An empirical model of asset replacement in dairy production

Mario J. Miranda, Gary D. Schnitkey

Research output: Contribution to journalArticlepeer-review

Abstract

Throughout the US dairy farm industry, observed rates of dairy cow replacement consistently exceed the rates prescribed as optimal by dairy economists. We attempt to uncover the causes of this discrepancy by estimating a series of dynamic discrete choice models of dairy cow replacement using historical farm‐level data. We also advance the methods used to estimate dynamic discrete choice models by demonstrating how orthogonal polynomial projection methods can be effectively combined with standard maximum likelihood techniques to estimate structural models of dynamic decision making.

Original languageEnglish (US)
Pages (from-to)S41-S55
JournalJournal of Applied Econometrics
Volume10
Issue number1 S
DOIs
StatePublished - Dec 1995
Externally publishedYes

ASJC Scopus subject areas

  • Social Sciences (miscellaneous)
  • Economics and Econometrics

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