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The Value Of Information Provided By A Uniform Grading System

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  • Freebairn, John W.

Abstract

The potential effects of a uniform meat grading scheme on market performance are evaluated in terms of a change in the information state. A uniform grading system may reduce the per unit costs involved in the collection and transmission of information on the characteristics of, and the price differentials for, different units of the commodity set. Under conditions of uncertainty an improved information state will increase market participants' expected utility. A general procedure for an empirical evaluation of a grading scheme is outlined.

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File URL: http://purl.umn.edu/22784
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Bibliographic Info

Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural Economics.

Volume (Year): 17 (1973)
Issue (Month): 02 (August)
Pages:

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Handle: RePEc:ags:ajaeau:22784

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Keywords: Marketing;

References

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  1. Dillon, John L., 1971. "An Expository Review of Bernoullian Decision Theory in Agriculture: Is Utility Futility?," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 39(01), March.
  2. McArthur, I.D. & Dillon, John L., 1971. "Risk, Utility And Stocking Rate," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 15(01), April.
  3. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213.
  4. Duncan, R & Tisdell, Clem, 1971. "Research and Technical Progress: The Returns to Producers," The Economic Record, The Economic Society of Australia, vol. 47(117), pages 124-29, March.
  5. Sandmo, Agnar, 1971. "On the Theory of the Competitive Firm under Price Uncertainty," American Economic Review, American Economic Association, vol. 61(1), pages 65-73, March.
  6. Leland, Hayne E, 1972. "Theory of the Firm Facing Uncertain Demand," American Economic Review, American Economic Association, vol. 62(3), pages 278-91, June.
  7. Freebairn, John W., 1967. "Grading as a Market Innovation," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 35(03), September.
  8. I.D. McArthur & John L. Dillon, 1971. "Risk, Utility And Stocking Rate," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 15(1), pages 20-35, 04.
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Cited by:
  1. Lindner, Robert K. & Mules, T.J. & Thomson, Norm J., 1978. "Co-operative Pig Marketing," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 46(03), December.
  2. Mullen, John D., 1995. "The Influence of Fat and Weight on the Price of Lamb in the Homebush Livestock and Wholesale Markets," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 63(01), April.
  3. Farrell, Terence C. & Hopkins, David L., 2007. "A hedonic Model of Lamb Carcass Attributes," Australasian Agribusiness Review, University of Melbourne, Melbourne School of Land and Environment, vol. 15.
  4. Hueth, Brent & Marcoul, Philippe & Lawrence, John D., 2007. "Grader Bias in Cattle Markets? Evidence from Iowa," Staff General Research Papers 11465, Iowa State University, Department of Economics.
  5. Gray, Richard S. & Sumner, Daniel A. & Alston, Julian M. & Brunke, Henrich, 2004. "Economic Impacts Of Mandated Grading And Testing To Avoid A Negative Food Safety Event: Ex Ante Analysis Of The Federal Marketing Order For Pistachios," 2004 Annual meeting, August 1-4, Denver, CO 20031, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  6. Griffith, Garry R., 1978. "An Ex Ante Evaluation of the National Pig Carcase Measurement and Information Service," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 46(03), December.

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