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Estimating the Benefits from Improved Market Information

  • Kizito, Andrew M.
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    Using a partial equilibrium model, the benefits of providing improved agricultural market information to farmers and small-scale traders of maize, millet, sorghum and paddy rice in Mali are estimated. The value of information is estimated as the reduction in dead-weight loss when farmers and small-scale traders with rational expectations respond to improved price forecasts from Market Information Systems. The study finds that benefits from improved information, which can also be viewed as a reduction of the cost of being off the equilibrium price and quantity, are great when there is high uncertainty about future prices, high own-price elasticity of supply, low own-price elasticity of demand, and high value of crop output. The study suggests that crop-specific, localized Market Information Systems (MIS) designed based on local area supply and demand responses to prices have higher returns than national uniformly distributed MISs covering a wide range of commodities in the country.

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    File URL: http://purl.umn.edu/48844
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    Paper provided by Michigan State University, Department of Agricultural, Food, and Resource Economics in its series Graduate Research Masters Degree Plan B Papers with number 48844.

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    Date of creation: 2009
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    Handle: RePEc:ags:midagr:48844
    Contact details of provider: Postal: Justin S. Morrill Hall of Agriculture, 446 West Circle Dr., Rm 202, East Lansing, MI 48824-1039
    Phone: (517) 355-4563
    Fax: (517) 432-1800
    Web page: http://www.aec.msu.edu/agecon/
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    1. Dembele, Niama Nango & Staatz, John M., 1999. "The Impact Of Market Reform On Agricultural Transformation In Mali," Staff Papers 11717, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    2. Dembele, Niama Nango & Tefft, James F. & Staatz, John M., 2000. "Mali's Market Information System: Innovative Evolution in Support of a Dynamic Private Sector," Food Security International Development Policy Syntheses 11470, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    3. Jeffrey D. Vitale & John H. Sanders, 2005. "New markets and technological change for the traditional cereals in semiarid sub-Saharan Africa: the Malian case," Agricultural Economics, International Association of Agricultural Economists, vol. 32(2), pages 111-129, 03.
    4. Dembele, Niama Nango & Staatz, John M., 1999. "The Response Of Cereals Traders To Agricultural Market Reform In Mali," Staff Papers 11476, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    5. Dembele, Niama Nango & Staatz, John M. & Weber, Michael T., 2003. "Impact of the Malian Cereals Market Reform Program on Farmers," Food Security International Development Policy Syntheses 11418, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    6. Hayami, Yujiro & Peterson, Willis, 1972. "Social Returns to Public Information Services: Statistical Reporting of U. S. Farm Commodities," American Economic Review, American Economic Association, vol. 62(1), pages 119-30, March.
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