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Understanding Production Contracts: Testing An Agency Theory Model

  • Goodhue, Rachael E.
  • Rausser, Gordon C.
  • Simon, Leo K.

Production contracts are increasingly important in American agriculture. Unfortunately, little is known about the fundamental forces governing their adoption and design. In order to better-understand the underlying incentives, we construct and test an agency-theoretic model of broiler production contracts. We discuss the analysis' implications for industry participants and government policy.

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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 1998 Annual meeting, August 2-5, Salt Lake City, UT with number 20946.

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Date of creation: 1998
Date of revision:
Handle: RePEc:ags:aaea98:20946
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  1. Tiffin, Richard & Renwick, Alan, 1996. "Estimates of Production Response in the UK Cereal Sector Using Nonparametric Methods," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 23(2), pages 179-94.
  2. Knoeber, Charles R, 1989. "A Real Game of Chicken: Contracts, Tournaments, and the Production of Broilers," Journal of Law, Economics and Organization, Oxford University Press, vol. 5(2), pages 271-92, Fall.
  3. Hermalin, Benjamin E. & Wallace, Nancy E., 1992. "The Determinants of Efficiency and Solvency in Savings and Loans," Department of Economics, Working Paper Series qt1nj556zf, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  4. Tauer, Loren W., 1994. "Do New York Dairy Farmers Maximize Profits?," Staff Papers 121318, Cornell University, Department of Applied Economics and Management.
  5. Subhash C. Ray & Dipasis Bhadra, 1993. "Nonparametric Tests of Cost Minimizing Behavior: A Study of Indian Farms," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(4), pages 990-999.
  6. Loren W. Tauer, 1995. "Do New York Dairy Farmers Maximize Profits or Minimize Costs?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(2), pages 421-429.
  7. Knoeber, Charles R & Thurman, Walter N, 1994. "Testing the Theory of Tournaments: An Empirical Analysis of Broiler Production," Journal of Labor Economics, University of Chicago Press, vol. 12(2), pages 155-79, April.
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