Response to Mark Powell's Comments

摘要

In his recent comments on "The Economic Efficiency of Sampling Size: The Case of Beef Trim," Mark Powell (2013) expresses concerns over the validity of our findings stemming mainly from the specification of our benefit function. Specifically, Dr. Powell believes, first that we incorrectly specified the prevalence rate; second that this error causes our benefit function to overstate the damages associated with any given prevalence rate; and, third, that there are other errors with our model. We disagree and explain our reasoning in this response.