural models of dynamic decision-making. Copyright 1995 by John Wiley & Sons, Ltd.

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Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 10 (1995)
Issue (Month): S (Suppl. Dec.)
Pages: S41-55
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Handle: RePEc:jae:japmet:v:10:y:1995:i:s:p:s41-55

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  2. Chen, Gang & Roberts, Matthew C., 2004. "A Dynamic Programming Framework For Using Weather Derivatives To Manage Dairy Profit Risk," 2004 Annual meeting, August 1-4, Denver, CO 20171, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  3. Gardebroek, Cornelis & Oude Lansink, Alfons G.J.M., 2008. "Dynamic Microeconometric Approaches To Analysing Agricultural Policy," 107th Seminar, January 30-February 1, 2008, Sevilla, Spain 6592, European Association of Agricultural Economists. [Downloadable!]
  4. Howitt, Richard & Reynaud, Arnaud & Msangi, Siwa & Knapp, Keith, 2002. "Calibrated Stochastic Dynamic Models for Resource Management," 2002 Annual meeting, July 28-31, Long Beach, CA 19620, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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