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Demand, Supply, and Price Relationships for the Dairy Sector, Post-World War II Period

Author

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  • Robert R. Wilson
  • Russell G. Thompson

Abstract

A simultaneous equation dairy model allowing for possible simultaneity between supplies and demands is formulated and estimated. The findings, which are comparable with those of earlier studies, indicate that the supply of milk is largely predetermined with respect to the price of milk in year t and is more elastic, but still inelastic, with respect to the average price of milk in years t − 1, t − 2, and t − 3. They further indicate that the demand for fluid milk products as well as the demand for manfactured dairy products is inelastic with respect to price and income.

Suggested Citation

  • Robert R. Wilson & Russell G. Thompson, 1967. "Demand, Supply, and Price Relationships for the Dairy Sector, Post-World War II Period," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 49(2), pages 360-371.
  • Handle: RePEc:oup:ajagec:v:49:y:1967:i:2:p:360-371.
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    File URL: http://hdl.handle.net/10.2307/1237206
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    Citations

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    Cited by:

    1. Buxton, Boyd M. & Fallert, Richard, 1974. "Impact Of Dairy Product Imports On U.S. Milk Price," Staff Papers 13990, University of Minnesota, Department of Applied Economics.
    2. Hanjoon M. Jung & Abid A Burki & Mushtaq A Khan, 2012. "Supply of Dairy Products in Developing Countries," Economics Bulletin, AccessEcon, vol. 32(4), pages 3213-3223.
    3. Milligan, Robert A., 1978. "Milk Supply Response In California: Effects Of Profitability Variables And Regional Characteristics," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 3(2), pages 1-8, December.
    4. Wayne H. Howard & C. Richard Shumway, 1988. "Dynamic Adjustment in the U.S. Dairy Industry," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(4), pages 837-847.
    5. Fotis, Panagiotis & Polemis, Michael, 2018. "The impact of market deregulation on milk price: A dynamic panel data approach," MPRA Paper 86542, University Library of Munich, Germany.
    6. Jeffrey T. LaFrance & Harry de Gorter, 1985. "Regulation in a Dynamic Market: The U.S. Dairy Industry," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 67(4), pages 821-832.
    7. Elterich, G. Joachim & Masud, Sharif M., 1980. "Milk Supply Response In Delaware," Journal of the Northeastern Agricultural Economics Council, Northeastern Agricultural and Resource Economics Association, vol. 9(1), pages 1-5, April.
    8. Elterich, G. Joachim & Masud, Sharif M., 1980. "Milk Supply Response In Delaware," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 0(Number 1), pages 1-5, April.
    9. Outlaw, Joe L. & Capps Jr, Oral & Knutson, Ronald D. & Schwart Jr, Robert B., 1991. "The Correspondence of Farm and Retail Milk Price Movements," Working Papers 258048, Texas A&M University, Agricultural and Food Policy Center.
    10. Eswaramoorthy, K., 1991. "U.S. livestock production and factor demand: a multiproduct dynamic dual approach," ISU General Staff Papers 1991010108000010523, Iowa State University, Department of Economics.
    11. Dahlgran, Roger A., 1981. "Dairy Marketing And Policy Analysis: A Critical Review Of Recent Empirical Studies," Department of Economics and Business - Archive 259651, North Carolina State University, Department of Economics.
    12. repec:ags:ucdavw:225681 is not listed on IDEAS
    13. Jean-Paul Chavas & Richard M. Klemme, 1986. "Aggregate Milk Supply Response and Investment Behavior on U.S. Dairy Farms," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(1), pages 55-66.
    14. Hammond, Jerome W., 1983. "Self-Help Price Support: Assessing Producers For Costs Of Product Removals," Staff Papers 13824, University of Minnesota, Department of Applied Economics.
    15. Chambers, Robert G. & Just, Richard E. & Moffitt, L. Joe & Rowe, Gordon A., 1979. "Disequilibrium Analysis for Fluid Milk," CUDARE Working Papers 242457, University of California, Berkeley, Department of Agricultural and Resource Economics.

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