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Short-Run Beef Supply Response

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  • Shlomo Reutlinger

Abstract

It is hypothesized that the frequently observed zero or negative supply elasticity for beef is not the result of poor data or faulty statistical analysis. Theoretical specification of supply functions for the separate components of beef slaughter—steers, cows, and heifers—leads to an expected positive sign for the supply elasticity of steer slaughter, and an expected negative sign for the supply elasticity of cow slaughter. For heifer slaughter the sign cannot be ascertained from a priori considerations. The empirical evidence from statistical analyses of time-series data is consistent with and confirms the theoretical expectations. Total beef slaughter was disaggregated into three major components—steers, heifers, and cows. The estimated parameters in the regressions imply positive elasticity for steers and negative elasticity for cows. Only the heifer equation seems unsatisfactory. The parameter estimates fluctuate widely with slight changes in the estimating equation. Also the high autocorrelation of the errors implies inadequate specification of the heifer model.

Suggested Citation

  • 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.
    • Handle: RePEc:oup:ajagec:v:48:y:1966:i:4_part_i:p:909-919.
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    File URL: http://hdl.handle.net/10.2307/1236621
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    Citations

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    Cited by:

    1. Probst, Joel Keith, 1982. "Monthly cattle supply and price forecasting models," ISU General Staff Papers 1982010108000018043, Iowa State University, Department of Economics.
    2. Reynolds, R.G. & Gardiner, B., 1980. "Supply Response In The Australian Sheep Industry: A Case For Disaggregation And Dynamics," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 1-14, December.
    3. Ospina, Enrique & Shumway, Richard, 1980. "Impact Of Corn Prices On Beef Product Mix And Prices," 1980 Annual Meeting, July 27-30, Urbana-Champaign, Illinois 278917, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Rezitis, Anthony N. & Stavropoulos, Konstantinos S., 2010. "Modeling beef supply response and price volatility under CAP reforms: The case of Greece," Food Policy, Elsevier, vol. 35(2), pages 163-174, April.
    5. Kingma, Onko Tjerek & Longmire, James L. & Stoeckel, Andrew B., 1980. "A Review Of Three Research Programs In Quantitative Modelling In The Bureau Of Agricultural Economics," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 1-24, December.
    6. Oliveira, Ronald A. & O'Connor, Carl W. & Smith, Gary W., 1979. "Short-Run Forecasting Models Of Beef Prices," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 4(1), pages 1-12, July.
    7. Kingma, O.T. & Longmire, J.L. & Stoeckel, A.B., 1980. "Some Aspects of Quantitative Modelling in the Australian Bureau of Agricultural Economics," Proceedings “Schriften der Gesellschaft für Wirtschafts- und Sozialwissenschaften des Landbaues e.V.”, German Association of Agricultural Economists (GEWISOLA), vol. 17.
    8. Mervish, Philip & Anderson, David P. & Richardson, James W. & Outlaw, Joe L., 2008. "The Impact of Land Fragmentation on Beef Cattle Inventory," 2008 Annual Meeting, February 2-6, 2008, Dallas, Texas 6816, Southern Agricultural Economics Association.
    9. Subotnik, Abraham, 1981. "Theoretical Background and Empirical Supply Estimates of the U.S. Livestock Sector," Staff Reports 316797, United States Department of Agriculture, Economic Research Service.
    10. 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.
    11. 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.
    12. White, B.J., 1972. "Supply Projections for the Australian Beef Industry," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 40(01), pages 1-12, March.
    13. Lee, Tsoung-Chao & Seaver, Stanley K., 1980. "Forecasts Of Farm Animal Production In The New England States And In The U.S," Journal of the Northeastern Agricultural Economics Council, Northeastern Agricultural and Resource Economics Association, vol. 9(1), pages 1-6, April.
    14. D. V. Gordon, 1990. "Negative Supply Response And The Role Of Price Expectations In A Two‐Period Model Of Cattle Production," Journal of Agricultural Economics, Wiley Blackwell, vol. 41(2), pages 184-195, May.
    15. Roberts, Roland K. & Vieth, Gary R. & Nolan, James C., Jr., 1984. "An Analysis Of The Impact Of Energy Price Escalations During The 1970s On Hawaii Beef Production And Prices," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 9(1), pages 1-16, July.
    16. Harrison, Ian, 1982. "Beef Cow Inventory Response: An Attempt to Apply the Adaptive Risk Model," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 50(02), pages 1-15, August.
    17. Hertzler, Greg & Cothern, James H., 1979. "The Sub-Optimality Of The Beef Cycle," 1979 Annual Meeting, July 29-August 1, Pullman, Washington 278293, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    18. Smyth, Donald Craig, 1985. "Economic impacts of the Farmer-Owned Reserve program on the U.S. corn-livestock sector," ISU General Staff Papers 1985010108000013104, Iowa State University, Department of Economics.

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