Abstract
In this study, a simultaneous equation model is specified and estimated to analyze the competitive relationships between pork and beef in the retail market for consumers’ dollars and between the beef-cattle and pork-hog industries in input markets for production factors by means of estimated expenditure elasticities. In addition, the short-run and long-run effects of external shocks on the livestock industries and corn subsector are evaluated. From the results of analyses, it is found that beef has greater capability than pork to compete for consumers’ dollars while the pork-hog industry has greater ability than the beef-cattle subsector to compete for production inputs in both the short and long run as per-capita disposable income is raised. In general, the estimated multipliers indicate a fairly long process required for the livestock industries and corn subsector to complete a full adjustment to exogenous shocks.
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