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Aggregate Milk Supply Response and Investment Behavior on U.S. Dairy Farms

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  • Jean-Paul Chavas
  • Richard M. Klemme

Abstract

This paper presents a dynamic model of herd composition and supply response in the U.S. dairy sector. By incorporating biological information, the influences of the economic environment on culling rates and the dynamics of the dairy cow population are analyzed. Short-run and long-run supply elasticities provide considerable insights on milk supply adjustments over time.

Suggested Citation

  • 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.
    • Handle: RePEc:oup:ajagec:v:68:y:1986:i:1:p:55-66.
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    1. Jarvis, Lovell S, 1974. "Cattle as Capital Goods and Ranchers as Portfolio Managers: An Application to the Argentine Cattle Sector," Journal of Political Economy, University of Chicago Press, vol. 82(3), pages 489-520, May/June.
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    8. Novakovic, Andrew M. & Thompson, Robert L., 1977. "The Impact Of Imports Of Manufactured Milk Products On The U.S. Dairy Industry," 1977 AAEA-WAEA Joint Meeting, July 31-August 3, San Diego, California 283628, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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