Regulation in a Dynamic Market: The U.S. Dairy Industry
An econometric model of the U.S. dairy market is estimated for the period 1950â€“80. The economic costs of the dairy program for the period 1965â€“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.
|Date of creation:||1985|
|Date of revision:|
|Publication status:||published in American Journal of Agricultural Economics, Vol. 67 (4): 821-832.|
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