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Will Mandatory Price Reporting Improve Pricing And Production Efficiency In An Experimental Market For Fed Cattle?

Author

Listed:
  • Bastian, Christopher T.
  • Koontz, Stephen R.
  • Menkhaus, Dale J.

Abstract

Mandatory price reporting legislation will make available to the public on a weekly basis information on terms of trade for forward contracts. The new information will provide marketing intentions details that were previously unavailable to agents in the fed cattle market. An experiment was designed to assess the potential impacts of this new information on price discovery and production efficiency. Results suggest that the proposed new information will reduce price level, reduce price dispersion, and improve production efficiency. Prices may be reduced as information risks are reduced for both buyers and sellers in the fed cattle market. This result may not be popular among sellers in the market.

Suggested Citation

  • Bastian, Christopher T. & Koontz, Stephen R. & Menkhaus, Dale J., 2001. "Will Mandatory Price Reporting Improve Pricing And Production Efficiency In An Experimental Market For Fed Cattle?," 2001 Conference, April 23-24, 2001, St. Louis, Missouri 18969, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
    • Handle: RePEc:ags:ncrone:18969
    DOI: 10.22004/ag.econ.18969
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    File URL: https://ageconsearch.umn.edu/record/18969/files/cp01ba01.pdf
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    Cited by:

    1. Fausti, Scott W. & Keimig, R. & Diersen, Matthew A. & Kim, Han & Santos, Joseph M., 2002. "Mandatory Versus Voluntary Price Reporting: An Empirical Investigation Of The Market Transparency Controversy," Economics Staff Papers 32024, South Dakota State University, Department of Economics.
    2. Kenneth Njoroge & Amalia Yiannaka & Konstantinos Giannakas & Azzeddine M. Azzam, 2007. "Market and Welfare Effects of the U.S. Livestock Mandatory Reporting Act," Southern Economic Journal, John Wiley & Sons, vol. 74(1), pages 290-311, July.
    3. Fausti, Scott W. & Diersen, Matthew A., 2004. "The Voluntary Reporting System's Ability to Provide Price Transparency in the Cash Market for Dressed Steers: Evidence from South Dakota," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 29(3), pages 1-14, December.
    4. Fausti, Scott W. & Diersen, Matthew A., 2005. "Price Transparency in the Voluntary Price Reporting System for Live Cattle: Theory and Empirical Evidence from South Dakota," Economics Staff Papers 32027, South Dakota State University, Department of Economics.
    5. Ward, Clement E. & Koontz, Stephen R. & Peel, Derrell S. & Trapp, James N., 2001. "Lessons Learned From Research With The Fed Cattle Market Simulator," 2001 Annual Meeting, July 8-11, 2001, Logan, Utah 36181, Western Agricultural Economics Association.
    6. Fausti, Scott W. & Diersen, Matthew A., 2003. "Did The Voluntary Price Reporting System Fail To Provide Price Transparency In The Cash Market For Dressed Steers: Evidence From South Dakota," Economics Staff Papers 32012, South Dakota State University, Department of Economics.
    7. Fausti, Scott W. & Diersen, Matthew A., 2003. "Did The Voluntary Price Reporting System Fail To Provide Price Transparency In The Cash Market For Dressed Steers: Evidence From South Dakota," Economics Staff Papers 32012, South Dakota State University, Department of Economics.
    8. Sarah Grunewald & Ted C. Schroeder & Clement E. Ward, 2004. "Cattle Feeder Perceptions of Livestock Mandatory Price Reporting," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 26(4), pages 521-538.
    9. Nicols, Panos & Ahmadi-Esfahani, Fredoun Z., 2009. "Are Australian wholesale vegetable markets LOOPy?," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 47618, Australian Agricultural and Resource Economics Society.
    10. Diersen, Matthew A., 2002. "Gleaning Information From Mandatory Livestock Price Reporting," Economics Staff Papers 32017, South Dakota State University, Department of Economics.
    11. Lusk, Jayson L., 2016. "From Farm Income to Food Consumption: Valuing USDA Data Products," C-FARE Reports 266593, Council on Food, Agricultural, and Resource Economics (C-FARE).

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    Keywords

    Livestock Production/Industries; Marketing;

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