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An Econometric Model of the U.S. Beekeeping Industry
Author(s) -
Willett Lois Schertz,
French Ben C.
Publication year - 1991
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1242882
Subject(s) - beekeeping , ordinary least squares , econometric model , revenue , economics , government (linguistics) , agricultural economics , business , agricultural science , microeconomics , finance , econometrics , linguistics , philosophy , botany , environmental science , biology
Abstract This paper presents a dynamic econometric model of the U.S. beekeeping industry for policy analysis and economic projections. Data from 1952 to 1984 were used to estimate the model by three‐stage least squares. The model indicates that, when the federal price support for honey exceeded the market price, the federal program had a significant impact on several sectors of the industry. A comparison of beekeeper revenue, consumer expenditures, and federal government expenditures suggests the honey support program was an ineffective means of supporting honey prices from 1982 through 1984.