No description available.

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No description available.

Call number: LD2668 .T4 1957 W58 / Master of Science

No description available.

Issues regarding the effects of supply management systems, seem to attract special attention from the industry, policy makers, and academic environments. The Canadian dairy industry is no exception. In addition to higher milk product prices for the consumer, the milk marketing quota is perhaps the most debated side of the dairy supply management regime. The milk quotas were initially allocated to each farmer, and are now traded openly in most provinces through a milk quota exchange. Substantial variation in milk quota prices can be observed in the last 15 years as compared to the TSE 300 Stock Price Index. The objective of this research is to analyze and explore why the large variation in observed milk quota prices in the 1980's and 1990's occurred, and to reveal the factors that are important for the formation of milk quota prices. Two factors are the focus of this thesis, one is the uncertainty regarding the future of the supply management system, especially during the two major trade negotiations, GATT and CUSTA, that took place in the late 1980's and early 1990's. The second is the expectations of future returns from holding milk production quotas that were formed in the presence of this uncertainty. Based on a standard capitalization model, three price functions are derived. Using an adaptive expectation framework, and one of the most complete data sets collected for the purpose of analyzing quota prices and quota issues in Ontario, Quebec, and Alberta, the estimated results suggest that, in general, unit changes in the net profit variable are important in MSQ pricing, more so for Used MSQ prices and fluid milk quota prices, than Unused MSQ prices. This supports the impression that fluctuations in Unused MSQ prices are partly driven by short-run considerations to avoid over-quota and maintenance penalties. The adaptive expectation model provides better results when explaining the formation of MSQ prices than fluid milk quota prices. This analysis also concludes that the milk quota auction is not a perfectly understood marketplace, and that several puzzles remain to be explained in future work.

Thesis (Ph. D.)--University of Wisconsin--Madison, 1945. / Typescript. Vita. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references.

Thesis (M.Sc.Agric.(Agricultural Economics))--University of Pretoria, 2000. / Abstract in English. Includes bibliographical references.

Thesis (Ph. D.)--University of Wisconsin--Madison, 1958. / Typescript. Abstracted in Dissertation abstracts, v. 19 (1958) no. 6, p. 1230. Vita. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (leaves 151-152).

In this paper, we estimate dynamic versions of the Almost Ideal Demand System and the Linear Expenditure System in order to obtain an estimate of the demand elasticity for milk in British Columbia. This parameter has, to our knowledge, never been estimated for one province, but given the ongoning interest by the B.C. dairy industry in obtaining a larger allocation of Market Share Quota (MSQ), which is now allocated as a function of fluid milk consumption, it is timely to estimate the elasticity of demand for milk in British Columbia. Many have argued that the retail price of milk in B.C. is too high, especially when compared to prices in other western provinces, as well as the neighbouring State of Washington. The argument is that significant increases in consumption, and thereby increased allocation of MSQ could be achieved through decreases in prices. However, this depends upon the elasticity of demand which we herein estimate. Our estimate of the elasticity of demand for milk in British Columbia is -0.33, as estimated from the dynamic Almost Ideal System, and -0.40 from the dynamic Linear Expenditure System. We note that the dynamic Linear Expenditure System estimated in this study was statistically significant and met all theoretical restrictions, in particular quasi-concavity of the utility function at each observation point. We note, however, that this elasticity estimate may be interpreted as a short run estimate owing to our limited time frame for analysis. Clearly, with an elasticity estimate in the order of -0.40, "significant" increases in consumption cannot be achieved solely through decreases in prices. This paper, however, does more than simply relay elasticity estimates, for it also provides tips and techniques for estimating demand systems such as those estimated in this paper. These strategies are typically not found in textbooks or journal articles, and as such can be of great use to those estimating demand systems for the first time. In addition, this study makes use of a regional data source that has previously been unavailable to applied economists. Those who have attempted to estimate the demand for milk regionally have found that Statistics Canada does not publish regional consumption figures for most commodities. This is particularly true for the consumption of beverages in British Columbia. The data for this study were obtained privately and statistically represent bi-monthly sales of beverages in British Columbia. Thus, this paper is the first to estimate the demand for milk in British Columbia by using a demand systems approach employing data obtained from a private source (i.e. not Statistics Canada or other public sector organisations). / Land and Food Systems, Faculty of / Graduate