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Hedonic Cost Models and the Pricing of Milk Components

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  • Steven Buccola
  • Yoko Iizuka
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    Abstract

    To assess likely producer response to milk price reform, we examine the technology of protein, butterfat, and fluid carrier production on 1,924 U.S. dairy farms. A variant of a hedonic cost model is proposed in which the output aggregator is expressed as a function of total output and of the percentage concentrations of its components. Dairy farmers have responded rationally to artificially low protein prices. Due to the cow's appetite limit, farmers operate in stage I of feed-to-milk production functions; yet protein's marginal cost rises sharply with protein output. Only modest substitutability is evident among feed inputs or milk component outputs. Copyright 1997, Oxford University Press.

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    Bibliographic Info

    Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

    Volume (Year): 79 (1997)
    Issue (Month): 2 ()
    Pages: 452-462

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    Handle: RePEc:oup:ajagec:v:79:y:1997:i:2:p:452-462

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    Cited by:
    1. Kolodinsky, Jane, 2008. "Affect or information? Labeling policy and consumer valuation of rBST free and organic characteristics of milk," Food Policy, Elsevier, vol. 33(6), pages 616-623, December.
    2. Wilson, Adam P. & Wilson, Norbert L., 2013. "The Economics of Quality in the Specialty Coffee Industry: Insights from the Cup of Excellence Auction Programs," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150721, Agricultural and Applied Economics Association.
    3. Tellioglu, Isin & Bailey, Kenneth W. & Blandford, David, 2007. "Implicit Tariffs on Imported Dairy Product Components in the United States," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 8(1).
    4. Maynard, Leigh J. & Stoeppel, Kelly M., 2007. "Hedonic Price Analysis of Thoroughbred Broodmares in Foal," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 25(2).
    5. Lambert, David K., 2008. "The expected utility of genetic information in beef cattle production," Agricultural Systems, Elsevier, vol. 99(1), pages 44-52, December.
    6. Angelo Zago, 2005. "Tecnhnology estimation for quality pricing in supply-chain relationships," Working Papers 27, University of Verona, Department of Economics.
    7. Rakesh Paliwal & Gejo Geevarghese & P. Ram Babu & P. Khanna, 1999. "Valuation of Landmass Degradation Using Fuzzy Hedonic Method: A Case Study of National Capital Region," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 14(4), pages 519-543, December.
    8. Michael T. Carroll & James L. Anderson & Josué Mart�nez-Garmendia, 2001. "Pricing U.S. North Atlantic bluefin tuna and implications for management," Agribusiness, John Wiley & Sons, Ltd., vol. 17(2), pages 243-254.
    9. Jean-Paul Chavas & Kwansoo Kim, 2005. "Cointegration relationships and hedonic pricing of differentiated commodities: an application to price dynamics in the US dairy sector," Applied Economics, Taylor & Francis Journals, vol. 37(16), pages 1813-1827.

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