Replaced with revised version of paper 07/30/04.

There are three main parts to this paper. The first concerns the adaptation of conventional demand and supply theory to explain why and when the development of substitutes occurs. The second part is a discussion of four examples of substitutes that appear to have completed their developmental...

A complete US poultry meat export demand system is estimated. A gradually switching dynamic advertising AIDS model is assessed to evaluate the effectiveness of non-price export promotions for US poultry meat products in major targeted international markets. The export demand elasticities are...

In the estimation of aggregate meat demand systems, weak separability is often a maintained assumption. However, only a few studies have tested and failed to reject this assumption. Recently, Lewbel (1996) developed a generalized composite commodity theorem (GCCT) that is less restrictive than...

This paper uses detailed, transactions-level data and a structural-heteroskedasticity-in-mean model to identify the determinants of livestock producer prices for pastoralists in the drylands of northern Kenya. The empirical results confirm the importance of animal characteristics, periodic...

The relationship between publically reported weekly grid premiums and discounts for specific carcass characteristics and the percentage of those characteristics reflected in total weekly slaughter volume (i.e., proportional slaughter volume) is investigated. Granger Causality and multi-lag VAR...

The efficiency of livestock futures markets continues to receive attention, particularly with regard to their forward pricing or forecasting ability. The purpose of this paper is to present a more general theory that encompasses the forward pricing concept. It is argued that futures contract...

This paper investigates the response of beef cattle producers to changes in the price of cattle. Previous research has suggested that there may be a negative short-run supply response to a permanent increase in the price of cattle. We build a dynamic, rational expectations model that predicts...

Personal interviews were conducted with beef cattle producers in Louisiana to determine their preferences and purchase decisions for livestock price insurance. Conjoint analysis was utilized to determine the importance of selected attributes of insurance policies for these producers. The...