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Understanding Production Contracts: Testing An Agency Theory Model

Author

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

Abstract

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.

Suggested Citation

  • Goodhue, Rachael E. & Rausser, Gordon C. & Simon, Leo K., 1998. "Understanding Production Contracts: Testing An Agency Theory Model," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20946, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  • Handle: RePEc:ags:aaea98:20946
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    File URL: http://purl.umn.edu/20946
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    References listed on IDEAS

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    1. Benjamin E. Hermalin & Nancy E. Wallace, 1994. "The Determinants of Efficiency and Solvency in Savings and Loans," RAND Journal of Economics, The RAND Corporation, pages 361-381.
    2. 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.
    3. 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.
    4. 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 271-292, Fall.
    5. 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 179-194.
    6. Tauer, Loren W., 1994. "Do New York Dairy Farmers Maximize Profits?," Staff Papers 121318, Cornell University, Department of Applied Economics and Management.
    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 155-179, April.
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    Cited by:

    1. Hudson, Darren, 2001. "Cross-Commodity Perspective On Contracting: Evidence From Mississippi," Research reports 15800, Mississippi State University, Department of Agricultural Economics.
    2. Granoszewski, Karol & Spiller, Achim, 2013. "Vertragliche Zusammenarbeit bei der energetischen Biomasselieferung: Einstellungen und Bindungsbereitschaften von deutschen Landwirten," 53rd Annual Conference, Berlin, Germany, September 25-27, 2013 156131, German Association of Agricultural Economists (GEWISOLA).
    3. Thomsen, Michael R. & Goodwin, Harold L., Jr. & Rodriquez, Angela, 2004. "The Sky Is Falling: An Examination Of Broiler Contract Design And Grower Revenues," 2004 Annual meeting, August 1-4, Denver, CO 20418, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Patterson, Paul M. & Richards, Timothy J., 2001. "Retail Contracting And Grower Prices," 2001 Annual meeting, August 5-8, Chicago, IL 20534, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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