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A Polynomial Lag Formulation of Milk Production Response

Author

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  • Dean Chen
  • Richard Courtney
  • Andrew Schmitz

Abstract

For much of agricultural production, output response to some given price change is hypothesized to increase first through time and then decline. To detect this type of response, a polynomial price lag model is estimated for milk production. For comparison purposes, a geometrically declining price lag model is also estimated. Although the estimates of long-run supply elasticities do not critically depend on the type of model used, the response for each period of time and for various short-run intervals does.

Suggested Citation

  • Dean Chen & Richard Courtney & Andrew Schmitz, 1972. "A Polynomial Lag Formulation of Milk Production Response," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 54(1), pages 77-83.
    • Handle: RePEc:oup:ajagec:v:54:y:1972:i:1:p:77-83.
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    File URL: http://hdl.handle.net/10.2307/1237736
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    Citations

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    Cited by:

    1. Muhammad Akmal, 1994. "The Production and Consumption of Livestock Foods in Pakistan: A Look into the Future," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 33(1), pages 19-39.
    2. Azzam, Azzeddine M. & Yanagida, John F., 1987. "A Cautionary Note On Polynomial Distributed Lag Formulations Of Supply Response," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 12(1), pages 1-5, July.
    3. Milligan, Robert A., 1978. "Milk Supply Response In California: Effects Of Profitability Variables And Regional Characteristics," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 3(2), pages 1-8, December.
    4. D’Antoni, Jeremy M. & Mishra, Ashok K. & Blayney, Donald, 2013. "Assessing participation in the Milk Income Loss Contract program and its impact on milk production," Journal of Policy Modeling, Elsevier, vol. 35(2), pages 243-254.
    5. Anderson, Kym, 1974. "Distributed Lags And Barley Acreage Response Analysis," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 18(2), pages 1-14, August.
    6. Elterich, G. Joachim & Masud, Sharif M., 1980. "Milk Supply Response In Delaware," Journal of the Northeastern Agricultural Economics Council, Northeastern Agricultural and Resource Economics Association, vol. 9(1), pages 1-5, April.
    7. Just, Richard E., 1993. "Discovering Production and Supply Relationships: Present Status and Future Opportunities," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 61(01), pages 1-30, April.
    8. Elterich, G. Joachim & Masud, Sharif M., 1980. "Milk Supply Response In Delaware," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 0(Number 1), pages 1-5, April.
    9. Muhammad Akmal, 1993. "A Dynamic Model of Milk Production Response for Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 32(4), pages 873-884.
    10. Bauer, Larry L. & Mundy, S. Darrell & Sappington, Charles B., 1978. "Relative Sensitivity Of Selected Distributed Lag Estimators To Measurement And Specification Error," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 10(2), pages 1-7, December.
    11. Just, Richard E., 1992. "Discovering Microeconomic Relationships in Agriculture," 1992 Conference (36th), February 10-13, 1992, Canberra, Australia 146530, Australian Agricultural and Resource Economics Society.
    12. J.‐P. Chavas & A. F. Kraus, 1990. "Population Dynamics And Milk Supply Response In The Us Lake States," Journal of Agricultural Economics, Wiley Blackwell, vol. 41(1), pages 75-84, January.
    13. Whipple, Glen D. & Powe, Charles & Gray, Morgan D., 1985. "An Economic Analysis Of Selected U.S. Dairy Program Changes," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 17(2), pages 1-11, December.
    14. 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.
    15. Tomek, William G. & Robinson, Kenneth L., 1977. "PART V. Agricultural Price Analysis and Outlook," AAEA Monographs, Agricultural and Applied Economics Association, number 337217, january.
    16. Graham, John D. & Stennes, Brad & MacGregor, Robert J. & Meilke, Karl & Moschini, Giancarlo, 1990. "The Effects of Trade Liberalization on the Canadian Dairy and Poultry Sectors," Working Papers 244045, Agriculture and Agri-Food Canada.
    17. Griffiths, William E. & Anderson, Jock R., 1978. "Specification Of Agricultural Supply Functions - Empirical Evidence On Wheat In Southern N.S.W," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 22(2-3), pages 1-14, August.
    18. Smith, Blair J. & Scott, Donald R., 1986. "Level Of Structural Aggregation And Predictive Accuracy Of Milk Supply Response Estimates," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 15(1), pages 1-5, April.
    19. Ethridge, M. Dean, 1975. "Estimating The Structure Of Time Lags Between Wholesale And Farm Prices For Cottonseed," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 7(2), pages 1-7, December.
    20. Thraen, Cameron S. & Hammond, Jerome W., 1987. "Price Enhancement, Returns Variability, And Supply Response In The U.S. Dairy Sector," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 19(2), pages 1-10, December.
    21. Thompson, Stanley R., 1974. "Sales Response To Generic Promotion Efforts And Some Implications Of Milk Advertising On Economic Surplus," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 0(Number 2), pages 1-14, October.
    22. Jean-Paul Chavas & Richard M. Klemme, 1986. "Aggregate Milk Supply Response and Investment Behavior on U.S. Dairy Farms," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(1), pages 55-66.
    23. Thompson, Stanley R., 1974. "Sales Response To Generic Promotion Efforts And Some Implications Of Milk Advertising On Economic Surplus," Journal of the Northeastern Agricultural Economics Council, Northeastern Agricultural and Resource Economics Association, vol. 3(2), pages 1-14, October.
    24. Lawrence M. Crane & David J. Leatham, 1993. "Distributed Lag Effects Of Transportation Expenditures On Rural Income And Employment," The Review of Regional Studies, Southern Regional Science Association, vol. 23(2), pages 163-182, Fall.

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