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Estimating Intertemporal Supply Response in the Fed Beef Market

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  • John M. Marsh

Abstract

A partial adjustment model with monthly lag structures on expected output and input prices is used to estimate intertemporal supply behavior of fed beef. Previous research has provided conflicting supply elasticities. The present work reconciles the conflicts by integrating different lengths of run into cattle marketing and placement decisions. For example, the model dynamics incorporate short-run changes in cattle asset values and long-run adjustments in resource use. Empirical results provide no evidence of short-run supply fixity; supply elasticities switch from negative to positive over time.

Suggested Citation

  • John M. Marsh, 1994. "Estimating Intertemporal Supply Response in the Fed Beef Market," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 76(3), pages 444-453.
    • Handle: RePEc:oup:ajagec:v:76:y:1994:i:3:p:444-453.
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    File URL: http://hdl.handle.net/10.2307/1243656
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    Cited by:

    1. Weliwita, Ananda & Azzam, Azzeddine M., 1996. "Identifying Implicit Collusion Under Declining Output Demand," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(2), pages 1-12, December.
    2. Marsh, John M., 1999. "Economic Factors Determining Changes In Dressed Weights Of Live Cattle And Hogs," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 24(2), pages 1-14, December.
    3. Muth, Mary K. & Wohlgenant, Michael K., 1999. "Measuring The Degree Of Oligopsony Power In The Beef Packing Industry In The Absence Of Marketing Input Quantity Data," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 24(2), pages 1-14, December.
    4. Buhr, Brian L. & Kim, Hanho, 1997. "Dynamic adjustment in the US beef market with imports," Agricultural Economics, Blackwell, vol. 17(1), pages 21-34, October.
    5. R. Jha & H. K. Nagarajan, 2002. "Wholesale spreads and the dynamics of retail price volatility in Indian rice markets," Applied Economics Letters, Taylor & Francis Journals, vol. 9(6), pages 387-390.
    6. Buddhika Patalee & Glynn T. Tonsor, 2021. "Weather effects on U.S. cow‐calf production: A long‐term panel analysis," Agribusiness, John Wiley & Sons, Ltd., vol. 37(4), pages 838-857, October.
    7. Azzam, Azzeddine & Dhoubhadel, Sunil, 2022. "COVID-19, Beef Price Spreads, and Market Power," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 47(2), May.
    8. Paarlberg, Philip L. & Lee, John G. & Seitzinger, Ann Hillberg, 2005. "Economic Modeling of Livestock Disease Outbreaks," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 8(1), pages 1-16.
    9. Rezitis, Anthony N. & Stavropoulos, Konstantinos S., 2010. "Modeling beef supply response and price volatility under CAP reforms: The case of Greece," Food Policy, Elsevier, vol. 35(2), pages 163-174, April.
    10. Mervish, Philip & Anderson, David P. & Richardson, James W. & Outlaw, Joe L., 2008. "The Impact of Land Fragmentation on Beef Cattle Inventory," 2008 Annual Meeting, February 2-6, 2008, Dallas, Texas 6816, Southern Agricultural Economics Association.
    11. Murray-Prior, Roy B. & Wright, Vic, 2001. "Influence of strategies and heuristics on farmers’ response to change under uncertainty," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 45(4), pages 1-26.
    12. Davis, George C., 2001. "Confirmation And Falsification Of Equilibrium Displacement Models," 2001 Annual meeting, August 5-8, Chicago, IL 20525, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    13. Skaggs, Rhonda K. & Falk, Constance L., 1997. "Market and Welfare Effects of Livestock Feed Subsidies," 1997 Annual Meeting, July 13-16, 1997, Reno\ Sparks, Nevada 35944, Western Agricultural Economics Association.
    14. Pritchett, James G. & Thilmany, Dawn D. & Johnson, Kamina K., 2005. "Animal Disease Economic Impacts: A Survey of Literature and Typology of Research Approaches," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 8(1), pages 1-23.
    15. Cranfield, John A.L., 2002. "Optimal Advertising With Traded Raw And Final Goods: The Case Of Variable Proportions Technology," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 27(1), pages 1-18, July.
    16. Marsh, John M., 1997. "GATT Policies and Effects on the U.S. Beef Market," Research Discussion Papers 256819, Montana State University, Department of Agricultural Economics and Economics, Trade Research Center.

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