A Polyperiod Model for Estimating the Supply of Milk

The usual linear programming model for estimating supply functions is a single-period one (3).1 The solution for this period is independent of other periods except as their activities and incomes may be reflected in the resource constraints (2). The polyperiod model not only specifies the optimum position toward which the adjustment is presumed to be moving, but also indicates something of the time path and the duration of the adjustment cycle. Methods for developing such a dynamic model are described in this paper. The writers acknowledge the contributions of C W. Crickman and others in the Farm Production Economics Division, Economic Research Service, who participated in the Regional Lake States Dairy Adjustment Study which provided much of the basic data. Valuable comments also were supplied by William Gossling, J. C. Headley, and Earl Swanson, all of the University of Illinois.

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Journal Article
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Agricultural Economics Research, Volume 15, Number 1
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 Record created 2017-04-01, last modified 2017-08-26

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