주요 유제품의 수요함수 추정

Estimations of Dairy Product demands

This paper estimates price and income elasticities of fluid milk, fermented milk, butter, cheese, and milk powder. Different from the previous studies that estimate demand elasticities of dairy products, this paper includes household expenditure share on dairy food within total food expenditure as an explanatory variable that represents the changes in diet pattern. The estimates expenditure share are very significant in the demand functions of the fluid milk, fermented milk, and butter. Estimation results for fluid milk indicate that price elasticity of fluid milk is less than -1.0 and the income elasticity is around 1.2. Among the estimates of elasticities for other diary products, income elasticity of cheese demand is noticeably high as 2.7. The estimates in this paper may provide very useful information to design dairy policies that aim to reduce excess stock of milk powder, which is currently one of the major issues in the dairy industry in Korea.