The development of the global pork production
\nhas been very dynamic in recent decades. Between
\n1990 and 2004, global meat production
\nincreased from 180 million tons to almost 260
\nmillion tons, and the contribution of pork to
\nglobal meat production was about 38% in 2005. The objective of this paper is to explore the
\nsupply response in the pork industry. Several
\nparameters, such as expected pork producer
\nprice, price volatility, and cost factors, are used
\nto specify the appropriate supply response
\nmodel and describe producers\u2019 risk. The empirical analysis used the GARCH process to model producers\u2019 expectations
\nabout expected price and expected
\nprice volatility and the supply response equation
\nestimated jointly with the price equation
\nusing the FIML econometric approach. It was found that price uncertainty appears to have a strong
\nnegative effect on Greek pig producers, which
\nmight be an important constraint in their attempt
\nto expand their farm size and invest in
\nmore productive technologies. Also, it seems that pork industry in a small
\ncountry like Greece faces serious problems to
\nadapt successfully to open market conditions
\nand achieve high level performances in an increasing
\nlevel of international competition. Therefore, the
\nGreek government should further assist pork
\nproducers to participate in specialized investment
\nprograms, financed jointly by the Greek
\ngovernment and the EU, providing them with
\nsubsidized capital appropriate for modernization
\nand growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
The development of the global pork production has been very dynamic in recent decades. Between 1990 and 2004, global meat production increased from 180 million tons to almost 260 million tons, and the contribution of pork to global meat production was about 38% in 2005. The objective of this paper is to explore the supply […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[8882,10033,13816,7724,1972,6784,190,286,3760,20007,158,10858,94,2909,23489,10859,3465,63,14,16262,1324,2608,4732,7725,11304,7726,17743,27282,2365,1533,9897,20911,4874],"class_list":["post-5742","post","type-post","status-publish","format-standard","hentry","category-economics","tag-al","tag-arc","tag-ass","tag-asymmetry","tag-condition","tag-cos","tag-cost","tag-dust","tag-garch","tag-gh","tag-growth","tag-mark","tag-meat","tag-meat-production","tag-modelling-beef-supply-response-and-price-volatility","tag-nat","tag-pea","tag-performance","tag-pig","tag-pl","tag-pork","tag-pork-industry","tag-pork-production","tag-pork-supply","tag-pork-supply-response","tag-price-volatility","tag-prod","tag-production","tag-risk","tag-size","tag-supply-response-in-swine","tag-t","tag-tan"],"_links":{"self":[{"href":"http:\/\/prairieswine.com\/rsc\/wp-json\/wp\/v2\/posts\/5742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/prairieswine.com\/rsc\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/prairieswine.com\/rsc\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/prairieswine.com\/rsc\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/prairieswine.com\/rsc\/wp-json\/wp\/v2\/comments?post=5742"}],"version-history":[{"count":0,"href":"http:\/\/prairieswine.com\/rsc\/wp-json\/wp\/v2\/posts\/5742\/revisions"}],"wp:attachment":[{"href":"http:\/\/prairieswine.com\/rsc\/wp-json\/wp\/v2\/media?parent=5742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/prairieswine.com\/rsc\/wp-json\/wp\/v2\/categories?post=5742"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/prairieswine.com\/rsc\/wp-json\/wp\/v2\/tags?post=5742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}