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Rationalizing Time Series Differences Between Cow-Calf And Feeder Returns

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  • Zhao, Huan
  • Hennessy, David A.

Abstract

This paper tries to justify the observation of different return patterns in the upstream and downstream sectors of US beef production. It builds a dynamic rational expectation model separating the cow-calf and feeding sector with the former sector being the residual claimer. The model shows that the cow-calf operation has positively autocorrelated return pattern while the feeding operation return only reflects random shock. Empirical study shows that 85.4% of the Ricardian rent is passed through to the upstream sector, and the downstream sector can only claim the unexpected return resulting from random shocks.

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File URL: http://purl.umn.edu/49486
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Bibliographic Info

Paper provided by Agricultural and Applied Economics Association in its series 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin with number 49486.

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Date of creation: 2009
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Handle: RePEc:ags:aaea09:49486

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Related research

Keywords: Ricardian rent; cow-calf return; supply chain; Agribusiness; Agricultural Finance; Farm Management; Industrial Organization; Livestock Production/Industries;

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  1. David M. Aadland, 2000. "The Economics Of Cattle Supply," Computing in Economics and Finance 2000 57, Society for Computational Economics.
  2. Randal R. Rucker & Oscar R. Burt & Jeffrey T. LaFrance, 1984. "An Econometric Model of Cattle Inventories," Development Research Unit Working Paper Series archive-25, Monash University, Department of Economics.
  3. Dabin Wang & William G. Tomek, 2007. "Commodity Prices and Unit Root Tests," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(4), pages 873-889.
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Cited by:
  1. 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.

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