Regulation in a Dynamic Market: The U.S. Dairy Industry

Jeffrey LaFrance () and Harry de Gorter ()

Monash Economics Working Papers from Monash University, Department of Economics

Abstract: An econometric model of the U.S. dairy market is estimated for the period 1950–80. The economic costs of the dairy program for the period 1965–80 are calculated using ex ante, ex post, and long-run demand and supply functions. Results indicate that the costs of the dairy program averaged from 430 to 590 million 1980dollars per year, depending upon the choice of economic surplus measure. The cost estimates depend only slightly on the year that the dairy program is assumed to have been terminated.

Keywords: agricultural policy; dairy market; dynamic econometric models; economic surplus (search for similar items in EconPapers)
Pages: 12 pages
Date: 1985
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Citations: View citations in EconPapers (46)

Published in American Journal of Agricultural Economics, Vol. 67 (4): 821-832.

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Related works:
Journal Article: Regulation in a Dynamic Market: The U.S. Dairy Industry (1985)
Working Paper: Regulation in a Dynamic Market: The U.S. Dairy Industry (1982)
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