959 research outputs found
MEAT-PACKER CONDUCT IN FED CATTLE PRICING: MULTIPLE-MARKET OLIGOPSONY POWER
The exercise of market power across multiple geographic fed cattle markets is measured with an econometric model which links behavior of the margin between boxed beef and regional fed cattle prices to an oligopsony model of multiple-market conduct. The game theoretic economic model suggests that for market power to be exercised in a single market a discontinuous pricing strategy must be followed. Total market power is enhance if meat-packers coordinate this pricing strategy across geographic markets. Tests reject independence of pricing conduct across geographic markets which suggests multiple-market power is present. The extent of the market power also is consistent with the economic model. More market power is exercised across regions with the same meat-packing firms. However, the magnitude of the market power is small and decreased between the early and late 1980s.Demand and Price Analysis,
An investigation of the behavior of outgassed molecules in thermal vacuums
The objective is to understand how surfaces outgas and how outgassed substances subsequently condense on other surfaces. Preliminary tests produced calculated mass losses that were found to be in reasonable agreement with mass losses determined by weighing the sample before and after testing on analytical balances. However, using test materials with various molecular properties showed characteristic variations in the ratios of calculated total mass loss to experimental loss. These variations indicate that for some molecules energetic barriers to absorption and desorption can exist between outgassed molecules and the surfaces on which they condense
ELECTRONIC MARKET USE BY OKLAHOMA LAMB PRODUCERS
Socioeconomic and production system characteristics of a sample of Oklahoma sheep producers were employed to examine the decision to use or not use an electronic market for slaughter lambs. Producer attributes that influence electronic market use were identified with qualitative choice models. The results help identify characteristics of electronic markets which influence their success. The findings also have implications about educational opportunities for cooperative extension.Livestock Production/Industries, Marketing,
ECONOMICS OF VARIABLE SWINE GROWTH
This paper addresses the economic impacts of swine growth variability. Different economic penalties are determined to be associated with over-finishing versus under-finishing an animal. Marketing decisions based on the pen average are determined to be insignificantly less than optimal for a case study data set of 350 swine. Sensitivity analysis is conducted to determine the impact of increased growth and price variability.Livestock Production/Industries,
Oligopsony Power: Evidence from the U.S. Beef Packing Industry
Replaced with revised version of paper 08/24/09.Margin, Beef Packing, Fed Cattle Prices, Markov Regime Switching, Industrial Organization,
LIVESTOCK FUTURES MARKETS AND RATIONAL PRICE FORMATION: EVIDENCE FOR LIVE CATTLE AND LIVE HOGS
The efficiency of livestock futures markets continues to receive attention, particularly with regard to their forward pricing or forecasting ability. The purpose of this paper is to present a more general theory that encompasses the forward pricing concept. It is argued that futures contract prices for competitively produced nonstorable commodities, such as live cattle and live hogs, follow a rational formation process. Futures contract prices reflect expected market conditions when contracts are sufficiently close to the delivery month that the supply of the underlying commodity cannot be changed. However, prior to the period when future supplies are relatively fixed, futures contract prices should adjust to reflect the competitive equilibrium, where output price equals average costs of production. Presented evidence suggests that live cattle and live hog futures markets support the rational price formation hypothesis: prices for distant contracts reflect average costs of feeding. Implications for risk management strategies are considered.Demand and Price Analysis, Livestock Production/Industries,
IMPACTS FROM CAPTIVE SUPPLIES ON FED CATTLE TRANSACTION PRICES
Increased use of noncash-price procurement methods has concerned cattlemen for the past several years. This research estimated impacts of captive supplies on transaction prices for fed cattle. Negative relationships were found between transaction prices and percentage deliveries from the inventory of forward contracted and marketing agreement cattle. However, impacts from the absolute size of the total captive supply inventory were not significant. Price differences were found among procurement methods with forward contract prices being much lower. On balance, captive supplies had small but often negative effects on fed cattle transaction prices.Demand and Price Analysis,
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