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Pricing Efficiency In Agricultural Markets: Issues, Methods, And Results

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  • Buccola, Steven T.

Abstract

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.

Suggested Citation

  • Buccola, Steven T., 1989. "Pricing Efficiency In Agricultural Markets: Issues, Methods, And Results," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 14(01), July.
  • Handle: RePEc:ags:wjagec:32461
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    References listed on IDEAS

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    1. Lovell, Michael C, 1986. "Tests of the Rational Expectations Hypothesis," American Economic Review, American Economic Association, vol. 76(1), pages 110-124, March.
    2. Brorsen, B. Wade & Grant, Warren R. & Richardson, James W. & Schnake, L.D., 1984. "Impacts Of Price Variability On Marketing Margins And Producer Viability In The Texas Wheat Industry," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 9(02), December.
    3. Jeffrey M. Perloff & Gordon C. Rausser, 1983. "The Effect of Asymmetrically Held Information and Market Power in Agricultural Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(2), pages 366-372.
    4. Rausser, Gordon C & Carter, Colin, 1983. "Futures Market Efficiency in the Soybean Complex," The Review of Economics and Statistics, MIT Press, vol. 65(3), pages 469-478, August.
    5. Ward, Clement E., 1984. "An Empirical Study Of Competition In The Price Discovery Process For Slaughter Lambs," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 9(01), July.
    6. Carter, Colin A., 1984. "An Evaluation Of Pricing Performance And Hedging Effectiveness Of The Barley Futures Market," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 9(01), July.
    7. Carlton, Dennis W, 1986. "The Rigidity of Prices," American Economic Review, American Economic Association, vol. 76(4), pages 637-658, September.
    8. Sporleder, Thomas L., 1984. "Policy Considerations of Emerging Information Technologies," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 16(01), pages 15-22, July.
    9. Kinnucan, Henry & Sullivan, Gregory, 1986. "Monopsonistic Food Processing and Farm Prices: The Case of the West Alabama Catfish Industry," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 18(02), pages 15-24, December.
    10. Stephen J. DeCanio, 1979. "Rational Expectations and Learning from Experience," The Quarterly Journal of Economics, Oxford University Press, vol. 93(1), pages 47-57.
    11. Kitchen, John & Rausser, Gordon C., 1989. "Interest Rates and Commodity Prices," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, issue 2.
    12. Brorsen, B. Wade & Bailey, DeeVon & Richardson, James W., 1984. "Investigation Of Price Discovery And Efficiency For Cash And Futures Cotton Prices," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 9(01), July.
    13. repec:cdl:agrebk:666281 is not listed on IDEAS
    14. Zellner, James A., 1987. "Some Causes And Consequences Of Food Industry Conduct: A Simultaneous Analysis," Working Papers 115805, Regional Research Project NE-165 Private Strategies, Public Policies, and Food System Performance.
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    Cited by:

    1. Novak, Frank & Bauer, Leonard & Dailly, Sally & Melvin, Richard, 1992. "An Analysis of Risk and Return in Hog Finishing," Project Report Series 232358, University of Alberta, Department of Resource Economics and Environmental Sociology.

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    Keywords

    Demand and Price Analysis; Marketing;

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