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

  • Buccola, Steven T.
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    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.

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

    Volume (Year): 14 (1989)
    Issue (Month): 01 (July)

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    Handle: RePEc:ags:wjagec:32461
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    1. repec:cdl:agrebk:666281 is not listed on IDEAS
    2. Rausser, Gordon C. & Carter, Colin A., 1982. "Futures market efficiency in the soybean complex," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt7d48x9qc, Department of Agricultural & Resource Economics, UC Berkeley.
    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. Stephen J. DeCanio, 1979. "Rational Expectations and Learning from Experience," The Quarterly Journal of Economics, Oxford University Press, vol. 93(1), pages 47-57.
    5. Kinnucan, Henry W. & Sullivan, Gregory M., 1986. "Monopsonistic Food Processing And Farm Prices: The Case Of The West Alabama Catfish Industry," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 18(02), December.
    6. Lovell, Michael C, 1986. "Tests of the Rational Expectations Hypothesis," American Economic Review, American Economic Association, vol. 76(1), pages 110-24, March.
    7. 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.
    8. 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.
    9. 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.
    10. 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.
    11. 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.
    12. Carlton, Dennis W, 1986. "The Rigidity of Prices," American Economic Review, American Economic Association, vol. 76(4), pages 637-58, September.
    13. 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.
    14. 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.
    15. 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.
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