This study empirically compares the retirement values of dairy farm investments to tax-deferred retirement investments that are funded with bank certificates of deposit or common stock. For a successful dairy farm, the results indicate that tax-deferred retirement plans that generate rates of...

This paper presents empirical measures of the efficiency of the New York family dairy farm over its life cycle. The increase and then decrease in farm efficiency with age is only minor. Factors not correlated with age are much more important in determining efficiency. Exiting farmers who appear...

A conceptual model is formulated that shows that a downward sloping supply function may exist for a profit maximizing firm facing a cash-flow constraint. The necessary requirement is that at least one factor must be a non-cash input. The model is tested using analysis of variance on two groups...

First-degree and second-degree stochastic dominance were used to separate a panel of 112 dairy farms with ten annual observations per farm into successful and less successful groups using four different performance measures. Logit regression using 16 independent variables was then used to...

The price and quantity effects of a forthcoming biotechnology product, bovine growth hormone (bGH), are explored in a simple partial equilibrium model. The model is based on previous theoretical work on technological change but is developed in terms of a sector output. A particular output curve...

The technical efficiencies of New York dairy farms were estimated using a frontier production function. The average farm was 69 percent efficient. Individual farm efficiency was regressed on variables not considered inputs to explain why a farm was not on the frontier. Favorable location in the...

The robustness of dynamic dual models examined by Howard and Shumway is reevaluated with the proper specification for the modified generalized Leontief (GL) and normalized quadratic (NQ) functional forms. In an application to the Northeastern and U.S. dairy industries, the theoretical...