Dynamic Animal Economics

Sherwin Rosen

American Journal of Agricultural Economics, 1987, vol. 69, issue 3, 547-557

Abstract: Market equilibrium dynamics of herd inventory management are derived for homogenous female populations. Short-run supply is backward bending in response to permanent changes in demand and is rising in response to transitory changes in demand. Increasing inventories are associated with high and falling prices and decreasing inventories with low and rising prices, but there is no market instability in this. These unusual intertemporal substitution effects follow from both rational expectations and appropriately formulated cobweb models and go part of the way toward explaining hog and cattle inventory cycles.

Date: 1987
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