Showing 1 - 10 of 47
The economic efficiency of 68 Ecuadorian dairy farms is investigated by estimating technical, allocative, and scale efficiencies for each using stochastic frontier methodology. Empirical results show that technical inefficiency exists for all of these farms – ranging from 11.8% to 12.8%....
Persistent link: https://www.econbiz.de/10005041692
Technical progress in U.S. agriculture is evaluated using a new measure of productivity growth, flexible technical change. This measure allows for nonconstant returns to scale, market structures other than perfect competition, and time-varying coefficients. An integral part of the procedure is...
Persistent link: https://www.econbiz.de/10005041668
A method of decomposing the growth in total factor productivity into effects due to nonconstant returns to scale and technical change was applied to the U.S. agricultural sector. The scale effects and technical changes were measured using an economically estimated two-output, three-input...
Persistent link: https://www.econbiz.de/10005522786
The lead-lag relationships present in the regional price discovery process are important indicators of market performance. Differences across markets in the speed of adjustment to evolving information may have implications for pricing efficiency within these markets. This study estimates...
Persistent link: https://www.econbiz.de/10005220568
During recent years, the feeder cattle industry has experienced financial instability. This paper provides a possible marketing strategy that may help reduce this financial instability by providing a Prehedging Strategy for the feedlot operator. The Prehedging Strategy establishes a dynamic...
Persistent link: https://www.econbiz.de/10005220570
A dynamic model is used to estimate quarterly price differences between steers and heifers in the feeder, slaughter, and carcass markets. For cattle within the same weight and grade range, their price differences are hypothesized to be influenced by seasonal, economic, and partly reflecting time...
Persistent link: https://www.econbiz.de/10005327785
Several hedging strategies for fat cattle are compared using actual feedlot performance information for a period of 6.5 years and 747 pens of fat cattle. Results show that cattle feeding was not profitable (a $24.50 per head cash market loss) but a carefully chosen hedging strategy could have...
Persistent link: https://www.econbiz.de/10005327787
Conceptual problems in model specification of beef supply response studies are investigated and a simultaneous equation model is formulated to estimate annual U.S. carcass supply, demand, and inventories of beef. Three basic issues are addressed: (a) disaggregation, (b) simultaneity, and (c)...
Persistent link: https://www.econbiz.de/10005327792
A quarterly econometric model of the Hawaii beef production sector is estimated. Energy prices influence the model through Hawaii beef and feed prices which are a function of Mainland-to-Hawaii freight rates. Energy prices also influence the decision of whether to allocate feeder animals to...
Persistent link: https://www.econbiz.de/10005327814
The appropriate specification of expectations in empirical models of supply response or factor demand is discussed. A general model that admits both extrapolative and rational expectations is formulated and analyzed. The model is used to investigate the decision making process of cattle feeders...
Persistent link: https://www.econbiz.de/10005804149