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An Optimal Control Framework For Inter - Regional Dairy Policy Analysis

Author

Listed:
  • Tanjuakio, Rodolfo V.
  • Gempesaw, Conrado M., II
  • Elterich, Joachim G.

Abstract

An eleven-region stochastic coefficient econometric model was estimated and used in an optimal control framework to evaluate the effectiveness of the dairy price support program and marketing orders in reducing and stabilizing government purchases of dairy products. The results showed significant pressure on the reduction of the support price both in the presence and absence of Class I differentials. The optimal control model also showed that the drop in price support levels did not dramatically alter the regional distribution of milk production.

Suggested Citation

  • Tanjuakio, Rodolfo V. & Gempesaw, Conrado M., II & Elterich, Joachim G., 1992. "An Optimal Control Framework For Inter - Regional Dairy Policy Analysis," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 24(02), December.
  • Handle: RePEc:ags:sojoae:29639
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    File URL: http://purl.umn.edu/29639
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    References listed on IDEAS

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    1. Swamy, P. A. V. B. & Tinsley, P. A., 1980. "Linear prediction and estimation methods for regression models with stationary stochastic coefficients," Journal of Econometrics, Elsevier, vol. 12(2), pages 103-142, February.
    2. Bailey, Kenneth W. & Womack, Abner & Brown, Scott, 1990. "The Impact of Product Demand and Government Intervention on Milk Prices," CNFAP Staff Reports 244128, Food and Agricultural Policy Research Institute (FAPRI).
    3. Roger K. Conway & Charles B. Hallahan & Richard P. Stillman & Paul T. Prentice, 1990. "Forecasting livestock prices: Fixed and stochastic coefficients estimation comparisons," Agribusiness, John Wiley & Sons, Ltd., vol. 6(1), pages 15-32.
    4. Chang, Ching-Cheng & Stefanou, Spiro E., 1987. "Supply Growth And Dairy Industry Deregulation," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 16(1), April.
    5. Kendrick, David, 1982. "Caution and probing in a macroeconomic model," Journal of Economic Dynamics and Control, Elsevier, vol. 4(1), pages 149-170, November.
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    Keywords

    Agricultural and Food Policy;

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