Cost economies and market power in U.S. beef packing by Catherine J Morrison

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C. D. Willig. Contestable Markets and the Theory of Industry Structure. (1982) New York: Harcourt Brace Jovanovich. Demsetz, Harold. “Industry Structure, Market Rivalry, and Public Policy”, Journal of Law and Economics. 16 (1973):1-9. M. G. E. Stefanou. ” American Journal of Agricultural Economics. (May 1992):329-342. Morrison, Catherine J. " Journal of Business and Economic Statistics. 3/4 (October 1985):312-324. Morrison, Catherine J. S. " The Review of Economics and Statistics. 70/2, (May 1988):275-287.

SUMMARY OF VARIABLES, MEASURES, TERMS AND EQUATIONS 39 40 Morrison Paul Variable Definitions Outputs: Four outputs, denoted Ym: slaughter and fabricated meat products (YS and YF ), byproducts (YB), and hides (YH ). ), where M indicates that this a “materials” input, and B denotes “beef”). , C, as the cattle input, and capital, K, (estimated dollar value based on reported “replacement” values). Cattle Supply Determinants (in pricing equation): NB, NOBUYERS, the number of cattle buyers PRC, PROCEXP, expenditures on cattle procurement OT, HROTPAY, pay for overtime workers CS, captive supplies, percentage by weight of packer-fed cattle QU, quality, percentage of steers and heifers Regions: West – AZ, CA, UT, WA Western Corn Belt (WCB) – IL, WI, IA MN, MI Plains – CO, NE, TX, KS “Adapted” Plains – 13 largest slaughter/fabrication plants in the Plains Overview of Constructed Measures (in order of appearance in the document) The shadow value of the C input, ZC = - G/ C, would equal pC in equilibrium with perfect competition in these markets.

Paul, Catherine J. Morrison. ”, manuscript (July 1999b). Paul, Catherine J. Morrison. ” under revision for the American Journal of Agricultural Economics (September 1999c). Paul, Catherine J. Morrison. S. Meatpacking Industry”, under revision for The Review of Economics and Statistics (September 1999d). Giannini Monograph Number 44 A. SUMMARY OF VARIABLES, MEASURES, TERMS AND EQUATIONS 39 40 Morrison Paul Variable Definitions Outputs: Four outputs, denoted Ym: slaughter and fabricated meat products (YS and YF ), byproducts (YB), and hides (YH ).

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