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A Bio-economic Dynamic Programming Analysis of the Seasonal Supply Response by Florida Dairy Producers

Author

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  • Gao, X. M.
  • Spreen, Thomas H.
  • DeLorenzo, Michael A.

Abstract

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.

Suggested Citation

  • Gao, X. M. & Spreen, Thomas H. & DeLorenzo, Michael A., 1992. "A Bio-economic Dynamic Programming Analysis of the Seasonal Supply Response by Florida Dairy Producers," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 24(2), pages 211-220, December.
    • Handle: RePEc:cup:jagaec:v:24:y:1992:i:02:p:211-220_01
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    Cited by:

    1. Tozer, Peter R. & Huffaker, Ray G., 1998. "Dynamics Of Optimal Interactions Between Pasture Production And Milk Yields Of Australian Dairy Farms," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20785, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Nubern, Christopher A. & Kilmer, Richard L., 1995. "Alternative Fluid Milk Procurement Systems For Florida Dairy Farmers," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(2), pages 1-15, December.
    3. Tozer, Peter R. & Huffaker, Ray G., 1999. "Dairy Deregulation And Low-Input Dairy Production: A Bioeconomic Evaluation," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 24(01), pages 1-18, July.
    4. Nubern, Chris & Kilmer, Richard L., 1993. "Alternative Fluid Milk Procurement Systems for the Florida Dairy Farmers," Staff Paper Series 239301, University of Florida, Food and Resource Economics Department.

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