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Valuing Varieties with Imperfect Output Quality Measurement

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  • David K. Lambert
  • William W. Wilson

Abstract

Markets for agricultural products may be inefficient when signals do not adequately reflect product characteristics important to market participants. Preferences can be explicitly reflected in price premiums for measurable characteristics using hedonic methods. However, when product quality information is costly to obtain, the problem is compounded. Bundling of quality traits by variety can serve to signal product quality. A procedure is developed to derive the value of different varieties in meeting buyer demands. An application to the hard red spring market wheat illustrates the use of a procedure to distinguish among varieties and provides empirical support for the existence of Akerlof's lemon market in the release of wheat varieties. Copyright 2003, Oxford University Press.

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File URL: http://hdl.handle.net/10.1111/1467-8276.00105
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Bibliographic Info

Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 85 (2003)
Issue (Month): 1 ()
Pages: 95-107

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Handle: RePEc:oup:ajagec:v:85:y:2003:i:1:p:95-107

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Cited by:
  1. Magali Aubert & Zouhair Bouhsina & Jean Marie Codron & Sylvain Rousset, 2013. "Pesticide safety risk, food chain organization, and the adoption of sustainable farming practices. The case of Moroccan early tomatoes," Working Papers 192816, Institut National de la Recherche Agronomique, France.
  2. MacDonald, James M. & Perry, Janet E. & Ahearn, Mary Clare & Banker, David E. & Chambers, William & Dimitri, Carolyn & Key, Nigel D. & Nelson, Kenneth E. & Southard, Leland W., 2004. "Contracts, Markets, and Prices: Organizing the Production and Use of Agricultural Commodities," Agricultural Economics Reports 34013, United States Department of Agriculture, Economic Research Service.
  3. Anneleen Vandeplas & Bart Minten, 2011. "Food quality in domestic markets of developing economies:A comparative study of two countries," LICOS Discussion Papers 28911, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
  4. Dalton, Timothy J., 2004. "A household hedonic model of rice traits: economic values from farmers in West Africa," Agricultural Economics, Blackwell, vol. 31(2-3), pages 149-159, December.

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