| 초록 |
This paper investigate duration dependencies of over-order premium, which is a mark-up over the minimum price, in the markets for raw milk that is used for beverage milk in the U.S. Empirical estimation results of Weibull, Exponential and Cox-Proportional hazard models indicate that duration of over-order premium positively correlated with marginal costs while negatively correlated with demand shifters that move demand curve upwards. These results implies that dairy cooperatives have incentives to keep the existing over-order premium under relatively higher marginal costs while to set a new over-order premium under relatively higher demand.
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