The Changing Demand Structure for Pork and Beef in the 1970s: Implications for the 1980s

Abstract

During the 1960s and through 1973, a single equation demand system resulted in reasonably accurate forecasts of both pork and beef prices at the farm and retail levels (Grimes 1974a, 1974b). Errors in forecasts were primarily attributable to errors in projections of supply variables and, to a lesser extent, projections of consumer income. Some minor errors resulted from random variation, captured in an error variable.