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| Boetel, Brenda L.; Liu, Donald J.. |
| This paper expands the contributions of Goodwin and Holt (AJAE, 1999) and Goodwin and Harper (J. of Ag. and Appl. Econ., 2000), GHH henceforth, who analyze retail-wholesale-farm price transmissions in the U.S. beef and pork industries using weekly data. First, in light of advancements in unit root tests, we re-examine in a more comprehensive manner GHH’s conclusion that the weekly U.S. cattle/beef and hog/pork price series are nonstationary. The conventional augmented Dickey-Fuller test that GHH adopt has low power in discriminating against the unit root null because it does not entertain the possibility of a structure break in the deterministic trend function. Second, we examine more closely the estimation procedure surrounding the long run price... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Livestock Production/Industries; Research Methods/ Statistical Methods. |
| Ano: 2008 |
URL: http://purl.umn.edu/6169 |
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| Boetel, Brenda L.; Hoffmann, Ruben; Liu, Donald J.. |
| As the U.S. hog production sector becomes ever more specialized, the importance of capital inputs has heightened. Given that it is costly to adjust the capital stock and that the associated adjustment cost function may exhibit cost asymmetries between investment and disinvestment, profit-maximizing producers may find themselves trapped in a situation where it is neither profitable investing nor worthwhile disinvesting. This article addresses two issues related to the employment of quasi-fixed input in the U.S. hog production sector: does an inaction or sluggish regime exist in the demand for quasi-fixed input, and, if so, to what extent has this impeded adjustment in quasi-fixed input stock and, hence, hog output supply toward the long-term equilibrium... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Livestock Production/Industries. |
| Ano: 2004 |
URL: http://purl.umn.edu/13790 |
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