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Marketing Margins, Market Power, and Price Uncertainty

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Author Info
Schroeter, John R.
Azzam, Azzeddine

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Abstract

This paper provides a conceptual and empirical framework for analyzing marketing margins in a noncompetitive food-processing industry facing output price uncertainty. The framework allows the decomposition of observed margins into components reflecting the marginal cost of the processing industry, oligopoly/oligopsony price distortions, and an output price risk component. The empirical procedure is applied to a time series of spreads between wholesale pork prices and farm prices of market hogs. The principal finding is that, while farm/wholesale margins are more consistent with competitive performance now than they were fifteen years ago, the output price risk component persisted throughout the sample period.

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Publisher Info
Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 11110.

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Date of creation: 04 Dec 2003
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Publication status: Published in American Journal of Agricultural Economics, November 1991, Vol. 73, No. 4, pp. 990-999.
Handle: RePEc:isu:genres:11110

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L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance

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  1. Muth, Mary K. & Wohlgenant, Michael K., 1998. "A Model Of Imperfect Competition Using Marginal Input And Output Prices: Application To The Beef Packing Industry," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20853, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. Metcalfe, M.R., 2001. "Environmental Regulation And Implications For Competitiveness In International Pork Trade," International Trade in Livestock Products Symposium, January 18-19, 2001, Auckland, New Zealand 14565, International Agricultural Trade Research Consortium. [Downloadable!]
  3. Fernandez-Cornejo, Jorge & Spielman, David, 2002. "Concentration, Market Power, And Cost Efficiency In The Corn Seed Industry," 2002 Annual meeting, July 28-31, Long Beach, CA 19877, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  4. Carambas, Maria Cristina D.M., 2005. "Analysis of Marketing Margins in Eco-Labeled Products," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24600, European Association of Agricultural Economists. [Downloadable!]
  5. Abdulkadri, Abdullahi O. & Ajibefun, Igbekele A., 2004. "An Analysis Of Farm-Retail Price Spread For Jamaican Fresh Fruits," 2004 Annual Meeting, February 14-18, 2004, Tulsa, Oklahoma 34648, Southern Agricultural Economics Association. [Downloadable!]
  6. Unterschultz, James R. & Jeffrey, Scott R. & Quagrainie, Kwamena K., 2000. "Value-Adding 20 Billion By 2005: Impact At The Alberta Farm Gate," Project Report Series 24049, University of Alberta, Department of Rural Economy. [Downloadable!]
  7. Ronchi, Loraine, 2006. "Fairtrade and market failures in agricultural commodity markets," Policy Research Working Paper Series 4011, The World Bank. [Downloadable!]
  8. Herrera, Jose E., 1998. "The Farm-Wholesale Price Spread In An Imperfectly Competitive Market: A Dynamic Approach," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20859, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  9. Acharya, Ram N., 2000. "Market Power And Asymmetry In Farm-Retail Price Transmission," 2000 Annual meeting, July 30-August 2, Tampa, FL 21768, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  10. Chia-Lin Chang & Biing-Wen Huang & Meng-Gu Chen & Michael McAleer, 2009. "Modelling the Asymmetric Volatility in Hog Prices in Taiwan: The Impact of Joining the WTO," CIRJE F-Series CIRJE-F-642, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  11. Dhar, Tirtha P. & Cotterill, Ronald W., 2002. "Price Transmission in Differentiated Product Market Channels: A Study of the Boston Fluid Milk Market and the North East Dairy Compact," Research Reports 25174, University of Connecticut, Food Marketing Policy Center. [Downloadable!]
  12. Metcalfe, Mark, 2000. "Environmental Regulation And Implications For U.S. Pork Exports," 2000 Annual meeting, July 30-August 2, Tampa, FL 21808, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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