A BIO-ECONOMIC DYNAMIC PROGRAMMING ANALYSIS OF THE SEASONAL SUPPLY RESPONSE BY FLORIDA DAIRY PRODUCERS

Xiaoming Gao, Thomas Spreen and Michael A. Delorenzo

Southern Journal of Agricultural Economics, 1992, vol. 24, issue 2, 10

Abstract: Seasonal price premiums have been proposed as a means of dampening the highly seasonal patterns of milk production in Florida. A Markov decision bio-economic model of the breeding and replacement decisions was solved via stochastic dynamic programming and used to analyze the potential supply response to seasonal price premiums. The results of the analysis suggest that the seasonal milk supply in Florida is highly price inelastic.

Keywords: Demand; and; Price; Analysis (search for similar items in EconPapers)
Date: 1992
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Citations: View citations in EconPapers (4)

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Journal Article: A Bio-economic Dynamic Programming Analysis of the Seasonal Supply Response by Florida Dairy Producers (1992)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:sojoae:29628

DOI: 10.22004/ag.econ.29628

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