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Quality Premiums and the Post-Harvest Spot Market Thinness: The Case of U.S. Peanuts

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Author Info
Nadolnyak, Denis A.
Fletcher, Stanley M.
Abstract

In the paper, we analyze two issues that are important in the U.S. peanut markets: the absence of explicit quality premiums in the crop contracts, and the thinness of the postharvest cash/spot markets, which obstructs the operation of current production support policies. We argue that introduction of quality differentials in the form of either fixed premium or rank-order tournament contracts may kill two birds with one stone by increasing the spot market turnover and providing incentives for increasing crop quality. In addition, this arrangement is likely to reduce the costs of the federal support programs.

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Paper provided by International Association of Agricultural Economists in its series 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia with number 25274.

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Date of creation: 2006
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Handle: RePEc:ags:iaae06:25274

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Related research
Keywords: contracts; tournaments; efficiency; cash markets; peanuts; Marketing;

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  1. Edward P. Lazear & Sherwin Rosen, 1981. "Rank-Order Tournaments as Optimum Labor Contracts," NBER Working Papers 0401, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Giha, Cesar L. Revoredo & Fletcher, Stanley M., 2005. "Supplier reputation and price premium: the case of groundnuts in Rotterdam," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 6(2), August. [Downloadable!]
  3. Tsoulouhas, Theofanis & Vukina, Tomislav, 2001. " Regulating Broiler Contracts: Tournaments versus Fixed Performance Standards," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 83(4), pages 1062-73, November. [Downloadable!] (restricted)
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  4. Westcott, Paul C. & Price, J. Michael, 2001. "Analysis Of The U.S. Commodity Loan Program With Marketing Loan Provisions," Agricultural Economics Reports 34035, United States Department of Agriculture, Economic Research Service. [Downloadable!]
  5. Green, Jerry R & Stokey, Nancy L, 1983. "A Comparison of Tournaments and Contracts," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 349-64, June. [Downloadable!] (restricted)
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