Demand for Milk

The consumer demand for fresh wholemilk in the Sydney region is analysed by single equation regressions of time series data. The explanatory variables of the regressions are income, milk price, advertising, seasonal dummies, age distribution of the population, consumption of substitutes and complements, and a dummy variable for strikes and flood interference with distribution. These variables are regressed on consumption per head using either weekly or quarterly data. The weekly model was estimated with allowance for auto correlated disturbances and the quarterly model was estimated using Almon polynomials to represent lag distributions of "real and/or money" variables. Results indicate that consumption is best explained by a relatively small set of variables, in particular-age distribution of the population and a lag distribution of real prices.

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Journal Article
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Review of Marketing and Agricultural Economics, Volume 42, Number 02
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 Record created 2017-04-01, last modified 2018-01-22

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