Phase Space Reconstruction and Nonlinear Equilibrium Dynamics in the United States Beef Market

Michael McCullough, Thomas Marsh and Ray G. Huffaker

No 9830, 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: This paper investigates dynamic interactions in the US beef market using phase space reconstruction, which has been developed to analyze nonlinear dynamical systems. This approach provides important and unique empirical insights into consumers' behavior in the beef market. Our results from a phase space reconstruction analysis demonstrate distinct differences between intertemporal short run impacts from food safety outbreaks (e.g., E. Coli) and longer run health effects (e.g., cholesterol). Adjustments due to factors such as cholesterol are permanent changes and do not affect the manner by which people consume, while consumers react to food safety scares by adjusting consumption for a short period of time and then returning to their normal steady state cycle of consumption.

Keywords: Livestock Production/Industries; Marketing (search for similar items in EconPapers)
Pages: 27
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea07:9830

DOI: 10.22004/ag.econ.9830

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