T. Schmit | Cornell University (original) (raw)

Papers by T. Schmit

Journal of Dairy Science, 2001

Journal of Dairy Science, 2009

Journal of Co-operative Organization and Management

Journal of Agricultural and Applied Economics

Annual seasonal advertising expenditure allocations were estimated for the national generic adver... more Annual seasonal advertising expenditure allocations were estimated for the national generic advertising programs for fluid milk and cheese with the use of price and advertising elasticities of demand that varied over time. Significant variation in optimal allocations existed both across products and over time, emphasizing the importance of obtaining accurate seasonal forecasts that incorporate changes in market conditions to plan future spending allocations. In the absence of such information, allocating annual budgets equally across quarters still produced positive producer welfare gains on average relative to historical spending that were not statistically different from those realized under the optimal spending strategy.

Agricultural and Resource Economics Review

This paper outlines a method to determine the tradeoff between economies of size in water treatme... more This paper outlines a method to determine the tradeoff between economies of size in water treatment and diseconomies of distribution. Cost equations are estimated for several treatment technologies and distribution extensions. Empirical results are used to identify optimal system size where average total costs are minimized. Regardless of treatment, most costs are due to distribution. As water systems expand service territories, only in the most densely populated areas would remaining economies of size in treatment outweigh the diseconomies in distribution.

Agricultural and Resource Economics Review

A hedonic cost function is used to isolate the operation and maintenance costs for water treatmen... more A hedonic cost function is used to isolate the operation and maintenance costs for water treatments. For small systems, costs are substantial for some technologies, but not for others. When regional differences in input costs are accounted for, small systems located in rural areas may have a cost advantage over similar systems closer to urban centers; however, costs of water treatment to meet Safe Drinking Water Act amendments may still be substantial.

Agricultural and Resource Economics Review

A model of the domestic demand for eggs was estimated from quarterly data over the period 1987 th... more A model of the domestic demand for eggs was estimated from quarterly data over the period 1987 through 1995, incorporating an index of consumer dietary cholesterol concerns and generic advertising efforts by the American Egg Board and the California Egg Commission. Empirical results indicated that most of the observed change in egg demand could be explained by dietary cholesterol concerns. Simulating the model in a constant elasticity supply framework demonstrated that advertising efforts over the past several years have resulted in net benefits to egg producers largely when considering inelastic supply responses. However, considering trade bias reduces these benefit-cost ratios substantially.

Agricultural and Resource Economics Review

A fixed-effects panel data demand model for five New York State markets is estimated to determine... more A fixed-effects panel data demand model for five New York State markets is estimated to determine the differential impacts of generic fluid milk advertising by media type. Empirical results indicate that among the four media outlets, television advertising has the largest impact on per capita demand, followed by radio, outdoor, and print. Based on the estimated media-specific elasticities, media reallocation of advertising expenditures suggests that milk sales could increase significantly. The results indicate that cooperative media plan strategies developed between the New York regional advertising program and the national advertising programs would achieve the greatest benefits.

Agricultural and Resource Economics Review, 2014

Agricultural and Resource Economics Review, 2009

The relationship between complete-feed prices and ingredient prices is estimated in order to anal... more The relationship between complete-feed prices and ingredient prices is estimated in order to analyze the effect of higher commodity prices on feed costs, with particular attention paid to the substitutability of corn distillers dried grains with solubles (DDGS). Using the historical price correlation between corn and DDGS, each 1pertonincreaseinthepriceofcornincreasesfeedcostsbetween1 per ton increase in the price of corn increases feed costs between 1pertonincreaseinthepriceofcornincreasesfeedcostsbetween0.45 and 0.59pertonacrosslivestocksectors.Marginalfeedcostsbasedonlowerforecastedpricecorrelationsarereducedbetween0.59 per ton across livestock sectors. Marginal feed costs based on lower forecasted price correlations are reduced between 0.59pertonacrosslivestocksectors.Marginalfeedcostsbasedonlowerforecastedpricecorrelationsarereducedbetween0.05 to $0.12 per ton across livestock sectors, but only for the dairy ration is the reduction statistically significant. Overall, DDGS cost savings are relatively limited and insufficient to offset the impact of other higher-priced feedstocks.

American Journal of Agricultural Economics, Feb 1, 2004

... Decomposing the Variation in Generic Advertising Response over Time. Todd M. Schmit,; Harry M... more ... Decomposing the Variation in Generic Advertising Response over Time. Todd M. Schmit,; Harry M. Kaiser. ... We continue with a description of the conceptual model. This section is followed by an empirical application to the US per capita demand for fluid milk and cheese. ...

