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Hedonic Prices Of Malawi Burley Tobacco

  • Samikwa, Duncan D.
  • Brorsen, B. Wade
  • Sanders, Larry D.

Tobacco is notorious for being one of the most difficult commodities to grade. Here, we determine the implicit prices of various tobacco characteristics using a hedonic price model. The factors affecting the price received for burley tobacco include reputation of the producer, month of auction and lot size in addition to variables representing quality characteristics. Many of these characteristics can be controlled by producers through production, harvesting, and curing practices. The implicit prices should help farmers evaluate whether they should adopt processes to increase quality. In spite of the large number of factors included, only about half of the price variation across lots could be explained. Thus, the difficulty of grading tobacco is confirmed. Since a universally acceptable grading system is unlikely, any attempts to develop an electronic market will likely need to include pictures of the tobacco and may need more precise measurements of characteristics such as texture, aroma, and uniformity.

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File URL: http://purl.umn.edu/34318
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Article provided by International Food and Agribusiness Management Association (IAMA) in its journal International Food and Agribusiness Management Review.

Volume (Year): 01 (1998)
Issue (Month): 01 ()
Pages:

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Handle: RePEc:ags:ifaamr:34318
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  1. Ethridge, Don E. & Davis, Bob, 1982. "Hedonic Price Estimation For Commodities: An Application To Cotton," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(02), December.
  2. Thomas I. Wahl & Hongqi Shi & Ron C. Mittelhammer, 1995. "A hedonic price analysis of quality characteristics of Japanese wagyu beef," Agribusiness, John Wiley & Sons, Ltd., vol. 11(1), pages 35-44.
  3. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  4. Fredoun Z. Ahmadi-Esfahani & Roland G. Stanmore, 1994. "Values of Australian wheat and flour quality characteristics," Agribusiness, John Wiley & Sons, Ltd., vol. 10(6), pages 529-536.
  5. Lucas, Robert E B, 1975. "Hedonic Price Functions," Economic Inquiry, Western Economic Association International, vol. 13(2), pages 157-78, June.
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