Procurement Strategies to Improve Quality Consistency in Wheat Shipments
Consistency of functional characteristics in wheat is a concern confronting buyers and sellers. This research analyzes the cost and risk of different procurement strategies for importers. A stochastic simulation model is used to determine the probability of functional characteristics being satisfied subject to quality targets and costs for alternative purchase strategies. Stochastic efficiency was employed to identify purchase strategies that dominate others and to determine the extent of preference. As more specific characteristics are incorporated into a contract, results indicate that the probabilities of meeting end-use requirements increase
Volume (Year): 33 (2008)
Issue (Month): 01 (April)
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"Input Demand Under Yield and Revenue Insurance,"
Center for Agricultural and Rural Development (CARD) Publications
94-wp127, Center for Agricultural and Rural Development (CARD) at Iowa State University.
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"Risk and Probability Premiums for Cara Utility Function,"
Staff General Research Papers
596, Iowa State University, Department of Economics.
- Babcock, Bruce A. & Choi, E. Kwan & Feinerman, Eli, 1993. "Risk And Probability Premiums For Cara Utility Functions," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 18(01), July.
- Dahl, Bruce L. & Wilson, William W., 1998. "Consistency Of Quality Characteristics In Hard Red Spring Wheats," Agricultural Economics Reports 23455, North Dakota State University, Department of Agribusiness and Applied Economics.
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