Can J Agr Econ Rev Can Agroec, 2003

2008 Conference April 21 22 2008 St Louis Missouri, 2008

Journal of Dairy Science, 2001

Journal of Dairy Science, 2009

Journal of Co-operative Organization and Management

Journal of Agricultural and Applied Economics

Annual seasonal advertising expenditure allocations were estimated for the national generic adver... more Annual seasonal advertising expenditure allocations were estimated for the national generic advertising programs for fluid milk and cheese with the use of price and advertising elasticities of demand that varied over time. Significant variation in optimal allocations existed both across products and over time, emphasizing the importance of obtaining accurate seasonal forecasts that incorporate changes in market conditions to plan future spending allocations. In the absence of such information, allocating annual budgets equally across quarters still produced positive producer welfare gains on average relative to historical spending that were not statistically different from those realized under the optimal spending strategy.

Agricultural and Resource Economics Review

This paper outlines a method to determine the tradeoff between economies of size in water treatme... more This paper outlines a method to determine the tradeoff between economies of size in water treatment and diseconomies of distribution. Cost equations are estimated for several treatment technologies and distribution extensions. Empirical results are used to identify optimal system size where average total costs are minimized. Regardless of treatment, most costs are due to distribution. As water systems expand service territories, only in the most densely populated areas would remaining economies of size in treatment outweigh the diseconomies in distribution.

Agricultural and Resource Economics Review

A hedonic cost function is used to isolate the operation and maintenance costs for water treatmen... more A hedonic cost function is used to isolate the operation and maintenance costs for water treatments. For small systems, costs are substantial for some technologies, but not for others. When regional differences in input costs are accounted for, small systems located in rural areas may have a cost advantage over similar systems closer to urban centers; however, costs of water treatment to meet Safe Drinking Water Act amendments may still be substantial.

Agricultural and Resource Economics Review

A model of the domestic demand for eggs was estimated from quarterly data over the period 1987 th... more A model of the domestic demand for eggs was estimated from quarterly data over the period 1987 through 1995, incorporating an index of consumer dietary cholesterol concerns and generic advertising efforts by the American Egg Board and the California Egg Commission. Empirical results indicated that most of the observed change in egg demand could be explained by dietary cholesterol concerns. Simulating the model in a constant elasticity supply framework demonstrated that advertising efforts over the past several years have resulted in net benefits to egg producers largely when considering inelastic supply responses. However, considering trade bias reduces these benefit-cost ratios substantially.

Agricultural and Resource Economics Review

A fixed-effects panel data demand model for five New York State markets is estimated to determine... more A fixed-effects panel data demand model for five New York State markets is estimated to determine the differential impacts of generic fluid milk advertising by media type. Empirical results indicate that among the four media outlets, television advertising has the largest impact on per capita demand, followed by radio, outdoor, and print. Based on the estimated media-specific elasticities, media reallocation of advertising expenditures suggests that milk sales could increase significantly. The results indicate that cooperative media plan strategies developed between the New York regional advertising program and the national advertising programs would achieve the greatest benefits.

Agricultural and Resource Economics Review, 2014

Agricultural and Resource Economics Review, 2009

The relationship between complete-feed prices and ingredient prices is estimated in order to anal... more The relationship between complete-feed prices and ingredient prices is estimated in order to analyze the effect of higher commodity prices on feed costs, with particular attention paid to the substitutability of corn distillers dried grains with solubles (DDGS). Using the historical price correlation between corn and DDGS, each 1pertonincreaseinthepriceofcornincreasesfeedcostsbetween1 per ton increase in the price of corn increases feed costs between 1pertonincreaseinthepriceofcornincreasesfeedcostsbetween0.45 and 0.59pertonacrosslivestocksectors.Marginalfeedcostsbasedonlowerforecastedpricecorrelationsarereducedbetween0.59 per ton across livestock sectors. Marginal feed costs based on lower forecasted price correlations are reduced between 0.59pertonacrosslivestocksectors.Marginalfeedcostsbasedonlowerforecastedpricecorrelationsarereducedbetween0.05 to $0.12 per ton across livestock sectors, but only for the dairy ration is the reduction statistically significant. Overall, DDGS cost savings are relatively limited and insufficient to offset the impact of other higher-priced feedstocks.

American Journal of Agricultural Economics, Feb 1, 2004

... Decomposing the Variation in Generic Advertising Response over Time. Todd M. Schmit,; Harry M... more ... Decomposing the Variation in Generic Advertising Response over Time. Todd M. Schmit,; Harry M. Kaiser. ... We continue with a description of the conceptual model. This section is followed by an empirical application to the US per capita demand for fluid milk and cheese. ...

Can J Agr Econ Rev Can Agroec, 2003

2008 Conference April 21 22 2008 St Louis Missouri, 2008