With the 2009 milk prices still fresh on everyone’s mind, there has been increased interest in ways to limit milk price volatility. Using SERF, this paper determined some dairies are willing to pay for limited milk price volatility and found a value they are willing to pay using risk premiums.

Animal identification has been one of the most contentious issues for the last decade in the livestock industry. More specifically, at issue is the idea of a government-sponsored identification system, although it is unclear that an identification system forced on the industry by the market...