An Econometric Analysis of Dairy Market Price Transmission Processes PDF Download
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Author: Paula Ann Emerick
Publisher:
ISBN:
Category :
Languages : en
Pages : 594
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Author: Paula Ann Emerick
Publisher:
ISBN:
Category :
Languages : en
Pages : 594
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Book Description
Author: Paula Ann Emerick
Publisher:
ISBN:
Category :
Languages : en
Pages : 600
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Author: Edward Stevenson Torufa
Publisher:
ISBN:
Category :
Languages : en
Pages : 450
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Author: United States. Government Accountability Office
Publisher: DIANE Publishing
ISBN: 1428935185
Category : Dairy products industry
Languages : en
Pages : 257
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Author:
Publisher:
ISBN:
Category : Dairy products industry
Languages : en
Pages : 60
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Author: Robert R. Fletcher
Publisher:
ISBN:
Category : Agriculture
Languages : en
Pages : 38
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Author: Charng-Jiun Yu
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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The dairy industry is one of the most important components in U.S. economy. Milk production added substantial value to the agricultural sector. In 2017, U.S. dairy farmers produced 38.1 billion dollars worth of milk. On the consumption side, Americans on average consume 244 pounds of dairy products in a year. Despite the significance of the U.S. dairy industry, several important economic issues in pricing and policy are not studied. With the improvement in data quality over the past decade, there is an emerging opportunity for empirical studies to analyze the U.S. dairy industry and provide economic insights to a more general scope. My dissertation provides empirical analysis to understand the pricing and policy issues for producers, retailers, and consumers in the U.S. dairy industry. Specifically, in the following three chapters I study the relationship between market power and farm-retail price transmission, the impact of environmental regulations on dairy farm management, and the relationship between price and perceived quality in consumer choice of cheese products. In the first chapter, I seek to understand the impact of market competitiveness on the degree of asymmetric price transmission and associated welfare implications. I estimate a kinked Almost Ideal Demand System for fluid milk products in 18 U.S. metropolitan areas. By conducting an asymmetric price transmission test, I find that cities with less competitive food retailing tend to exhibit asymmetric price transmission. The degree of price asymmetry and associated welfare loss are decreasing in the market competitiveness. The welfare analysis suggests that the welfare loss due to asymmetric price transmission is large in terms of the percentage of milk expenditures. The potential is for substantially higher future welfare loss given the ongoing consolidation in food retailing industry. In the second chapter, I quantify the impact of the Clean Water Act (CWA) on farm waste management practices of U.S. dairy concentrated animal feeding operations (CAFOs). A double-hurdle model is employed to examine how dairy farmers adjust their practices in response to the major policy revision of the CWA in 2003. Using the 2000 and 2010 Agricultural Resource Management Survey data, I find that CAFO farmers who follow the management standards of the nutrient management plan (NMP) required by the CWA are more likely to implement manure storage after the policy revision. There are, however, no significant changes in storage capacity for those who have already adopted. Furthermore, CAFOs that fail to comply with NMPs did not make significant changes in storage capacity, land application of manure, and manure removal. The results suggest a heterogenous and limited impact of the CWA on waste management practices of dairy CAFOs. In the third chapter, I examine how prices affect consumers' perception of quality and consequently their product choices using individual consumers' purchase records in the U.S. cheese market. I hypothesize that price affects product choices by two channels: (i) a "pure price" effect directly affecting the purchase cost, and (ii) a "perceived quality" effect affecting the perceived product quality. In the empirical analysis, I complement the traditional mixed logit model with the conditions of purchasing behavior and utilize the Nielsen consumer panel and retail scanner data of the U.S. cheese markets from 2012 to 2014. The results suggest a strong perceived quality effect. With a 10% increase in the price of a cheese product, the corresponding choice probability would on average decrease by 5.4%, which consists of a 13.0% decrease due to higher purchase cost and a 7.6% increase driven by higher perceived quality. For approximately 10% of the cheese products, the ratios of the perceived quality elasticity to the total price elasticity are greater than 3.69; on the lower end, the ratios are lower than 0.24 for another 10% of the products. Such a large value is indicative of a large heterogeneity of the price impact on perceived quality across products. In addition, the impact of price on perceived varies across different types of households. Finally, I find that the perceived quality effect decreases with repeat purchases. These findings have significant implications for retailers' marketing strategy, government policy, and analysis of product competition
Author: Teh-Wei Hu
Publisher:
ISBN:
Category : Dairy products
Languages : en
Pages : 344
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Author: Declan G. O'Connor
Publisher:
ISBN:
Category : Dairy products industry
Languages : en
Pages : 290
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This thesis presents two related price transmission studies involving EU dairy product markets. The first, a spatial price transmission study, examines the linkage between both EU butter and skim milk powder (SMP) wholesale prices in Germany, France, Belgium and the Netherlands. These markets are subject to a common policy regime, the Common Agricultural Policy (CAP). So, economic theory suggests that the law of one price (LOP) should hold in these markets. Using the Johansen cointegration approach the results show that the concept of a single market does exist, however the hypothesis of perfect price transmission is rejected. This analysis shows that both trade and policy variables are important in capturing the dynamics of these markets. The second study explores the vertical transmission between the farm gate price of raw milk in Ireland and World, EU and Irish Dairy Board (IDB) butter and SMP wholesale prices. The cointegration analysis fails to support the hypothesis of transmission from individual commodities prices to the farm gate price. This finding results from the fact that Irish farmers are paid for their milk on the basis of the combination of its milk fat and protein content. In contrast the individual commodity prices reflect a value for milk fat in isolation as derived from butter prices or protein in isolation as derived from SMP prices. When a portfolio approach involving composite prices based on a combination of butter and SMP prices is considered price transmission is clearly evident. The univariate threshold cointegration models clearly support the hypothesis of asymmetric price transmission while the multivariate extension only supports the hypothesis when transmission from the composite Dutch butter and SMP prices via the Irish Dairy Board (IDB) is considered.
Author: Organisation for Economic Co-operation and Development
Publisher: Org. for Economic Cooperation & Development
ISBN:
Category : Business & Economics
Languages : en
Pages : 180
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Book Description
Milk is one of the most supported agricultural commodities, and world dairy markets are characterised by a high degree of distortion. Although there is a strong case for dairy policy reform, a clear understanding of the dairy sector's specific characteristics and of policy measures' operational features is necessary for any reform process to be successful. This report is an attempt to improve such understanding through an analysis of the trade and economic effects of the main policy measures applied to the dairy sector. In particular, it examines the effects of both milk price support measures and milk quota systems. The removal of individual policy measures is modelled in order to assess the impact of international dairy trade liberalisation on production, consumption, trade, prices, income, and welfare. The primary focus of this report is the impact of policies and reform in the OECD area, although the consequences for other economies are also examined. In addition, this report offers economic insights into the workings of complex dairy policy measures and provides a discussion of the potential of the dairy sector -- globally and in individual countries -- as it adjusts to liberal trading conditions
