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Regulation in a Dynamic Market: The U.S. Dairy Industry

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  • LaFrance, Jeffrey
  • de Gorter, Harry

Abstract

An econometric model of the U.S. dairy market is estimated for the period 1950–80. The economic costs of the dairy program for the period 1965–80 are calculated using ex ante, ex post, and long-run demand and supply functions. Results indicate that the costs of the dairy program averaged from 430 to 590 million 1980dollars per year, depending upon the choice of economic surplus measure. The cost estimates depend only slightly on the year that the dairy program is assumed to have been terminated.
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Suggested Citation

  • LaFrance, Jeffrey & de Gorter, Harry, 1982. "Regulation in a Dynamic Market: The U.S. Dairy Industry," CUDARE Working Papers 198259, University of California, Berkeley, Department of Agricultural and Resource Economics.
    • Handle: RePEc:ags:ucbecw:198259
    DOI: 10.22004/ag.econ.198259
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    References listed on IDEAS

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    1. 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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