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Experimental Simulation Of Public Information Impacts On Price Discovery And Marketing Efficiency In The Fed Cattle Market

Listed author(s):
  • Anderson, John D.
  • Ward, Clement E.
  • Koontz, Stephen R.
  • Peel, Derrell S.
  • Trapp, James N.

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.

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Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 23 (1998)
Issue (Month): 01 (July)

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Handle: RePEc:ags:jlaare:31170
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  1. repec:cdl:agrebk:666489 is not listed on IDEAS
  2. 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.
  3. 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.
  4. Paul M. Patterson & B. Wade Brorsen, 1993. "USDA Export Sales Report: Is It News?," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 15(2), pages 367-378.
  5. Jones, Rodney & Schroeder, Ted & Mintert, James & Brazle, Frank, 1992. "The Impacts of Quality on Cash Fed Cattle Prices," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 24(02), pages 149-162, December.
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