price elasticity Essay

Business and Economic Exploration

ISSN 2162-4860

2012, Vol. 2, No . 2

A Meta-Analysis in the Price Elasticity of Meat:

Evidence of Regional Differences

Craig A. Gallet

Dept. of Economics, California State University or college, Sacramento

6000 J Avenue, Sacramento, CA, United States

Tel: 916-278-6099

Received: July 18, 2012

doi: 10. 5296/ber. v2i2. 2115

E-mail: [email protected] edu

Recognized: July 40, 2012

URL: http://dx.doi.org/10.5296/ber.v2i2.2115

Summary

This research addresses local differences in meat demand by simply estimating meta-regressions of the value elasticity of meat for North America, European countries, and Asia. Although we find many qualities in the materials have related impacts on the price suppleness across these kinds of regions, there are noticeable variations. For instance, the retail price elasticities of beef, lamb, and fish in The united states are significantly more elastic compared to poultry. Pertaining to Asia and Europe, even though, there are fewer significant differences in the price firmness across lean meats. Also, require specification plays a more visible role in determining the cost elasticity of meat in Europe.

Keywords: Meat require, Price flexibility, Meta-analysis, Regional differences 1 ) Introduction

Many investigations estimate the price elasticity of meat using various data and evaluation methods, which will several qualitative literature testimonials, such as Kuznets (1953), Tomek (1977), Smallwood et approach. (1989), and Asche ain al. (2007), suggest play a role in differences in reported elasticity estimations. Yet qualitative literature testimonials can be sensitive to the very subjective decision in the reviewer to emphasise particular research characteristics over others, so meta-analysis continues to be increasingly utilized as a instrument to quantitatively survey literature. In a typical meta-analysis, a parameter typically estimated inside the literature, including the price elasticity, is regressed on a number of dummy variables controlling intended for study qualities. By utilizing regression techniques, the subjective decision of the reviewer is therefore replaced simply by statistical tests, the benefits of which highlight the statistical influence of study characteristics on the unbekannte estimate. Instances of such studies include Espey (1998), 13

www.macrothink.org/ber

Business and Economic Research

ISSN 2162-4860

2012, Vol. 2, No . two

Dalhuisen ou al. (2003), Gallet and List (2003), Johnston et al. (2006), Gallet (2007), and Gallet (2010).

Concerning the demand for meat, Gallet (2010) reports results of a meta-analysis of the price elasticity. In the study, 4120 estimates from the price suppleness of meat, collected via 419 research, were regressed on factors that control for the kind of meat, demand specification, characteristics of the info used to approximate demand, appraisal method, syndication outlet, and demand site. He finds beef, lamb, and seafood demand are usually more responsive to value, while fowl demand is less responsive to price. Also, even though the price firmness of various meats is particularly hypersensitive to a quantity of specification, evaluation, and distribution characteristics, data issues as well as the location of demand possess less influence on the selling price elasticity. An average meta-analysis constructs a meta-data set by compiling info from research across multiple regions. For instance , Gallet's (2010) meta-data contains studies of meat demand in United states, Asia, and Europe, as well as a few other regions. Although meta-analyses often control for regional differences by simply including area dummy parameters in the meta- regressions, this holds the marginal effects constant around regions. Regarding Gallet (2010), while he finds a few regional differences in the price flexibility of meat, the rank order of the price suppleness across examine characteristics is usually held frequent in each region. you Yet there may not just be regional differences in the price suppleness of meat, but also regional differences in the impact of each and every study attribute on the selling price...

References: Alston, J. Meters., & Chalfant, J. A. (1991). Do we take the que contiene out of meat require studies?

Traditional western Journal of Agricultural Economics, 16, 36-48.

Asche, Farreneheit., BjГёrndal, Capital t., & Gordon, D. Versus. (2007). Research in the demand structure for fish and

seafood goods

Banks, T., Blundell, R., & Lewbel, A. (1997). Quadratic Engel curves and consumer require.

Bollino, C. A. (1990). GAIDS: A generalized type of the nearly ideal require system.

Deaton, A., & Muellbauer, J. (1980). A nearly ideal require system. American Economic

Assessment, 70, 312-326.

Espey, M. (1998). Gasoline demand revisited: an international meta-analysis of elasticities.

Gallet, C. A., & List, M. A. (2003). Cigarette require: a meta-analysis of elasticities. Health

Economics, 12, 821-835

Johnston, 3rd there’s r. J., Ranson, M. L., Besedin, Electronic. Y., & Helm, E. C. (2006). What can determine

willingness to pay every fish? A meta-analysis of recreational doing some fishing values

Kuznets, G. Meters. (1953). Dimension of industry demand with particular mention of the

consumer demand for food

Reeves, G. Watts., & Hayman, A. L. (1975). Require and supply makes in the world meat market.

Rosenberger, R. S i9000., & Loomis, J. B. (2000). Panel stratification in meta-analysis of economic

research: an investigation of its effects in the recreation valuation books

Scott, T. C., & Mitias, G. M. (1996). Trends in rankings of economics departments in the U. S.:

an

Tomek, T. G. (1977). Empirical evaluation of the with regard to food: an evaluation. In L. Raunikar

(Ed. ), Food Demand and Consumption Patterns: Selected Exploration Topics

White colored, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct

test out for heteroskedasticity



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