DISCUSSION: POLICY CONSIDERATIONS OF EMERGING INFORMATION TECHNOLOGIES

Research and Development/Tech Change/Emerging Technologies,

THE IMPACT OF ADVERTISING ON THE EFFICIENCY OF THE FOOD DISTRIBUTION SYSTEM

Marketing,

An econometric analysis of the quarterly demand and supply relationships for feeder cattle in the United States

The overall objective of this study was to develop a price forecasting model which would give the producers of feeder cattle, feedlot operators, and other segments of the beef cattle industry more than just a hunch as to future feeder cattle price movements. The specific objectives were: (1) develop an econometric model to identify the major factors influencing the quarterly demand and supply of feeder cattle in the United States; (2) develop alternative quarterly feeder cattle price forecasting models using the econometric structural relationships estimated above; and (3) evaluate the interrelationships among the various markets in the beef cattle industry. An econometric model consisting of eight behavioral equations and two market clearing equations were developed to describe the relationships within and among the feeder cattle, slaughter cattle, and retail sectors of the beef industry. The behavioral equations were fitted to quarterly data for the years 1960-1972 using the two-stage least squares technique. The farm level demand for feeder cattle was normalized on the current price of feeder cattle. The major factors hypothesized to affect the price of feeder cattle were the current quantity of feeder cattle, the price of com, the number of head on feed, the current price of slaughter cattle, the short-term interest rate, and quarters of the year. The farm level supply function was normalized on the current quantity of feeder cattle. The major factors hypothesized to affect the quantity of feeder cattle supplied were the current price of feeder cattle, calf crop lagged two quarters, the price of feeder cattle lagged four quarters, a time variable, and quarters of the year. The demand relationship for slaughter cattle was normalized on the current price of slaughter cattle and the supply relationship was normalized on the current quantity of slaughter cattle. The major factors hypothesized to affect the price of slaughter cattle were the quantity of slaughter cattle, the retail price of beef, cow slaughter, cold storage holdings of beef, wage rate in the meatpacking industry, and quarters of the year. The major factors hypothesized to affect the quantity of slaughter cattle supplied were the current price of slaughter cattle, price of feeder cattle lagged two quarters, the price of corn lagged two quarters, a time variable, and quarters of the year. A marketing margin was used to connect the prices at the farm level to the prices at the retail level. The factors affecting the farm to retail marketing margin for beef were hypothesized to be the quantity of slaughter cattle moving through the market, the wage rate in the meatpacking industry, the price of slaughter cattle, and time. Retail level demand equations for beef, pork, and chicken were developed. The major factors affecting the demand for these three substitute meats were their respective prices and quantities, income, and quarters of the year. The results indicated that the price and quantity of feeder cattle were simultaneously determined. The major factors affecting the price of feeder cattle were the quantity of feeder cattle and the price of slaughter cattle. The demand relationship was found to be significantly higher in the fall quarter. The major factors affecting the quantity of feeder cattle supplied were the price of feeder cattle and the time variable. The results indicated that the major factors affecting the price of slaughter cattle were the retail price of beef and cow slaughter while the major factors affecting supply were the price of slaughter cattle, the price of feeder cattle lagged two quarters, and time. Alternative forecasting models were developed to predict the price and quantity of feeder cattle. The most promising model that could be used to predict feeder cattle prices and quantities was a model which included all independent variables in the first stage of the TSLS technique. However, data for variables measured in time period t would not be available at the time the prediction is needed. Therefore, a model using all independent variables in the first stage with all variables measured in time period t lagged two quarters was used to predict the price and quantity of feeder cattle for the five quarters following the sample period. The predictions were evaluated on the basis of the direction of change and how closely the predicted values approximate the actual value. The model correctly predicted two out of five directions for price and three out of five direction of change for quantity. The largest deviation between the actual price and the predicted price of feeder cattle using this model was $12.05 which occurred in the summer quarter of 1973

