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Price Enhancement, Returns Variability, And Supply Response In The U.S. Dairy Sector

  • Thraen, Cameron S.
  • Hammond, Jerome W.

Dairy producers operating in the U.S. have been protected against market price variability by the federal price support program for over 35 years. During the late 1970s tax outlays to operate this program grew at a rapid rate. While many authors have addressed the economic implications of the existing dairy price support program, few have explicitly considered the relationship between risk aversion, capital investment, milk production, and support price policy in this process. This paper considers the role of uncertainty and risk-averse behavior and suggests that these elements are crucial to an economic analysis of the current program and future dairy policy issues.

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File URL: http://purl.umn.edu/30207
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Article provided by Southern Agricultural Economics Association in its journal Southern Journal of Agricultural Economics.

Volume (Year): 19 (1987)
Issue (Month): 02 (December)
Pages:

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Handle: RePEc:ags:sojoae:30207
Contact details of provider: Web page: http://www.saea.org/jaae/jaae.htm

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  1. Chambers, Robert G., 1982. "Relevance Of Duality Theory To The Practicing Agricultural Economist: Discussion," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(02), December.
  2. Halter, A.N., 1982. "Relevance Of Duality Theory To The Practicing Agricultural Economist: Discussion," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(02), December.
  3. Thraen, Cameron S. & Hammond, Jerome W., 1983. "Price Supports, Risk Aversion And U.S. Dairy Policy: An Alternative Perspective Of The Long-Term Impacts," Economic Reports 13034, University of Minnesota, Department of Applied Economics.
  4. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September.
  5. Chavas, Jean-Paul & Pope, Rulon D., 1982. "Hedging And Production Decisions Under A Linear Mean-Variance Preference Function," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(01), July.
  6. Eeckhoudt, Louis & Hansen, Pierre, 1980. "Minimum and Maximum Prices, Uncertainty, and the Theory of the Competitive Firm," American Economic Review, American Economic Association, vol. 70(5), pages 1064-68, December.
  7. Meyer, Jack & Ormiston, Michael B, 1985. "Strong Increases in Risk and Their Comparative Statics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(2), pages 425-37, June.
  8. Young, Douglas L., 1982. "Relevance Of Duality Theory To The Practicing Agricultural Economist: Discussion," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(02), December.
  9. Jeffrey T. LaFrance & Harry D. Gorter, 1985. "Regulation in a Dynamic Market: The U.S. Dairy Industry," Monash Economics Working Papers archive-34, Monash University, Department of Economics.
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