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The Value Of Information Provided By A Uniform Grading System

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  • John W. Freebairn

Abstract

The potential effects of a uniform meat grading scheme on market performance are evaluated in terms of a change in the information state. A uniform grading system may reduce the per unit costs involved in the collection and transmission of information on the characteristics of, and the price differentials for, different units of the commodity set. Under conditions of uncertainty an improved information state will increase market participants' expected utility. A general procedure for an empirical evaluation of a grading scheme is outlined.
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  • John W. Freebairn, 1973. "The Value Of Information Provided By A Uniform Grading System," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 17(2), pages 127-139, August.
    • Handle: RePEc:bla:ajarec:v:17:y:1973:i:2:p:127-139
    DOI: j.1467-8489.1973.tb00114.x
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    References listed on IDEAS

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    1. Dillon, John L., 1971. "An Expository Review of Bernoullian Decision Theory in Agriculture: Is Utility Futility?," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 39(01), pages 1-78, March.
    2. Freebairn, John W., 1967. "Grading as a Market Innovation," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 35(03), pages 1-16, September.
    3. McArthur, I.D. & Dillon, John L., 1971. "Risk, Utility And Stocking Rate," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 15(01), pages 1-16, April.
    4. J. J. McCall, 1970. "Economics of Information and Job Search," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(1), pages 113-126.
    5. Pinhas Zusman, 1967. "A Theoretical Basis for Determination of Grading and Sorting Schemes," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 49(1_Part_I), pages 89-106.
    6. repec:bla:ecorec:v:47:y:1971:i:117:p:124-29 is not listed on IDEAS
    7. Sandmo, Agnar, 1971. "On the Theory of the Competitive Firm under Price Uncertainty," American Economic Review, American Economic Association, vol. 61(1), pages 65-73, March.
    8. I.D. McArthur & John L. Dillon, 1971. "Risk, Utility And Stocking Rate," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 15(1), pages 20-35, April.
    9. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69(3), pages 213-213.
    10. Leland, Hayne E, 1972. "Theory of the Firm Facing Uncertain Demand," American Economic Review, American Economic Association, vol. 62(3), pages 278-291, June.
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    Cited by:

    1. Philippe Marcoul & John Lawrence, 2007. "Grader Bias in Cattle Markets? Evidence from Iowa," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(4), pages 890-903.
    2. Griffith, Garry R., 1978. "An Ex Ante Evaluation of the National Pig Carcase Measurement and Information Service," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 46(03), pages 1-22, December.
    3. Mullen, John D., 1995. "The Influence of Fat and Weight on the Price of Lamb in the Homebush Livestock and Wholesale Markets," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 63(01), pages 1-13, April.
    4. Farrell, Terence C. & Hopkins, David L., 2007. "A hedonic Model of Lamb Carcass Attributes," Australasian Agribusiness Review, University of Melbourne, Department of Agriculture and Food Systems, vol. 15.
    5. Gray, Richard S. & Sumner, Daniel A. & Alston, Julian M. & Brunke, Henrich, 2004. "Economic Impacts Of Mandated Grading And Testing To Avoid A Negative Food Safety Event: Ex Ante Analysis Of The Federal Marketing Order For Pistachios," 2004 Annual meeting, August 1-4, Denver, CO 20031, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Lindner, Robert K. & Mules, T.J. & Thomson, Norm J., 1978. "Co-operative Pig Marketing," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 46(03), pages 1-15, December.

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