A Bio-economic Dynamic Programming Analysis of the Seasonal Supply Response by Florida Dairy Producers

X. M. Gao, Thomas Spreen and Michael A. DeLorenzo

Journal of Agricultural and Applied Economics, 1992, vol. 24, issue 2, 211-220

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.

Date: 1992
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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:cup:jagaec:v:24:y:1992:i:02:p:211-220_01

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