Economic Projections Using a Behavioral Model

A recently published model of the livestock-meat economy is used to illustrate modifications that permit us to obtain a reasonable and consistent set of projected values to 1980. Ecollomic theory and an understanding of the industry were used to introduce a set of assumptions about institutional change and human behavior. The projected values serve as a basis for comparison with alternative projections resulting from changes made in the model to represent different policies or management decisions.