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A General Equilibrium Analysis of Foreign and Domestic Demand Shocks Arising from Mad Cow Disease in the United States

  • Devadoss, Stephen
  • Holland, David W.
  • Stodick, Leroy
  • Ghosh, Joydeep
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    The discovery of the first case of mad cow disease in the United States in 2003 reverberated across the beef and cattle industry. This study employs a general equilibrium model to analyze the potential economic effects of mad cow disease on the beef, cattle, and other meat industries under three scenarios, ranging form most favorable to most pessimistic. The scenario with 90% foreign demand decline and 10% domestic demand reduction generates results consistent with the actual outcomes after the mad cow disease outbreak. Only if domestic demand declines significantly will the economic hardship in the U.S. beef and cattle industry be very large.

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    Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

    Volume (Year): 31 (2006)
    Issue (Month): 02 (August)

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    Handle: RePEc:ags:jlaare:8607
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    1. Cezary A Kapuscinski & Peter G Warr, 1996. "Estimation of Armington Elasticities: An Application to the Philippines," Departmental Working Papers 1996-08, The Australian National University, Arndt-Corden Department of Economics.
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    5. Latouche, K. & Rainelli, P. & Vermersch, D., 1998. "Food safety issues and the BSE scare: some lessons from the French case," Food Policy, Elsevier, vol. 23(5), pages 347-356, October.
    6. John Gilbert & Thomas Wahl, 2002. "Applied General Equilibrium Assessments of Trade Libereralisation in China," The World Economy, Wiley Blackwell, vol. 25(5), pages 697-731, 05.
    7. John Gilbert, 2003. "Trade Liberalization and Employment in Developing Economies of the Americas," Economie Internationale, CEPII research center, issue 94-95, pages 155-174.
    8. Roland Herrmann & Stanley R. Thompson & Stephanie Krischik-Bautz, 2002. "Bovine spongiform encephalopathy and generic promotion of beef: An analysis for “quality from Bavaria”," Agribusiness, John Wiley & Sons, Ltd., vol. 18(3), pages 369-385.
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