Comparing End-Use Values For North Dakota Hard Red Spring Wheat Varieties
AbstractMarkets for agricultural products may be inefficient when signals do not adequately reflect product characteristics important to market participants. Although preferences can be explicitly stated through price premiums or characteristic values can be determined via hedonic methods, the problem is compounded when product quality information is costly to obtain. Bundling of quality traits by variety can serve to signal product quality. A procedure is developed in this paper to derive the value of different varieties in meeting buyer demands. An application to the hard red spring market wheat both validates the ability of the procedure to distinguish among varieties, as well as provides empirical support to the existence of Akerlof's lemon market in the release of wheat varieties.
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Bibliographic InfoPaper provided by North Dakota State University, Department of Agribusiness and Applied Economics in its series Statistical Series Reports with number 23657.
Date of creation: 2001
Date of revision:
Agricultural markets; product quality; distance functions; wheat; Crop Production/Industries; Marketing;
Other versions of this item:
- Lambert, David K. & Wilson, William W., 2001. "Comparing End-Use Values For North Dakota Hard Red Spring Wheat Varieties," Staff Papers 23657, North Dakota State University, Department of Agribusiness and Applied Economics.
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