An econometric analysis of the monthly wholesale price of lamb in the United Kingdom and the application of dynamic programming to scheduling frozen lamb sales

Abstract

The major objective of this study is the analysis of frozen lamb, in particular the development of econometric models to explain the monthly wholesale price of frozen lamb in Britain. Also included is a smaller section of the application of Dynamic Programming to scheduling monthly frozen lamb sales. This use of Dynamic Programming as such, is very much dependent on the prior econometric analysis in providing a satisfactory price estimating equation. It has become very important at this stage (for instance in relation to the negotiations for British entry to the E.E.C.), for New Zealand to have a better and more thorough understanding of the price of frozen lamb, especially in the short term. The importance of frozen lamb sales are unquestionable. This alone is rationale for undertaking such an analysis.