Optimal Dairy Policy with Bovine Somatotropin

Loren W. Tauer and Harry Kaiser

Review of Agricultural Economics, 1991, vol. 13, issue 1, 1-17

Abstract: A control model of the U.S. dairy sector was constructed to determine optimal policy when bovine somatotropin is released. Social welfare, defined as consumer plus producer surplus minus adjustment and net government costs, was maximized. Control variables were the milk support price and government purchases of cows. Compared to previous simulation research where government policy and adoption are modeled exogenously, the results show that decreases in milk prices and farm profits are not as severe.

Date: 1991
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Working Paper: Optimal Dairy Policy with Bovine Somatotropin (1989)
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