Regulation in a dynamic market: The U.S. Dairy industry

Jeffrey T. LaFrance, Harry de Gorter

Research output: Contribution to journalArticleResearchpeer-review

26 Citations (Scopus)

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.

Original languageEnglish
Pages (from-to)821-832
Number of pages12
JournalAmerican Journal of Agricultural Economics
Volume67
Issue number4
DOIs
Publication statusPublished - 1 Jan 1985
Externally publishedYes

Keywords

  • Agricultural policy
  • Dairy market
  • Dynamic econometric models
  • Economic surplus

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