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STRUCTURAL RELATIONSHIPS IN UK STORE LIVESTOCK MARKETS
Author(s) -
Brookfield D.
Publication year - 1991
Publication title -
journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.157
H-Index - 61
eISSN - 1477-9552
pISSN - 0021-857X
DOI - 10.1111/j.1477-9552.1991.tb00328.x
Subject(s) - livestock , context (archaeology) , production (economics) , business , market clearing , clearing , industrial organization , feeder cattle , economics , agricultural economics , microeconomics , agricultural science , geography , biology , finance , archaeology , forestry
This paper examines the economic trading relationships underlying store livestock markets in the UK for beef steers, pigs and sheep. Economic decisions relating to store sales and purchases are set within the context of a dynamic, multi‐period, market‐clearing framework. A new approach to modelling store markets is introduced in which the rational‐expectations methodology to forming model‐consistent expectations is central. The results suggest how the store markets form part of a vertically integrated production system and reveal to what extent the beef steer, pig and sheep sectors exhibit econometrically identifiable relations.