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© 1982 Oxford University Press and the Foundation for the European Review of Agricultural Economics

other

Response of Irish creamery milk supply to price changes

MICHAEL P. CUDDY*

Department of Economics, University College Galway, Ireland

Received November 1, 1981; final version received May 1, 1982

Summary

This article investigates the responsiveness of creamery milk supply to changes in the price of milk relative to agricultural materials. A basic model, which includes milk and livestock price variables and a Gini coefficient of cow concentration (a proxy for technological change) is modified to test pre- and post-EC response differences. The effects of the milk price variables are isolated using the method of principal components. Price responsiveness was higher in the post- than pre-EC period, largest responses being shown after a two to three year lag. The technology effect although positive was not significant.


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