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Information Sharing and Oligopoly in Agricultural Markets: The Role of Bargaining Associations

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Author Info
Hueth, Brent
Marcoul, Philippe

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Abstract

We study incentives for information sharing (about uncertain future demand for final output) among firms in imperfectly competitive markets for farm output. Information sharing generally leads to increases in expected total welfare but may reduce expected firm profits. Even when expected firm profits increase, information sharing does not represent equilibrium behavior because firms face a prisoner?s dilemma in which it is privately rational for each firm to withhold information, given that other firms report truthfully. This equilibrium can be overcome if firms commit to simultaneously reporting their information and if reports are verifiable. We argue that agricultural bargaining associations serve both these roles. Keywords: agricultural markets, bargaining, imperfect competition, information sharing

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 10029.

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Date of creation: 19 Sep 2002
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Publication status: Published in American Journal of Agricultural Economics, November 2006, Vol. 88, No. 4, pp. 866-881.
Handle: RePEc:isu:genres:10029

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Li, Lode., 1985. "Cournot Oligopoly with Information Sharing," Working Papers 561, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  2. Vives, Xavier, 1984. "Duopoly information equilibrium: Cournot and bertrand," Journal of Economic Theory, Elsevier, vol. 34(1), pages 71-94, October. [Downloadable!] (restricted)
  3. Lode Li, 1985. "Cournot Oligopoly with Information Sharing," RAND Journal of Economics, The RAND Corporation, vol. 16(4), pages 521-536, Winter. [Downloadable!] (restricted)
  4. Alison J. Kirby, 1988. "Trade Associations as Information Exchange Mechanisms," RAND Journal of Economics, The RAND Corporation, vol. 19(1), pages 138-146, Spring. [Downloadable!] (restricted)
  5. Raith, Michael, 1996. "A General Model of Information Sharing in Oligopoly," Journal of Economic Theory, Elsevier, vol. 71(1), pages 260-288, October. [Downloadable!] (restricted)
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  6. Amir Ziv, 1993. "Information Sharing in Oligopoly: The Truth-Telling Problem," RAND Journal of Economics, The RAND Corporation, vol. 24(3), pages 455-465, Autumn. [Downloadable!] (restricted)
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  1. Brent Hueth & Philippe Marcoul, 2002. "Observations on Cooperative Bargaining in U.S. Agricultural Markets," Center for Agricultural and Rural Development (CARD) Publications 02-wp316, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
  2. Chin, Ming-Chin & Weaver, Robert, 2004. "Forward Contracting Specification Through Collective Bargaining," 2004 Annual meeting, August 1-4, Denver, CO 20006, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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