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The Contract Choice of Retailers in Hungarian Beef Sector

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  • Bardos, Krisztina
  • Ferto, Imre

Abstract

We present an empirical analysis about the contract choice of retailers in the Hungarian beef sector employing transaction cost economics. The frequency of transactions has negative influences on the duration of contract. Furthermore, large retailers are unlikely to have long term contract. We found some evidence that reputation reduces the probability of long term contract. Our results suggest that asset specificity has no influence on the duration of contract. In terms of specific aspect of contracts we find that price incentives in the form of bonus/penalty payments clauses are more likely to be incorporated in a contract of small firms.

Suggested Citation

  • Bardos, Krisztina & Ferto, Imre, 2006. "The Contract Choice of Retailers in Hungarian Beef Sector," 99th Seminar, February 8-10, 2006, Bonn, Germany 7746, European Association of Agricultural Economists.
  • Handle: RePEc:ags:eaae99:7746
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    References listed on IDEAS

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    1. Fraser, Iain, 2005. "Microeconometric analysis of wine grape supply contracts in Australia," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 49(1), March.
    2. Lyons, Bruce R, 1994. "Contracts and Specific Investment: An Empirical Test of Transaction Cost Theory," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 3(2), pages 257-278, Summer.
    3. Peter Bogetoft & Henrik Ballebye Olesen, 2002. "Ten rules of thumb in contract design: lessons from Danish agriculture," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 29(2), pages 185-204, June.
    4. Beckmann, Volker & Boger, Silke, 2004. "Courts and contract enforcement in transition agriculture: theory and evidence from Poland," Agricultural Economics, Blackwell, vol. 31(2-3), pages 251-263, December.
    5. Dirk W. Rudolph, 1999. "Vertical organization of agribusinesses in transition economies: Hungarian production systems or agricultural franchising?," Agribusiness, John Wiley & Sons, Ltd., vol. 15(1), pages 25-40.
    6. Rachael E. Goodhue, 2000. "Broiler Production Contracts as a Multi-Agent Problem: Common Risk, Incentives and Heterogeneity," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(3), pages 606-622.
    7. Shelanski, Howard A & Klein, Peter G, 1995. "Empirical Research in Transaction Cost Economics: A Review and Assessment," Journal of Law, Economics, and Organization, Oxford University Press, vol. 11(2), pages 335-361, October.
    8. Joskow, Paul L, 1987. "Contract Duration and Relationship-Specific Investments: Empirical Evidence from Coal Markets," American Economic Review, American Economic Association, vol. 77(1), pages 168-185, March.
    9. Scott E. Masten & Stéphane Saussier, 2000. "Econometrics of Contracts : an Assessment of Developments in the Empirical Literature on Contracting," Revue d'Économie Industrielle, Programme National Persée, vol. 92(1), pages 215-236.
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    Keywords

    Livestock Production/Industries; Marketing;

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