Measuring the Importance of Transaction Costs in Cattle Marketing
Transaction cost economics recognizes that transactions do not occur in a frictionless economic environment. Information, negotiation, and monitoring costs arise in any transaction and can influence the vertical coordination outcome. This paper demonstrates a method for measuring the influence of transaction costs on slaughter cattle marketing. The paper focuses on the factors affecting the choice between liveweight (live-ring auction) and deadweight (direct-to-packer) sales. Using Tobit limited dependent variable analysis, data from a survey of UK farmers are used to estimate the relative importance of various transaction costs and farm characteristic variables for the choice of marketing channel. Copyright 1997, Oxford University Press.
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Volume (Year): 79 (1997)
Issue (Month): 4 ()
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