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Dynamic adjustment in the US beef market with imports
Author(s) -
Buhr Brian L.,
Kim Hanho
Publication year - 1997
Publication title -
agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.29
H-Index - 82
eISSN - 1574-0862
pISSN - 0169-5150
DOI - 10.1111/j.1574-0862.1997.tb00461.x
Subject(s) - production (economics) , economics , supply and demand , beef cattle , beef industry , partial equilibrium , process (computing) , industrial organization , business , microeconomics , agricultural economics , general equilibrium theory , computer science , genetics , biology , operating system
This paper hypothesizes that while there are important qualitative differences in domestic beef and imported beef, beef and cattle imports also represent attempts by the US beef processing and wholesale sector to adjust to short‐run changes in supply and demand. Dynamic production theory is applied to the problem to test for this adjustment process, and presents a production theory approach to meat trade that has previously been included in demand functions. The results of this analysis suggest that the method used provides a reasonable and appropriate representation of the import behavior of the US processing and wholesale beef sector.