Estimating intertemporal supply response in the fed beef market
1994
Marsh, J.M.
A partial adjustment model with monthly lag structures on expected output and input prices is used to estimate intertemporal supply behavior of fed beef. Previous research has provided conflicting supply elasticities. The present work reconciles the conflicts by integrating different lengths of run into cattle marketing and placement decisions. For example, the model dynamics incorporate short-run changes in cattle asset values and long-run adjustments in resource use. Empirical results provide no evidence of short-run supply fixity; supply elasticities switch from negative to positive over time.
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