EFFICIENT CASH AND HEDGED ENTERPRISE COMBINATIONS IN FEEDER CALF BACKGROUNDING OPERATIONS

Livestock Production/Industries,

FACTORS AFFECTING EFFICIENCY OF FEEDER CATTLE HEDGING IN KENTUCKY

Livestock Production/Industries,

SELECTED ISSUES AND FEATURES OF UNDERGRADUATE INSTRUCTION IN AGRICULTURAL ECONOMICS

Teaching/Communication/Extension/Profession,

Culture of largemouth bass fingerlings

The Oklahoma Cooperative Extension Service periodically issues revisions to its publications. The most current edition is made available. For access to an earlier edition, if available for this title, please contact the Oklahoma State University Library Archives by email at [email protected] or by phone at 405-744-6311

Reviews

The International Relations of Middle-earth: Learning from The Lord of the Rings. Abigail E. Ruane and Patrick James. Reviewed by Robert T. Tally Jr Moments of Grace and Spiritual Warfare in The Lord of the Rings. Anne Marie Gazzolo. Reviewed by Damien Bador. The Wizard of Oz as American Myth: A Critical Study of Six Versions of the Story, 1900-2007. Alissa Burger. Reviewed by Hugh H. Davis. Plain to the Inward Eye: Selected Essays on C.S. Lewis. Don W. King. Reviewed by Holly Ordway. Tolkien\u27s Poetry. Ed. Julian Eilmann and Allan Turner. Reviewed by Joe R. Christopher. The Lion\u27s World: A Journey into the Heart of Narnia. Rowan Williams. Reviewed by Melody Green. C. S. Lewis - A Life: Eccentric Genius, Reluctant Prophet. Alister McGrath. Reviewed by Gregory Bassham. Seven: An Anglo-American Literary Review. Ed. Marjorie Lamp Mead. Reviewed by Janet Brennan Croft. Supernatural Studies: Official Publication of the Supernatural Studies Association. Ed. Margo Collins and Deborah Christie. Reviewed by Janet Brennan Croft. Fastitocalon: Studies in Fantasticism Ancient to Modern. Ed. Thomas Honegger and Fanfan Chen. Reviewed by Janet Brennan Croft. Wormwood: Literature of the Fantastic, Supernatural and Decadent. Edited by Mark Valentine. Reviewed by Janet Brennan Croft

Steam and Flame Applications as Novel Methods of Population Control for Invasive Asian Clam (Corbicula fluminea) and Zebra Mussel (Dreissena polymorpha)

Control strategies for established populations of invasive alien species can be costly and complex endeavours, which are frequently unsuccessful. Therefore, rapid-reaction techniques that are capable of maximising efficacy whilst minimising environmental damage are urgently required. The Asian clam (Corbicula fluminea Müller, 1774), and the zebra mussel (Dreissena polymorpha Pallas, 1771), are invaders capable of adversely affecting the functioning and biodiversity of freshwater ecosystems. Despite efforts to implement substantial population-control measures, both species continue to spread and persist within freshwater environments. As bivalve beds often become exposed during low-water conditions, this study examined the efficacy of steam-spray (≥100 °C, 350 kPa) and open-flame burn treatments (~1000 °C) to kill exposed individuals. Direct steam exposure lasting for 5 min caused 100% mortality of C. fluminea buried at a depth of 3 cm. Further, combined rake and thermal shock treatments, whereby the substrate is disturbed between each application of either a steam or open flame, caused 100% mortality of C. fluminea specimens residing within a 4-cm deep substrate patch, following three consecutive treatment applications. However, deeper 8-cm patches and water-saturated substrate reduced maximum bivalve species mortality rates to 77% and 70%, respectively. Finally, 100% of D. polymorpha specimens were killed following exposure to steam and open-flame treatments lasting for 30 s and 5 s, respectively. Overall, our results confirm the efficacy of thermal shock treatments as a potential tool for substantial control of low-water-exposed bivalves. Although promising, our results require validation through upscaling to field application, with consideration of other substrate types, increased substrate depth, greater bivalve densities, non-target and long-term treatment effects