A Duality Approach to Testing the Economic Behaviour of Dairy-Marketing Co-operatives: The Case of Ireland



Table 2: Coefficient Estimates of Virtual Profit Maximising Behaviour

Variable

Coefficient

Standard
Error

Coefficient

Standard Error

System 15(a)-15(d)

System 15(a)-15(d), 16

Intercept_____________

4.5733

0.6624

6.3249

1.5093

Jh_____________

1.5721

0.2437

1.1230

0.3526

_________________

-0.1541

0.0351

-0.0917

0.0389

_t_______________________

0.1811

0.0530

0.0446

0.1063

m___________

1.3493

0.1376

8.5428

2.2910

к________________

-0.8096

0.6020

-2.6511

0.8896

Pv* Pv_________________

-0.0614

0.1076

-0.0051

0.1170

Wι*wt______________

-0.0905

0.0128

-0.0861

0.0113

t*t______________________

-0.0071

0.0022

-0.0019

0.0040

m*m___________

0.2188

0.1084

7.1624

2.2455

k*k______________

-0.1777

0.3558

-0.6801

0.4810

Pv*wt_______________

0.1773

0.0099

0.1768

0.0086

Pv*t___________________

0.0055

0.0111

0.0240

0.0150

Pv*m______________

-0.3594

0.0661

-0.7384

0.2947

Pv*k________________

0.2913

0.1250

0.2885

0.1318

w1*t________________

0.0013

0.0014

-0.0013

0.0016

wt*m____________

0.1264

0.0144

0.1713

0.0295

w1*k______________

-0.0539

0.0106

-0.0521

0.0114

t*m_______________

-0.0206

0.0059

-0.3016

0.0972

t*k_________________

0.0302

0.0271

0.1223

0.0426

m*k____________

0.0514

0.0660

-0.6090

0.5672

ι_____________________________________

0.5558

0.0942

0.7203

0.0963

2______________________________

0.5002

0.0919

0.5913

0.0932

3______________________________

0.3212

0.0987

0.4283

0.0985

4______________________________

0.6677

0.1273

0.6902

0.1604

Intercept (Eqt. (16))

0.7111

0.2154

Py

-0.2654

0.0697

-0.1392

0.0873

t

0.0039

0.0085

m

0.0249

0.1172

^k

0.0267

0.0642

Log -Likelihood_____

______________279.37______________

_______________286.855_______________

Key: py= price of processed output; wɪ = is the wage rate; t = time trend; m = volume of milk raw material; к =
capital stock; ɪ - 4 are the estimated first-order autocorrelation coefficients for the equations estimated. (Note: the
numeraire in the imposition of zero Iiomgeneity was the price of non-milk materials.)

15



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