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Cost-Based Model of Seasonal Production, with Application to Milk Policy, A

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Author Info
Hennessy, David A.
Roosen, Jutta

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Abstract

Milk production is seasonal in many European countries. While quantity seasonality poses capacity management problems for dairy processors, a European Union policy goal is to reduce price seasonality. After developing a model of endogenous seasonality, we study the effects of three E.U. policies on production decisions. These are private storage subsidies, production removals, and production quotas. When cost functions are seasonal in a specified way, then arbitrage opportunities interact with storage subsidies to reduce both price and consumption seasonality. But production seasonality likely increases because storage subsidies promote temporal market integration. Conditions are identified under which product market interventions increase quantity seasonality. Keywords: efficiency, market intervention, quota, stabilization, storage subsidies.

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 10176.

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Date of creation: 14 Jan 2003
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Publication status: Published in Journal of Agricultural Economics, July 2003, Vol. 54, pp. 285-312.
Handle: RePEc:isu:genres:10176

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  1. Allen, Douglas W & Lueck, Dean, 1998. "The Nature of the Farm," Journal of Law & Economics, University of Chicago Press, vol. 41(2), pages 343-86, October.
  2. Kimball, Miles S, 1990. "Precautionary Saving in the Small and in the Large," Econometrica, Econometric Society, vol. 58(1), pages 53-73, January. [Downloadable!] (restricted)
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  3. Washington, Andrew A & Lawson, Robert W, Jr & Kilmer, Richard L, 2000. "An Evaluation of the Effectiveness of the Florida Cooperative's Seasonal Pricing Plan on Seasonal Production Variability," Journal of Agricultural & Applied Economics, Southern Agricultural Economics Association, vol. 32(1), pages 113-21, April.
  4. Chambers, Robert G & Quiggin, John, 1997. "Separation and Hedging Results with State-Contingent Production," Economica, London School of Economics and Political Science, vol. 64(254), pages 187-209, May. [Downloadable!] (restricted)
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  5. Innes, Robert, 1993. "Two-Season Subsistence Farming, Urban Food Subsidies and Optimal Agricultural Policy," Oxford Economic Papers, Oxford University Press, vol. 45(4), pages 668-90, October. [Downloadable!] (restricted)
  6. Saha, Atanu, 1994. "A two-season agricultural household model of output and price uncertainty," Journal of Development Economics, Elsevier, vol. 45(2), pages 245-269, December. [Downloadable!] (restricted)
  7. Just, Richard E. & Pope, Rulon D., 1978. "Stochastic specification of production functions and economic implications," Journal of Econometrics, Elsevier, vol. 7(1), pages 67-86, February. [Downloadable!] (restricted)
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  1. David A. Hennessy, 2004. "Product Development, Cost Seasonality, Region Marginalization, and a More Demanding Consumer," Center for Agricultural and Rural Development (CARD) Publications 04-wp378, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
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  2. David Hennessy, 2007. "Region marginalization in agriculture, seasonality, dedicated capital, and product development with reference to North Europe dairy sector," The Annals of Regional Science, Springer, vol. 41(2), pages 467-486, June. [Downloadable!] (restricted)
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  3. Hennessy, David A. & Lapan, Harvey E., 2004. "Market Cycles for a Non-Storable Product under Adjustment Costs," Staff General Research Papers 12208, Iowa State University, Department of Economics. [Downloadable!]
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