The Value Of Information Provided By A Uniform Grading System
The potential effects of a uniform meat grading scheme on market performance are evaluated in terms of a change in the information state. A uniform grading system may reduce the per unit costs involved in the collection and transmission of information on the characteristics of, and the price differentials for, different units of the commodity set. Under conditions of uncertainty an improved information state will increase market participants' expected utility. A general procedure for an empirical evaluation of a grading scheme is outlined.
Volume (Year): 17 (1973)
Issue (Month): 02 (August)
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- Dillon, John L., 1971. "An Expository Review of Bernoullian Decision Theory in Agriculture: Is Utility Futility?," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 39(01), March.
- McArthur, I.D. & Dillon, John L., 1971. "Risk, Utility And Stocking Rate," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 15(01), April.
- Sandmo, Agnar, 1971. "On the Theory of the Competitive Firm under Price Uncertainty," American Economic Review, American Economic Association, vol. 61(1), pages 65-73, March.
- Duncan, R & Tisdell, Clem, 1971. "Research and Technical Progress: The Returns to Producers," The Economic Record, The Economic Society of Australia, vol. 47(117), pages 124-29, March.
- George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213.
- Leland, Hayne E, 1972. "Theory of the Firm Facing Uncertain Demand," American Economic Review, American Economic Association, vol. 62(3), pages 278-91, June.
- Freebairn, John W., 1967. "Grading as a Market Innovation," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 35(03), September.
- I.D. McArthur & John L. Dillon, 1971. "Risk, Utility And Stocking Rate," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 15(1), pages 20-35, 04.
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