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Formation and adaptation of reference prices in grain marketing: an experimental study

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  • Fabio L. Mattos
  • Jamie Zinn

Abstract

This study examines formation and adaptation of reference prices by Manitoban grain producers. Research shows that preferences are reference‐dependent and marketing decisions are affected by reference prices. Results suggest that Manitoban producers’ reference prices are formed primarily by an average of recent prices and the highest price to‐date in the marketing window. Reference prices are found to adapt in the same direction as market prices, with adaptation to increasing prices being larger than adaptation to decreasing prices. When deciding to sell grain, producers are more likely to sell when they expect prices to decrease over the next month and when their reference price adjusts downwards towards the current price.
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Suggested Citation

  • Fabio L. Mattos & Jamie Zinn, 2016. "Formation and adaptation of reference prices in grain marketing: an experimental study," Agricultural Economics, International Association of Agricultural Economists, vol. 47(6), pages 621-632, November.
    • Handle: RePEc:bla:agecon:v:47:y:2016:i:6:p:621-632
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    File URL: http://hdl.handle.net/10.1111/agec.2016.47.issue-6
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    Cited by:

    1. Elisabeth Vollmer & Daniel Hermann & Oliver Musshoff, 2019. "The disposition effect in farmers’ selling behavior: an experimental investigation," Agricultural Economics, International Association of Agricultural Economists, vol. 50(2), pages 177-189, March.
    2. Marc F. Bellemare & Yu Na Lee & David R. Just, 2020. "Producer Attitudes Toward Output Price Risk: Experimental Evidence from the Lab and from the Field," American Journal of Agricultural Economics, John Wiley & Sons, vol. 102(3), pages 806-825, May.
    3. Lee, Yu Na & Bellemare, Marc F. & Just, David R., "undated". "Production Decision Making under Price Ambiguity: An Experimental Evidence," 2018 Annual Meeting, August 5-7, Washington, D.C. 274475, Agricultural and Applied Economics Association.

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