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Livestock Dynamics: An Old Problem and Some New Tools

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  • MacAulay, T. Gordon
  • Hertzler, Greg

Abstract

A problem encountered in the econometric estimation of dynamic models of livestock systems is dynamic instability during simulation of models. In the case of systems where economic decisions are involved in the breeding and the slaughter of animals it is possible for parameters to be obtained which generate dynamic instability. In the paper, a simple representation of the dynamics of a livestock system is examined using techniques of dynamic analysis. The dynamic stability of such models depends fundamentally on the parameters determining the births and deaths and thus the relative flows in and out of the stock of animals. In some situations very narrow stability ranges for the values of the parameters are observed.

Suggested Citation

  • MacAulay, T. Gordon & Hertzler, Greg, 2000. "Livestock Dynamics: An Old Problem and Some New Tools," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 123699, Australian Agricultural and Resource Economics Society.
    • Handle: RePEc:ags:aare00:123699
    DOI: 10.22004/ag.econ.123699
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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.
    2. Crom, Richard, 1970. "A Dynamic Price-Output Model of the Beef and Pork Sectors," Technical Bulletins 171854, United States Department of Agriculture, Economic Research Service.
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    Keywords

    Livestock Production/Industries;

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