The BSE Crisis and the Price of Red Meat in the UK
John Leeming and Paul Turner
This paper presents estimates of price functions for beef, lamb and pork for the UK economy which allow for the effects of the 1996 BSE crisis. Our estimates illustrate the importance of allowing for the joint endogeneity of prices in these markets. We show that the effects of this crisis had a significant negative effect on the price of beef and a positive and significant effect on the price of lamb. However, there appears to have been little effect on the price of pork.
Keywords: Demand for red meat, endogenous regressors, BSE crisis.
JEL Numbers: C32, Q11