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Phase Space Reconstruction and Nonlinear Equilibrium Dynamics in the United States Beef Market

Author

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  • McCullough, Michael
  • Marsh, Thomas L.
  • Huffaker, Ray G.

Abstract

This paper investigates dynamic interactions in the US beef market using phase space reconstruction, which has been developed to analyze nonlinear dynamical systems. This approach provides important and unique empirical insights into consumers' behavior in the beef market. Our results from a phase space reconstruction analysis demonstrate distinct differences between intertemporal short run impacts from food safety outbreaks (e.g., E. Coli) and longer run health effects (e.g., cholesterol). Adjustments due to factors such as cholesterol are permanent changes and do not affect the manner by which people consume, while consumers react to food safety scares by adjusting consumption for a short period of time and then returning to their normal steady state cycle of consumption.

Suggested Citation

  • McCullough, Michael & Marsh, Thomas L. & Huffaker, Ray G., 2007. "Phase Space Reconstruction and Nonlinear Equilibrium Dynamics in the United States Beef Market," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon 9830, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea07:9830
    DOI: 10.22004/ag.econ.9830
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    File URL: https://ageconsearch.umn.edu/record/9830/files/sp07mc04.pdf
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    Cited by:

    1. Tapia Cortez, Carlos A. & Hitch, Michael & Sammut, Claude & Coulton, Jeff & Shishko, Robert & Saydam, Serkan, 2018. "Determining the embedding parameters governing long-term dynamics of copper prices," Chaos, Solitons & Fractals, Elsevier, vol. 111(C), pages 186-197.

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    Keywords

    Livestock Production/Industries; Marketing;

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