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Usda Data Revisions Of Choice Beef Prices And Price Spreads: Implications For Estimating Demand Responses

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  • Marsh, John M.

Abstract

Reduced form price equations were estimated to compare market demand responses from two data sources: U.S. Department of Agriculture (USDA) beef price and price spread data per revisions in 1978 and per revisions in 1990. The latest revisions were necessary to account for changing beef industry technology and product consumption in the 1980s. Results indicate the elasticities of retail and derived demands average about 25 and 17% lower, respectively, when using the 1990 revised data. Trends and lag adjustments played an important role. The analyses suggest careful interpretation of demand responses when time series data lag technology conditions in the market.

Suggested Citation

  • Marsh, John M., 1992. "Usda Data Revisions Of Choice Beef Prices And Price Spreads: Implications For Estimating Demand Responses," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 17(2), pages 1-12, December.
    • Handle: RePEc:ags:jlaare:30943
    DOI: 10.22004/ag.econ.30943
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    1. 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.
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    3. Crom, Richard, 1970. "A Dynamic Price-Output Model of the Beef and Pork Sectors," Technical Bulletins 171854, United States Department of Agriculture, Economic Research Service.
    4. Moschini, GianCarlo & Meilke, Karl D., 1984. "Parameter Stability And The U.S. Demand For Beef," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 9(2), pages 1-12, December.
    5. George, P.S. & King, Gordon A., 1971. "Consumer Demand for Food Commodities in the United States with Projections for 1980," Monographs, University of California, Davis, Giannini Foundation, number 11936, December.
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    Cited by:

    1. Schroeder, Ted C & Tonsor, Glynn T & Schulz, Lee L & Johnson, Bradley J & Sommers, Christopher, 2021. "USDA ERS Meat Price Spread Data Product Review," Contractor and Cooperator Reports 327349, United States Department of Agriculture, Economic Research Service.
    2. Brester, Gary W. & Marsh, John M. & Atwood, Joseph A., 2004. "Distributional Impacts of Country-of-Origin Labeling in the U.S. Meat Industry," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 29(2), pages 1-22, August.
    3. Dennis, Elliott J. & Schroeder, Ted C. & Renter, David G. & Pendell, Dustin L., 2018. "Value of Arrival Metaphylaxis in U.S. Cattle Industry," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 43(2), May.

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