A Polynomial Lag Formulation of Milk Production Response

Dean Chen, Richard Courtney and Andrew Schmitz

American Journal of Agricultural Economics, 1972, vol. 54, issue 1, 77-83

Abstract: For much of agricultural production, output response to some given price change is hypothesized to increase first through time and then decline. To detect this type of response, a polynomial price lag model is estimated for milk production. For comparison purposes, a geometrically declining price lag model is also estimated. Although the estimates of long-run supply elasticities do not critically depend on the type of model used, the response for each period of time and for various short-run intervals does.

Date: 1972
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