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

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  • Chavas, Jean-Paul
  • Klemme, RIchard M.

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.
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Suggested Citation

  • Chavas, Jean-Paul & Klemme, RIchard M., 1984. "Aggregate Milk Supply Response and Investment Behavior on U.S. Dairy Farms," 1984 Annual Meeting, August 5-8, Ithaca, New York 279087, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea84:279087
    DOI: 10.22004/ag.econ.279087
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    References listed on IDEAS

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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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    5. Larry Langemeier & Russell G. Thompson, 1967. "Demand, Supply, and Price Relationships for the Beef Sector, Post-World War II Period," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 49(1_Part_I), pages 169-183.
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    7. 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.
    8. Dean Chen & Richard Courtney & Andrew Schmitz, 1972. "A Polynomial Lag Formulation of Milk Production Response," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 54(1), pages 77-83.
    9. 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).
    Full references (including those not matched with items on IDEAS)

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