文章基本信息

标题：RATIONALIZING TIME SERIES DIFFERENCES BETWEEN COW-CALF AND FEEDER RETURNS
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作者：Zhao, Huan ; Hennessy, David A.
期刊名称：Journal of Food Distribution Research
印刷版ISSN：0047-245X
出版年度：2009
卷号：40
期号：SUPPL
出版社：Food Distribution Research Society
摘要：This paper tries to justify the observation of different return patterns in the upstream and downstream sectors of US beef production. It builds a dynamic rational expectation model separating the cow-calf and feeding sector with the former sector being the residual claimer. The model shows that the cow-calf operation has positively autocorrelated return pattern while the feeding operation return only reflects random shock. Empirical study shows that 85.4% of the Ricardian rent is passed through to the upstream sector, and the downstream sector can only claim the unexpected return resulting from random shocks.
关键词：Ricardian rent;cow-calf return;supply chain