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A Bio-economic Dynamic Programming Analysis of the Seasonal Supply Response by Florida Dairy Producers
Published online by Cambridge University Press: 28 April 2015
Abstract
Seasonal price premiums have been proposed as a means of dampening the highly seasonal patterns of milk production in Florida. A Markov decision bio-economic model of the breeding and replacement decisions was solved via stochastic dynamic programming and used to analyze the potential supply response to seasonal price premiums. The results of the analysis suggest that the seasonal milk supply in Florida is highly price inelastic.
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- Copyright © Southern Agricultural Economics Association 1992
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