Consistent two-step censored estimation is applied to household demand equations for disaggregated milk and cheese products. The long-run advertising elasticity for total milk was positive, largely due to low fat milk; however the elasticity for cheese was not significant, and only shredded...

Decomposition methods suggest major contributors to variability in returns to New York dairy farms are purchased feed quantities and milk production; milk price variability contributes substantially less. Decomposing the Gini measure of income inequality indicates that milk revenues and...

This study develops an empirical framework that can be used to estimate quality-adjusted price elasticities from cross-sectional data, which are theoretically consistent and comparable to elasticities from time-series data. The new approach shows the importance of properly adjusting for quality...

High increases in media advertising costs have caused a shift away from generic advertising to other promotional activities. A relatively new retail-level promotional activity is the Dairy Case Management Program aimed at improving the management, appearance, and operation of the dairy case. An...

Previous constant-parameter demand models have estimated generic advertising elasticities for cheese to be below that for fluid milk. We relax this assumption, allowing for generic advertising response to vary over time. Cheese advertising elasticities were found below fluid milk up until the...

Weakening demand for livestock and dairy produce, historically high prices for feed ingredients and increasingly strict regulations on animal waste management continue to put significant pressure on livestock and dairy operating margins. In this paper, we use representative farm mathematical...

Given the uncertain legal status of generic advertising programs for agricultural commodities, alternative voluntary funding institutions are investigated hat could provide a high level of benefits to producers. This experimental study simulates key economic and psychological factors that affect...

The value of the timing option implicit in CBOT corn futures contract is estimated. Separate estimates are obtained for the option without and with convenience yield. The effect of the option on basis behavior at day one of the maturity month is examined and is found statistically significant.

Descriptive statistics and time-series econometric models are used to characterize the behavior of monthly fluid milk prices. Prices in April, May and June appear to be more variable than those in subsequent months, and the spring-time prices are perhaps skewed. Econometric models can capture...