Modeling Beef Quality Heterogeneity

From: Journal of Agricultural and Applied Economics | Date: December 1, 2005| Author: | Copyright information

The effects of various supply and demand shifts on beef price, quantity, and industry welfare have been widely studied under the assumption of beef quality homogeneity. In this paper, we construct a model of the beef sector that incorporates differences in beef quality. The model is used to analyze the effect of supply and demand shifts on changes in prices and quantities of high- and low-quality beef and changes in revenue accruing to producers of high- and low-quality beef. Model results indicate that supply and demand shocks have the potential to alter the average quality of beef on the ...

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