ESTIMATES OF INDIVIDUAL DAIRY FARM SUPPLY ELASTICITIES
| dc.creator | Tauer, Loren W. | |
| dc.date | 2017-04-01T19:42:08Z | |
| dc.date.accessioned | 2026-07-09T03:11:52Z | |
| dc.description | Milk supply elasticities were estimated for 70 farms who participated in the New York Dairy Farm Business Summary Program from 1985 through 1993. Technology was modeled as a single output, single composite input Cobb-Douglas function. The resultant supply function is the natural log of milk quantity as a function of the log of milk price to prices paid for all inputs, with a time trend added. Since random output shocks to each farm may have occurred in any of the nine data years, a dummy year variable was modeled sequentially for each year for each farm. Ignoring 12 negative estimates, elasticities averaged .65. Pooling the data with a fixed effects model produced an elasticity estimate of .47. A geometric lag pooled model produced a short-run elasticity of .2 and a long-run supply elasticity of 1.00 using instrumental variables, but an OLS short-run elasticity of .25 and long-run elasticity of .64. | |
| dc.identifier | doi:10.22004/ag.econ.14745 | |
| dc.identifier | https://ageconsearch.umn.edu/record/14745/files/wp9808.pdf | |
| dc.identifier | http://ageconsearch.umn.edu/record/14745 | |
| dc.identifier.uri | http://hdl.handle.net/123456789/528281 | |
| dc.language | eng | |
| dc.publisher | ||
| dc.source | http://ageconsearch.umn.edu/record/14745 | |
| dc.title | ESTIMATES OF INDIVIDUAL DAIRY FARM SUPPLY ELASTICITIES | |
| dc.type | Text |