A Dynamic Model of Investment in the U.S. Beef-Cattle Industry

Kenneth Foster and Oscar R Burt

Journal of Business & Economic Statistics, 1992, vol. 10, issue 4, 419-26

Abstract: Reproduction constraints lead to some a priori information that may prove valuable in econometrically modeling inventory dynamics within the U.S. cattle herd. The distributed-lag models estimated for animal inventories suggest an implicit incorporation of the age distribution of the herd that is crucial to understanding the retention/culling (investment) decisions. The estimated equations are validated using postsample observations that were withheld prior to estimation. The final-form dynamic equations have complex roots and protracted price and investment effects. The parameter estimates are used to calculate intermediate and long-run elasticities at the means of relevant variables.

Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:bes:jnlbes:v:10:y:1992:i:4:p:419-26

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