We develop a simulation model to analyze the effects on U.S. milk markets of an Australia-U.S. free trade agreement. An important contribution to the literature is the derivation of explicit supply and demand relationships for milk components, which allows an analysis of long-term production, consumption, and trade patterns that is not tied to specific products. Simulations indicate that increased imports from Australia, resulting from bilateral trade liberalization, would result in modest reductions in U.S. milk prices and production.
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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2004 Annual meeting, August 1-4, Denver, CO with number
20164.
Length: Date of creation: 2004 Date of revision: Handle: RePEc:ags:aaea04:20164
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