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Short-Run Supply Responses in the U.S. Beef-Cattle Industry

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  • David Aadland
  • DeeVon Bailey

Abstract

This article investigates the response of beef-cattle producers to changes in the price of cattle. Previous research has suggested that there may be a negative short-run supply response to a permanent increase in the price of cattle. We build a dynamic, rational expectations model that separates the markets for fed and unfed beef. This separation generates predictions that the supply response is generally positive, even for permanent shocks in the short run, and nests the negative supply response as a special case for appropriately restricted demand shocks. Copyright 2001, Oxford University Press.

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File URL: http://hdl.handle.net/10.1111/0002-9092.00212
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Bibliographic Info

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

Volume (Year): 83 (2001)
Issue (Month): 4 ()
Pages: 826-839

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Handle: RePEc:oup:ajagec:v:83:y:2001:i:4:p:826-839

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Cited by:
  1. Lynn Hunnicutt & David Aadland, 2002. "Market Power with Dynamic Invertory Constraints: The Bias in Standard Measures," Working Papers 2002-15, Utah State University, Department of Economics.
  2. Balsevich, Fernando & Schuetz, Paul & Perez, Edwin, 2006. "Cattle Producer' Participation in Market Channels in Central America: Supermarkets, Processors, and Auctions," Staff Papers 11482, Michigan State University, Department of Agricultural, Food, and Resource Economics.
  3. Zhao, Huan & Xiaodong, Du & Hennessy, David A., 2011. "Pass-Through in United States Beef Cattle Prices: A Test of Ricardian Rent Theory," Staff General Research Papers 32095, Iowa State University, Department of Economics.
  4. David Aadland, 2001. "Cattle Cycles, Heterogeneous Expectations and the Age Distribution of Capital," Working Papers 2002-02, Utah State University, Department of Economics.
  5. 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).
  6. Hennessy, David A., 2005. "Feeding and the Equilibrium Feeder Animal Price-Weight Schedule," Staff General Research Papers 12365, Iowa State University, Department of Economics.
  7. Rulon D. Pope & Jeffrey LaFrance, 2012. "Robust Error Specification in a Production System," Monash Economics Working Papers 17-12, Monash University, Department of Economics.
  8. Adhikari, Murali & Houston, Jack E. & Bandyopadhyay, Dipankar & Paudel, Laxmi & Devkota, Nirmala & Paudel, Biswo Nath, 2003. "Water Demand Forecasting For Poultry Production: Structural, Time Series, And Deterministic Assessment," 2003 Annual meeting, July 27-30, Montreal, Canada 22127, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  9. Griffith, Garry R. & Coddington, Anna & Murdoch, Scott, 2004. "Beef Feedlot Supply Response in Australia," Australasian Agribusiness Review, University of Melbourne, Melbourne School of Land and Environment, vol. 12.
  10. 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.
  11. Riley, John Michael & Williams, Brian R., 2013. "Cow-Calf Industry Expansion on the Horizon? Market Signals vs. Outside Factors," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 143044, Southern Agricultural Economics Association.
  12. Zhang, Feng & Epperson, James E. & Houston, Jack E., 2006. "Modeling Live Cattle Supply With Different Price Expectations," 2006 Annual Meeting, February 5-8, 2006, Orlando, Florida 35447, Southern Agricultural Economics Association.

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