The Kaiser study is highly deceptive. Kaiser never evaluated returns to cattlemen. He evaluated returns to the “industry,” which included packer profits; he did not separate the benefits (costs?) to cow/calf operators and to feeders from packer profits.
Kaiser and the CBB have refused to publicly disclose the data used for the study. Heck, there is so much CON in eCONometrics that reputable academic journals now require disclosure of data. With good reason.
CBB, show us your expenditure data and anything else you provided to Kaiser.
C. Robert Taylor
Professor Emeritus of Agricultural Economics