Alternative Breeding Inventory Specifications In A Livestock Market Model
The procedures adopted for incorporating breeding decisions in a livestock market model have implications for the simulation of the model. Specifically, there is a need to consider the nature of the biological lags between livestock breeding decisions and outputs, and how these are incorporated in the breeding inventory used in such a model. In this paper, five alternative breeding inventory specifications are used in a structural econometric model of the Australian prime lamb market. The predictions of lamb slaughterings and of price responses of lamb producers are affected by the specification of the lamb breeding inventory used. The extent to which the modelling results approximated reality was substantially improved when disaggregated and seasonally allocated data were used to estimate lamb breeding inventories.
Volume (Year): 37 (1993)
Issue (Month): 03 (December)
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- Marc Nerlove, 1979. "The Dynamics of Supply: Retrospect and Prospect," Discussion Papers 394, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Freebairn, John W., 1973. "Some Estimates of Supply and Inventory Response Functions for the Cattle and Sheep Sector of New South Wales," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 41, September.
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- Reynolds, R.G. & Gardiner, B., 1980. "Supply Response In The Australian Sheep Industry: A Case For Disaggregation And Dynamics," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(03), December.
- Jarvis, Lovell S, 1974. "Cattle as Capital Goods and Ranchers as Portfolio Managers: An Application to the Argentine Cattle Sector," Journal of Political Economy, University of Chicago Press, vol. 82(3), pages 489-520, May/June.
- Randal R. Rucker & Oscar R. Burt & Jeffrey T. LaFrance, 1984. "An Econometric Model of Cattle Inventories," Monash Economics Working Papers archive-25, Monash University, Department of Economics.
- R.G. Reynolds & B. Gardiner, 1980. "Supply Response In The Australian Sheep Industry: A Case For Disaggregation And Dynamics," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 196-209, December.
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