A dynamic analysis of the size distribution of firms: The case of the US dairy industry
This article develops a time-varying Markov process of the aggregate size distribution of firms in an industry. This is used to specify and estimate an econometric model of the regional evolution of the number and size of US dairy farms. The empirical results provide evidence concerning the effects of milk price and feed cost on the structure of dairy production in selected regions.
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Volume (Year): 4 (1988)
Issue (Month): 4 ()
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- Edwards, Clark & Smith, Matthew G. & Peterson, R. Neal, 1985. "The Changing Distribution of Farms by Size: A Markov Analysis," Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, issue 4.