AN EMPIRICAL STUDY OF COMPETITION IN THE PRICE DISCOVERY PROCESS FOR SLAUGHTER LAMBS

Abstract

Buyer competition in the price discovery process for slaughter lambs at an Oklahoma teleauction was studied. Number of buyers positively influenced both absolute and relative sale prices but did not significantly affect buyer gross margins. Buyer market shares also affected prices paid and buyer gross margins. Thus, competition among buyers was found to be important in the price discovery process.Demand and Price Analysis, Livestock Production/Industries,