@article{Magrath:28882,
      recid = {28882},
      author = {Magrath, William B. and Tauer, Loren W.},
      title = {THE ECONOMIC IMPACT OF BGH ON THE NEW YORK STATE DAIRY  SECTOR: COMPARATIVE STATIC RESULTS},
      journal = {Northeastern Journal of Agricultural and Resource  Economics},
      address = {1986-04},
      number = {1204-2016-69651},
      pages = {8},
      year = {1986},
      abstract = {The price and quantity effects of a forthcoming  biotechnology product, bovine growth hormone (bGH), are  explored in a simple partial equilibrium model.  The model  is based on previous theoretical work on technological  change but is developed in terms of a sector output.  A  particular output curve is estimated using data from a  random sample of New York State dairy farms.  Information  on the farm level production effects of bGH is used to  shift the output curve and to solve for equilibrium levels  of price and output.  The model projects the bGH may lead  to the exit of 5,400 New York dairy farms and a 20 percent  reduction in herd size.  Consumers will benefit from an  approximately 30 percent drop in milk price.  The effect on  gradual diffusion of bGH on farm numbers if considered.  To  accommodate this technology policies encouraging an orderly  transfer of resources out of the dairy sector should be  examined.},
      url = {http://ageconsearch.umn.edu/record/28882},
      doi = {https://doi.org/10.22004/ag.econ.28882},
}