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

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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.

Suggested Citation

  • Jeffrey T. LaFrance & Harry D. Gorter, 1985. "Regulation in a Dynamic Market: The U.S. Dairy Industry," Monash Economics Working Papers archive-34, Monash University, Department of Economics.
    • Handle: RePEc:mos:moswps:archive-34
    DOI: 10.2307/1241822
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    File URL: http://faculty.ses.wsu.edu/LaFrance/reprints/LdeG-AJAE-1985.pdf
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    File URL: http://dx.doi.org/10.2307/1241822
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    References listed on IDEAS

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    1. Boyd M. Buxton & Jerome W. Hammond, 1974. "Social Cost of Alternative Dairy Price Support Levels," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(2), pages 286-291.
    2. Dae Hee Song & M. C. Hallberg, 1982. "Measuring Producers' Advantage from Classified Pricing of Milk," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 64(1), pages 1-7.
    3. Larry Langemeier & Russell G. Thompson, 1967. "Demand, Supply, and Price Relationships for the Beef Sector, Post-World War II Period," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 49(1_Part_I), pages 169-183.
    4. Boyd M. Buxton, 1977. "Welfare Implications of Alternative Classified Pricing Policies for Milk," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 59(3), pages 525-529.
    5. Baumol, William J & Bradford, David F, 1970. "Optimal Departures from Marginal Cost Pricing," American Economic Review, American Economic Association, vol. 60(3), pages 265-283, June.
    6. Ippolito, Richard A & Masson, Robert T, 1978. "The Social Cost of Government Regulation of Milk," Journal of Law and Economics, University of Chicago Press, vol. 21(1), pages 33-65, April.
    7. Robert R. Wilson & Russell G. Thompson, 1967. "Demand, Supply, and Price Relationships for the Dairy Sector, Post-World War II Period," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 49(2), pages 360-371.
    8. Frederick V. Waugh & Edgar L. Burtis & A. F. Wolf, 1936. "The Controlled Distribution of a Crop among Independent Markets," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(1), pages 1-41.
    9. Rojko, Anthony S., 1957. "The Demand and Price Structure for Dairy Products," Technical Bulletins 157191, United States Department of Agriculture, Economic Research Service.
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