Pricing Efficiency In Agricultural Markets: Issues, Methods, And Results
The notion of price efficiency is discussed in the context of an optimal information market. Approaches for assessing price or market efficiency are examined, including temporal, spatial, and form-transformation paradigms. The interdependent nature of these paradigms is stressed. Finally, a review is conducted of recent price efficiency research in cash, futures, and manufacturing-retailing markets. Research generally has paid inadequate attention to agentsÂ’ costs, including the cost of risk and the human capital cost of acquiring and evaluating information.
Volume (Year): 14 (1989)
Issue (Month): 01 (July)
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Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series
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