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Structural Relationships In Uk Store Livestock Markets

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  • D. Brookfield

Abstract

This paper examines the economic trading relationships underlying store livestock markets in the UK for beef steers, pigs and sheep. Economic decisions relating to store sales and purchases are set within the context of a dynamic, multi‐period, market‐clearing framework. A new approach to modelling store markets is introduced in which the rational‐expectations methodology to forming model‐consistent expectations is central. The results suggest how the store markets form part of a vertically integrated production system and reveal to what extent the beef steer, pig and sheep sectors exhibit econometrically identifiable relations.

Suggested Citation

  • D. Brookfield, 1991. "Structural Relationships In Uk Store Livestock Markets," Journal of Agricultural Economics, Wiley Blackwell, vol. 42(1), pages 11-20, January.
    • Handle: RePEc:bla:jageco:v:42:y:1991:i:1:p:11-20
    DOI: 10.1111/j.1477-9552.1991.tb00328.x
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    References listed on IDEAS

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    1. Shiller, Robert J., 1978. "Rational expectations and the dynamic structure of macroeconomic models : A critical review," Journal of Monetary Economics, Elsevier, vol. 4(1), pages 1-44, January.
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    Cited by:

    1. M. Burton, 1993. "Some Illustrations Of Chaos In Commodity Models," Journal of Agricultural Economics, Wiley Blackwell, vol. 44(1), pages 38-50, January.

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