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An Econometric Model of Cattle Inventories

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  • Randal R. Rucker
  • Oscar R. Burt
  • Jeffrey T. LaFrance

Abstract

Dynamic regression equations are estimated for each beef cattle breeding herd and beef cattle inventories at two levels of aggregation, the U.S. and Montana. The analysis for Montana was utilized as a guide for specification of the national equation to reduce the inference problem associated with letting the sample data help specify the model. Rational lags on average price received by farmers for calves and the ratio of fed beef to corn prices at Omaha constitute the primary explanatory variables. The equations perform exceedingly well over the sample period ( 1950–80) and in post-sample forecasts with the sample truncated back to 1970.

Suggested Citation

  • Randal R. Rucker & Oscar R. Burt & Jeffrey T. LaFrance, 1984. "An Econometric Model of Cattle Inventories," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(2), pages 131-144.
  • Handle: RePEc:oup:ajagec:v:66:y:1984:i:2:p:131-144.
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    References listed on IDEAS

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    1. Carlton, Dennis W, 1979. "Vertical Integration in Competitive Markets under Uncertainty," Journal of Industrial Economics, Wiley Blackwell, vol. 27(3), pages 189-209, March.
    2. Hirshleifer, Jack, 1971. "The Private and Social Value of Information and the Reward to Inventive Activity," American Economic Review, American Economic Association, vol. 61(4), pages 561-574, September.
    3. Caves, Richard E., 1977. "Organization, Scale, and Performance of the Grain Trade," Food Research Institute Studies, Stanford University, Food Research Institute, issue 03.
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