Market Impact of Foot-and-Mouth Disease Control Strategies: A UK Case Study
Date: 7 December 2017
Presenter: Siyi Feng, Melissa McLaws
Summary: Economic impact assessments of foot-and-mouth disease control strategies are often based on benefit–cost framework, which provide detailed information on the changes in profit for a farm or budget implications for a government. However, this framework cannot capture price effects caused by changes in production due to culling of animals; access to international markets; and consumers’ reaction. These three impacts combine to affect equilibrium within commodity markets. In light of the increasing interest in the use of vaccination in controlling FMD in countries previously free from the disease, this study uses a partial equilibrium modelling framework based on outputs from an epidemiology model to demonstrate the potential market consequences of alternative FMD control strategies in the case of the UK.