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Estimating Marginal Implicit Prices For Selected Quality Attributes Of Hybrid Seed Corn

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  • Ekanem, Enefiok P.
  • Sundquist, W. Burt

Abstract

The central objective of this study was to estimate the implicit marginal prices for the following attributes of hybrid seed corn: yield, moisture content, root lodging, stalk lodging, stand survival and ear drop. This study fills an existent gap in the application of a hedonic price technique to agricultural commodities. A hedonic price equation was constructed and estimated using characteristics data on hybrid corn varieties obtained from the Iowa State University Extension Service. Seed price data were solicited from seed companies for the same set of hybrids. In total, fifty-nine seed companies were asked for suggested retail prices for their hybrids. Forty companies responded with 1991 price information which was used in estimating the parameters of the formulated models. Six hypotheses relating the price paid for hybrid seed corn with the performance characteristics of interest were formulated and tested. Results indicate that the prices that farmers paid for hybrid seed corn were significantly related only to (1) the moisture content and (2) the root lodging characteristics of the resulting crop. Both results were significant at the 0.005 level. Surprisingly, seed price and yield were not significantly related. More research is needed to further analyze these relationships and to analyze farmer's response to the wide range of nonprice services provided by seed companies.

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Bibliographic Info

Paper provided by University of Minnesota, Department of Applied Economics in its series Staff Papers with number 13473.

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Date of creation: 1993
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Handle: RePEc:ags:umaesp:13473

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Keywords: Crop Production/Industries; Demand and Price Analysis;

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  1. Biing-Hwan Lin & Hiroshi Mori, 1991. "Implicit values of Beef carcass characteristics in Japan: Implications for the US Beef export industry," Agribusiness, John Wiley & Sons, Ltd., vol. 7(2), pages 101-114.
  2. Murdoch, James C. & Thayer, Mark A., 1988. "Hedonic price estimation of variable urban air quality," Journal of Environmental Economics and Management, Elsevier, vol. 15(2), pages 143-146, June.
  3. Halvorsen, Robert & Pollakowski, Henry O., 1981. "Choice of functional form for hedonic price equations," Journal of Urban Economics, Elsevier, vol. 10(1), pages 37-49, July.
  4. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 74, pages 132.
  5. Nelson, Jon P., 1978. "Residential choice, hedonic prices, and the demand for urban air quality," Journal of Urban Economics, Elsevier, vol. 5(3), pages 357-369, July.
  6. Harrison, David Jr. & Rubinfeld, Daniel L., 1978. "Hedonic housing prices and the demand for clean air," Journal of Environmental Economics and Management, Elsevier, vol. 5(1), pages 81-102, March.
  7. Lerman, Steven R. & Kern, Clifford R., 1983. "Hedonic theory, bid rents, and willingness-to-pay: Some extensions of Ellickson's results," Journal of Urban Economics, Elsevier, vol. 13(3), pages 358-363, May.
  8. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November.
  9. Sundquist, W. Burt & Menz, Kenneth M. & Neumeyer, Catherine F., 1982. "A Technology Assessment of Commercial Corn Production in the United States," Station Bulletins, University of Minnesota, Agricultural Experiment Station 51106, University of Minnesota, Agricultural Experiment Station.
  10. Jordan, Jeffrey L. & Shewfelt, R.L. & Prussia, Stanley E. & Hurst, W.C., 1985. "Estimating Implicit Marginal Prices Of Quality Characteristics Of Tomatoes," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 17(02), December.
  11. Ethridge, Don E. & Davis, Bob, 1982. "Hedonic Price Estimation For Commodities: An Application To Cotton," Western Journal of Agricultural Economics, Western Agricultural Economics Association, Western Agricultural Economics Association, vol. 7(02), December.
  12. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  13. Carlson, Gerald A. & Zilberman, David & Miranowski, John, 1993. "Agricultural and Resource Economics," Staff General Research Papers 11104, Iowa State University, Department of Economics.
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