Dynamic Adjustment in Vertically Linked Markets: The Case of the U.S. Beef Industry
利用对偶模型研究美国牛肉产业纵向关联部门的动态调整结构，发现牛犊、育肥场和加工部门面临显著调整成本，进口有助于应对短期市场变化。
Abstract This duality model is used to investigate the dynamic structure of vertically linked sectors of the U.S. beef industry. The model employed allows for explicit hypothesis tests of the adjustment process and technology change. Vertically related sectors of the beef industry are included to emulate the organizational structure of the industry. Results suggest that the cow‐calf, feedlot, and beef processing sectors of the U.S. industry face significant adjustment costs. Another important finding is that imports may provide a way for the U.S. beef industry to adjust to short‐run market changes.