Hog Cycles and Countercyclical Production Response
AbstractThe cycle in prices and output is not a permanent fixture of the pork industry. Exogenous shocks occasionally give rise to predictable cycles in pork prices, but these are eventually eliminated in a manner that is consistent with the existence of countercyclical producers. It normally takes several revolutions of the cycle before a sufficient number of countercyclical producers notice that a cycle has begun and are able to alter their production patterns sufficiently to eliminate it. Consequently, the more compelling the evidence is in favor of a cycle the less likely it is to continue.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 597.
Date of creation: 01 Nov 1987
Date of revision:
Publication status: Published in American Journal of Agricultural Economics, November 1987, vol. 69 no. 4, pp. 762-770
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
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Web page: http://www.econ.iastate.edu
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