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Information and Market Institutions

In: US Programs Affecting Food and Agricultural Marketing

Author

Listed:
  • Joe Parcell

    (University of Missouri)

  • Glynn Tonsor

    (Kansas State University)

Abstract

Information flows from producer to consumer in the form of product and quality information and from consumer to producer in the form of payments and consumer preferences. The economic efficiency by which marketing channel functions (e.g., lending, contracts, packaging, storage, transportation, or marketing) perform is based on the market institutions available for a particular function. Entities using these functions are considered institutional players. They rely on market institutions to limit transaction costs, including search costs, facilitate quality and price negotiations, and monitor markets. Institutional players use information to increase efficiency within market institutions. If public agencies help to generate information that contributes to consumer welfare, then consumers should be advocates for public agencies continuing their information production. Yet, increasing public scrutiny concerning the role that public agencies play in providing information to the agricultural industry has been a factor recently. This chapter details some of the issues for which the public is at odds with how to value public information. The authors offer recommendations for the future of public information policy and the collection of public data.

Suggested Citation

  • Joe Parcell & Glynn Tonsor, 2013. "Information and Market Institutions," Natural Resource Management and Policy, in: Walter J. Armbruster & Ronald D. Knutson (ed.), US Programs Affecting Food and Agricultural Marketing, edition 127, chapter 0, pages 375-400, Springer.
    • Handle: RePEc:spr:nrmchp:978-1-4614-4930-0_14
    DOI: 10.1007/978-1-4614-4930-0_14
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    Cited by:

    1. Lusk, Jayson L. & Tonsor, Glynn T. & Schroeder, Ted C. & Hayes, Dermot J., 2018. "Effect of government quality grade labels on consumer demand for pork chops in the short and long run," Food Policy, Elsevier, vol. 77(C), pages 91-102.

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