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Determining Implicit Prices for Hay Quality and Bale Characteristics

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  • Margaretha Rudstrom

Abstract

Markets for dairy quality hay have emerged as dairy farms purchase more feed off the farm. Previous research on hay markets used proxies for quality since objective measures of quality were unavailable. A hedonic pricing model incorporating direct measures of quality (moisture, crude protein, and relative feed value (RFV)), proxies (cutting), and bale-type variables was estimated using data from a hay auction. Large round and square bales and medium round bales were discounted relative to small square bales. The implicit price for RFV was $0.55/ton in 2001–02.

Suggested Citation

  • Margaretha Rudstrom, 2004. "Determining Implicit Prices for Hay Quality and Bale Characteristics," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 26(4), pages 552-562.
  • Handle: RePEc:oup:revage:v:26:y:2004:i:4:p:552-562.
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    File URL: http://hdl.handle.net/10.1111/j.1467-9353.2004.00199.x
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    References listed on IDEAS

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    1. Brorsen, B. Wade & Grant, Warren R. & Rister, M. Edward, 1988. "Some Effects Of Rice Quality On Rough Rice Prices," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 20(1), pages 1-10, July.
    2. M.A. Jabbar, 1998. "Buyer preferences for sheep and goats in southern Nigeria: A hedonic price analysis," Agricultural Economics, International Association of Agricultural Economists, vol. 18(1), pages 21-30, January.
    3. Maynard, Leigh J. & Harper, Jayson K. & Hoffman, Lynn D., 1997. "Impact Of Risk Preferences On Crop Rotation Choice," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 26(1), pages 1-9, April.
    4. Samikwa, Duncan D. & Brorsen, B. Wade & Sanders, Larry D., 1998. "Hedonic Prices Of Malawi Burley Tobacco," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 1(1), pages 1-11.
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    Cited by:

    1. Curtis, Kynda R. & Cowee, Margaret W. & Kim, Man-Keun & Harris, Thomas R., 2010. "Evaluating Returns to Cool Season Grass Quality Characteristics for Niche Equine Feed Markets," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 28(1), pages 1-18.
    2. Dant, Madeline & Burdine, Kenneth & Mark, Tyler, 2017. "Hedonic Price Analysis of Hay Auction Prices in Kentucky," 2017 Annual Meeting, February 4-7, 2017, Mobile, Alabama 252762, Southern Agricultural Economics Association.

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