Experimental Simulation Of Public Information Impacts On Price Discovery And Marketing Efficiency In The Fed Cattle Market
Federal budgetary pressures raise questions regarding the importance of public market information. This study assesses the impact of price discovery and production efficiency of reducing public price and quantity information. The amount and type of information provided to Fed Cattle Market Simulator (FCMS) participants was varied by periodically withholding current and weekly summary information according to a predetermined experimental design. Results show that reducing information increased price variance and decreased marketing efficiency; that is, more cattle were delivered at weights deviating from 1,150 pounds- the least-cost marketing weight in the simulator. These factors, which increase costs, make the industry less competitive.
Volume (Year): 23 (1998)
Issue (Month): 01 (July)
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- Rausser, Gordon C. & Perloff, Jeffrey M & Zusman, Pinhas, 1985. "The food marketing system: the relevance of economic efficiency measures," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt7361f847, Department of Agricultural & Resource Economics, UC Berkeley.
- Jones, Rodney D. & Schroeder, Ted C. & Mintert, James R. & Brazle, Frank, 1992. "The Impacts Of Quality On Cash Fed Cattle Prices," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 24(02), December.
- Nikolaos T. Milonas, 1987. "The effects of USDA crop announcements on commodity prices," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 7(5), pages 571-589, October.
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