Wholesale pork demand: Understanding primal-level heterogeneity

IF 3.7 4区 经济学 Q1 BUSINESS, FINANCE
Jaime R. Luke , Glynn T. Tonsor , D. Scott Brown
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引用次数: 0

Abstract

Traditionally, meat demand studies have estimated the demand for pork at the aggregate commodity level, but this study proposes wholesale pork demand estimation at the pork primal level. Flexibilities for the primal cuts as well as beef and chicken are estimated using an inverse almost ideal demand system (IAIDS). Own-quantity flexibilities for pork primal cuts are largely inflexible and statistically different from one another, suggesting heterogeneity exists in demand for pork at the primal level. Among the pork primal cuts, we find changes in quantity demanded result in the greatest percentage change in the price of loins and the smallest percentage change in the price of bellies. Ultimately, this study provides necessary information for the U.S. pork industry as recent policies, such as California's Proposition 12, are spurring changes in the pork production landscape. Estimated elasticities can be used in pork demand-building efforts both today and into the future.

猪肉批发需求:了解初级层面的异质性
传统上,肉类需求研究都是在总体商品层面对猪肉需求进行估算,但本研究提出了在猪肉基本部位层面对猪肉批发需求进行估算。利用反向近似理想需求系统(IAIDS)估算了猪肉主切肉以及牛肉和鸡肉的灵活性。猪肉主切肉的自有数量灵活性在很大程度上缺乏灵活性,而且在统计上彼此存在差异,这表明猪肉主切肉的需求存在异质性。我们发现,在猪肉主切肉中,需求量的变化导致里脊肉价格变化的百分比最大,而腹肉价格变化的百分比最小。最终,这项研究为美国猪肉行业提供了必要的信息,因为最近的一些政策,如加利福尼亚州的 12 号提案,正在促使猪肉生产格局发生变化。估计的弹性可用于当前和未来的猪肉需求建设工作。
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来源期刊
CiteScore
5.70
自引率
2.40%
发文量
53
期刊介绍: The purpose of the journal is also to stimulate international dialog among academics, industry participants, traders, investors, and policymakers with mutual interests in commodity markets. The mandate for the journal is to present ongoing work within commodity economics and finance. Topics can be related to financialization of commodity markets; pricing, hedging, and risk analysis of commodity derivatives; risk premia in commodity markets; real option analysis for commodity project investment and production; portfolio allocation including commodities; forecasting in commodity markets; corporate finance for commodity-exposed corporations; econometric/statistical analysis of commodity markets; organization of commodity markets; regulation of commodity markets; local and global commodity trading; and commodity supply chains. Commodity markets in this context are energy markets (including renewables), metal markets, mineral markets, agricultural markets, livestock and fish markets, markets for weather derivatives, emission markets, shipping markets, water, and related markets. This interdisciplinary and trans-disciplinary journal will cover all commodity markets and is thus relevant for a broad audience. Commodity markets are not only of academic interest but also highly relevant for many practitioners, including asset managers, industrial managers, investment bankers, risk managers, and also policymakers in governments, central banks, and supranational institutions.
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