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Regulation in a Dynamic Market: The U.S. Dairy Industry



An econometric model of the U.S. dairy market is estimated for the period 1950–80. The economic costs of the dairy program for the period 1965–80 are calculated using ex ante, ex post, and long-run demand and supply functions. Results indicate that the costs of the dairy program averaged from 430 to 590 million 1980dollars per year, depending upon the choice of economic surplus measure. The cost estimates depend only slightly on the year that the dairy program is assumed to have been terminated.

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  • Jeffrey T. LaFrance & Harry D. Gorter, 1985. "Regulation in a Dynamic Market: The U.S. Dairy Industry," Monash Economics Working Papers archive-34, Monash University, Department of Economics.
  • Handle: RePEc:mos:moswps:archive-34

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    References listed on IDEAS

    1. Nagel, Rosemarie, 1995. "Unraveling in Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 85(5), pages 1313-1326, December.
    2. Croson, Rachel T. A., 2000. "Thinking like a game theorist: factors affecting the frequency of equilibrium play," Journal of Economic Behavior & Organization, Elsevier, vol. 41(3), pages 299-314, March.
    3. McKelvey, Richard D & Page, Talbot, 1990. "Public and Private Information: An Experimental Study of Information Pooling," Econometrica, Econometric Society, vol. 58(6), pages 1321-1339, November.
    4. Offerman, Theo & Sonnemans, Joep & Schram, Arthur, 1996. "Value Orientations, Expectations and Voluntary Contributions in Public Goods," Economic Journal, Royal Economic Society, vol. 106(437), pages 817-845, July.
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