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A Bio-Economic Dynamic Programming Analysis Of The Seasonal Supply Response By Florida Dairy Producers

Listed author(s):
  • Gao, Xiaoming
  • Spreen, Thomas H.
  • Delorenzo, Michael A.

Seasonal price premiums have been proposed as a means of dampening the highly seasonal patterns of milk production in Florida. A Markov decision bio-economic model of the breeding and replacement decisions was solved via stochastic dynamic programming and used to analyze the potential supply response to seasonal price premiums. The results of the analysis suggest that the seasonal milk supply in Florida is highly price inelastic.

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Article provided by Southern Agricultural Economics Association in its journal Southern Journal of Agricultural Economics.

Volume (Year): 24 (1992)
Issue (Month): 02 (December)

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Handle: RePEc:ags:sojoae:29628
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  1. Luh, Yir-Hueih & Stefanou, Spiro E., 1989. "Dairy Supply And Factor Demand Response To Output Price Risk: An Econometric Assessment," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 18(2), October.
  2. Hall, Seth C. & Oltenacu, Pascal A. & Milligan, Robert A., 1987. "Returns to Dairy Producers Under Different Seasonal Production Patterns," Research Bulletins 183664, Cornell University, Department of Applied Economics and Management.
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