Long-Run Demand: A Concept, and Elasticity Estimates for Meats

Tomek, William G.; Cochrane, Willard W.

doi:10.2307/1235948

Cited by 12 publications

(7 citation statements)

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“…Consumption data are unavailable in Canada on a regional basis so a single per capita function is estimated and demand allocated t.o the Eastern and Western regions on the basis of population. As expected the estimated long and short-run elasticities for Canada and the United States were quite similar, confirming the results of Tomek and Cochrane [24], but for Japan long-run demand is much more elastic than short-run demand. there may be a considerable gap between actual consumption and long-run desired consumption [16].…”

Section: The Supply -Demand Modelsupporting

confidence: 86%

“…For the United States and Canada a habit persistence model gave higher t values for other variables included in the consumption function than alternative specifications. As expected the estimated long and short-run elasticities for Canada and the United States were quite similar, confirming the results of Tomek and Cochrane [24], but for Japan long-run demand is much more elastic than short-run demand.…”

Section: The Supply -Demand Modelsupporting

confidence: 86%

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North American‐japanese Pork Trade: An Application of Quadratic Programming

Pieri

Meilke

MacAulay

1977

Canadian J Agri Economics

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The main objective of this study was to develop a quarterly recursive programming model of the Japanese‐North American pork industries, including the spatial and temporal aspects of the sector, for use in evaluating policy alternatives. The study outlines the structure of the Japanese pork industry and develops a five region (Eastern Canada, Western Canada, United States, Japan, Rest of the World) quadratic programming model which is able to incorporate the Japanese pork price stabilization policy that includes import quotas, a variable duty and an ad valorem duty. Supply, consumption and storage functions were estimated using data from 1963 through 1974. The validated model was used to analyze the effects of: exchange rate variations and modified Japanese domestic agricultural policies on the volume and origin of North American‐Japanese pork trade. Le principal objectif de cet étude était de développer, sur une base trimestrielle, un modèle récursif de programmation de l'industrie porcine Nord Américaine et Japonnaise incluant les dimensions espace, temps, dans le but d'évaluer différentes politiques. Cet étude donne un apercu de la structure de l'industrie porcine Japonnaise en développant un modèle quadratique de programmation à grandes régions (L'Est et l'Ouest Canadien, les Etats‐Unis, le Japon et le reste du monde). Ce programme est en mesure d'incorporer la politique Japonnaise de stabilisation des prix du pore dont: les quotas d'importation et les droits de doine (spécifiques ou ad‐valorem). Les équations d'offre, de consommation et d'entreposage ont été estimeés sur la période 1963–1974. Ce modèle validé a servi à l'analyse des répercussions des différents taux de change, politiques agricoles Japonnaise sur le volume et l'origine du commerce du pore entre l'Amérique du Nord et le Japon.

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Section: The Supply -Demand Modelsupporting

confidence: 86%

Section: The Supply -Demand Modelsupporting

confidence: 86%

North American‐japanese Pork Trade: An Application of Quadratic Programming

Pieri

Meilke

MacAulay

1977

Canadian J Agri Economics

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“…The unconditional elasticity is comparable to those reported in the literature. Previous studies of US beef demand, based almost entirely on time series, indicate that a 10 per cent increase in own price causes beef consumption to fall somewhere between 4.5 and 10 per cent (Fox, 1951;Wahby, 1952;Tomek and Cochrane, 1962;George and King, 1971;Leuthold and Nwagbo, 1977; Note: Daggers z and y denote signi¢cance at the 1 per cent and 5 per cent levels, respectively. Chavas, 1982;Heien, 1982;Moschini and Meilke, 1984;Huang, 1986).…”

Section: Elasticitiesmentioning

confidence: 99%

A Box–Cox Double‐hurdle Model

Jones

Yen

2000

The Manchester School

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The double-hurdle model with dependence is extended by incorporating the Box^Cox transformation. The model nests a range of popular limited dependent variable models, including the Gaussian doublehurdle, the generalized Tobit, and two-part models. Estimates of US beef consumption suggest that the Box^Cox speci¢cation outperforms all other restrictive models. Price elasticities are small and similar to ¢ndings in the literature. Household age composition and demographic variables also play signi¢cant roles in determining beef consumption. Income and cross-price elasticities are insigni¢cant.

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“…Binary variables (QUARTi, i = 2'3'4) were included in the supply equation to account for possible seasonality in pork supply. 22 The supply function estimated is specified as:…”

Section: The Supply Of Porkmentioning

confidence: 99%