AN ANNUAL MODEL OF PUREBRED BREEDING BULL PRICE

A geometric distributed lag model was hypothesized as the structural relationship between purebred breeding bull price and economic variables determining the bullÂ’s value as a productive asset. Parameter estimates for the nonstochastic difference equation were obtained from a data sample including...

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Bibliographic Details
Published inWestern Journal of Agricultural Economics Vol. 13; no. 1
Main Authors Greer, R. Clyde, Urick, J.J
Format Journal Article
LanguageEnglish
Published Western Agricultural Economics Association 1988
SeriesWestern Journal of Agricultural Economics
Subjects
Industries
Livestock Production
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Summary:A geometric distributed lag model was hypothesized as the structural relationship between purebred breeding bull price and economic variables determining the bullÂ’s value as a productive asset. Parameter estimates for the nonstochastic difference equation were obtained from a data sample including nineteen years of average price paid for yearling purebred Hereford bulls. Statistical results supported the hypotheses; expected bull price was responsive to calf price and cowherd inventory. An oscillating geometric adjustment pattern was found which reflected periodicity in bull replacement decisions. The general conclusion was that relevant information is rapidly incorporated into purebred bull market behavior and price adjusts quickly.