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The Value of Third-Party Certification of Preconditioning Claims at Iowa Feeder Cattle Auctions

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Author Info
Bulut, Harun
Lawrence, John D.

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Abstract

After controlling a variety of feeder cattle characteristics and market and sale conditions in Iowa feeder auctions, the price premiums for preconditioning claims (vaccinations and minimum 30 days of weaning) with and without third-party certification (TPC) are estimated as $6.12/cwt and $3.35/cwt, respectively. These premiums differ statistically (p<0.0001), and their difference exceeds the average participation cost of TPC ($1/cwt). This indicates that TPC is valued in the market to credibly signal preconditioning investment under asymmetric information.

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Publisher Info
Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

Volume (Year): 39 (2007)
Issue (Month): 03 (December)
Pages:
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Handle: RePEc:ags:joaaec:37052

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Related research
Keywords: asymmetric information; feeder cattle auctions; quality; signalling; third-party certification; Q11; Q12; Q13; C23;

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References listed on IDEAS
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  1. Allen, Douglas W, 1993. "Pot-Bellies, Cattle Breeds and Revealing Signals," Economic Inquiry, Oxford University Press, vol. 31(3), pages 481-87, July.
  2. Ward, Clement E. & Lalman, David L., 2003. "Price Premiums From A Certified Feeder Calf Preconditioning Program," 2003 Conference, April 21-22, 2003, St. Louis, Missouri 18973, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management. [Downloadable!]
  3. Brent Hueth & John D. Lawrence, 2002. "Quality Management and Information Transmission in Cattle Markets: A Case Study of the Chariton Valley Beef Alliance," Center for Agricultural and Rural Development (CARD) Publications 02-bp40, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
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  4. Avent, R. Keith & Ward, Clement E. & Lalman, David L., 2004. "Market Valuation of Preconditioning Feeder Calves," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 36(01), April. [Downloadable!]
  5. Hatanaka, Maki & Bain, Carmen & Busch, Lawrence, 2005. "Third-party certification in the global agrifood system," Food Policy, Elsevier, vol. 30(3), pages 354-369, June. [Downloadable!] (restricted)
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