IDEAS home Printed from https://ideas.repec.org/a/oup/ajagec/v49y1967i2p360-371..html
   My bibliography  Save this article

Demand, Supply, and Price Relationships for the Dairy Sector, Post-World War II Period

Author

Listed:
  • Robert R. Wilson
  • Russell G. Thompson

Abstract

A simultaneous equation dairy model allowing for possible simultaneity between supplies and demands is formulated and estimated. The findings, which are comparable with those of earlier studies, indicate that the supply of milk is largely predetermined with respect to the price of milk in year t and is more elastic, but still inelastic, with respect to the average price of milk in years t − 1, t − 2, and t − 3. They further indicate that the demand for fluid milk products as well as the demand for manfactured dairy products is inelastic with respect to price and income.

Suggested Citation

  • Robert R. Wilson & Russell G. Thompson, 1967. "Demand, Supply, and Price Relationships for the Dairy Sector, Post-World War II Period," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 49(2), pages 360-371.
    • Handle: RePEc:oup:ajagec:v:49:y:1967:i:2:p:360-371.
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.2307/1237206
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Buxton, Boyd M. & Fallert, Richard, 1974. "Impact Of Dairy Product Imports On U.S. Milk Price," Staff Papers 13990, University of Minnesota, Department of Applied Economics.
    2. Hanjoon M. Jung & Abid A Burki & Mushtaq A Khan, 2012. "Supply of Dairy Products in Developing Countries," Economics Bulletin, AccessEcon, vol. 32(4), pages 3213-3223.
    3. Milligan, Robert A., 1978. "Milk Supply Response In California: Effects Of Profitability Variables And Regional Characteristics," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 3(2), pages 1-8, December.
    4. Wayne H. Howard & C. Richard Shumway, 1988. "Dynamic Adjustment in the U.S. Dairy Industry," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(4), pages 837-847.
    5. Fotis, Panagiotis & Polemis, Michael, 2018. "The impact of market deregulation on milk price: A dynamic panel data approach," MPRA Paper 86542, University Library of Munich, Germany.
    6. Jeffrey T. LaFrance & Harry de Gorter, 1985. "Regulation in a Dynamic Market: The U.S. Dairy Industry," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 67(4), pages 821-832.
    7. Elterich, G. Joachim & Masud, Sharif M., 1980. "Milk Supply Response In Delaware," Journal of the Northeastern Agricultural Economics Council, Northeastern Agricultural and Resource Economics Association, vol. 9(1), pages 1-5, April.
    8. Elterich, G. Joachim & Masud, Sharif M., 1980. "Milk Supply Response In Delaware," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 0(Number 1), pages 1-5, April.
    9. Outlaw, Joe L. & Capps Jr, Oral & Knutson, Ronald D. & Schwart Jr, Robert B., 1991. "The Correspondence of Farm and Retail Milk Price Movements," Working Papers 258048, Texas A&M University, Agricultural and Food Policy Center.
    10. Eswaramoorthy, K., 1991. "U.S. livestock production and factor demand: a multiproduct dynamic dual approach," ISU General Staff Papers 1991010108000010523, Iowa State University, Department of Economics.
    11. Dahlgran, Roger A., 1981. "Dairy Marketing And Policy Analysis: A Critical Review Of Recent Empirical Studies," Department of Economics and Business - Archive 259651, North Carolina State University, Department of Economics.
    12. repec:ags:ucdavw:225681 is not listed on IDEAS
    13. Jean-Paul Chavas & Richard M. Klemme, 1986. "Aggregate Milk Supply Response and Investment Behavior on U.S. Dairy Farms," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(1), pages 55-66.
    14. Hammond, Jerome W., 1983. "Self-Help Price Support: Assessing Producers For Costs Of Product Removals," Staff Papers 13824, University of Minnesota, Department of Applied Economics.
    15. Chambers, Robert G. & Just, Richard E. & Moffitt, L. Joe & Rowe, Gordon A., 1979. "Disequilibrium Analysis for Fluid Milk," CUDARE Working Papers 242457, University of California, Berkeley, Department of Agricultural and Resource Economics.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:ajagec:v:49:y:1967:i:2:p:360-371.. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://edirc.repec.org/data/aaeaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.