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Price Enhancement, Returns Variability, and Supply Response in the U.S. Dairy Sector

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

Abstract

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.

Suggested Citation

  • Thraen, Cameron S. & Hammond, Jerome W., 1987. "Price Enhancement, Returns Variability, and Supply Response in the U.S. Dairy Sector," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 19(2), pages 83-92, December.
    • Handle: RePEc:cup:jagaec:v:19:y:1987:i:02:p:83-92_02
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    Cited by:

    1. Graham, J. D. & Stennes, B. & MacGregor, R. J. & Meilke, Karl D. & Moschini, GianCarlo, 1990. "Effects of Trade Liberalization on the Canadian Dairy and Poultry Sectors, The," Staff General Research Papers Archive 12754, Iowa State University, Department of Economics.
    2. Jackson Jeremy Jay & Thraen Cameron S. & Bozic Marin, 2013. "Conflict over Cooperation: Why So Much Disagreement over the Proposed Dairy Market Stabilization Program?," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 11(1), pages 1-10, November.
    3. Marin Bozic & Brian W. Gould, 2009. "Has Price Responsiveness of U.S. Milk Supply Decreased?," Working Papers 0902, The Institute of Economics, Zagreb.

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