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Beef Cow Inventory Response: An Attempt to Apply the Adaptive Risk Model

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  • Harrison, Ian

Abstract

An analysis of variations in the annual inventory of beef cows and heifers at the regional level in New South Wales using Just's adaptive risk model is reported. The State has been divided into six relatively homogeneous regions for the purposes of the study. Wherever significant coefficient estimates are obtained, inventories in the various regions are positively related to expected beef price and the variance of prices of alternative commodities and negatively related to expected prices of alternative commodities and the variance of beef price. Some of the limitations of the adaptive risk model in analysing the beef industry are discussed.

Suggested Citation

  • Harrison, Ian, 1982. "Beef Cow Inventory Response: An Attempt to Apply the Adaptive Risk Model," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 50(02), pages 1-15, August.
    • Handle: RePEc:ags:remaae:12240
    DOI: 10.22004/ag.econ.12240
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    References listed on IDEAS

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    1. Kenkel, James L, 1974. "Some Small Sample Properties of Durbin's Tests for Serial Correlation in Regression Models Containing Lagged Dependent Variables," Econometrica, Econometric Society, vol. 42(4), pages 763-769, July.
    2. Freebairn, John W., 1973. "Some Estimates of Supply and Inventory Response Functions for the Cattle and Sheep Sector of New South Wales," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 41(02-3), pages 1-38, June.
    3. Just, Richard E, 1977. "Estimation of an Adaptive Expectations Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(3), pages 629-644, October.
    4. Dhrymes, Phoebus J & Klein, Lawrence R & Steiglitz, Kenneth, 1970. "Estimation of Distributed Lags," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 11(2), pages 235-250, June.
    5. Shlomo Reutlinger, 1966. "Short-Run Beef Supply Response," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 48(4_Part_I), pages 909-919.
    6. B. S. Fisher & Carolyn Tanner, 1978. "The Formulation of Price Expectations: An Empirical Test of Theoretical Models," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 60(2), pages 245-248.
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