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Price Discovery and Pricing Choice Under Divergent Supply Scenarios in an Experimental Market for Fed Cattle

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  • Ward, Clement E.

Abstract

Previous research has not addressed the impacts of alternative supply conditions on price discovery and pricing choice. This study estimated models with data from an experimental market, the Fed Cattle Market Simulator, encompassing live weight, dressed weight, and grid pricing under two alternative supply scenarios. Significance of variables explaining transaction price variation and pricing choice differed between the two supply periods. Overall results were close to expectations. Higher quality cattle marketed with a grid brought higher prices in both supply periods. Having lower quality cattle in either supply period increased the probability of cattle being marketed (purchased) on a live weight basis.

Suggested Citation

  • Ward, Clement E., 2005. "Price Discovery and Pricing Choice Under Divergent Supply Scenarios in an Experimental Market for Fed Cattle," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 30(3), pages 1-17, December.
    • Handle: RePEc:ags:jlaare:30974
    DOI: 10.22004/ag.econ.30974
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    Cited by:

    1. Scott W. Fausti & Zhiguang Wang & Bashir A. Qasmi & Matthew A. Diersen, 2014. "Risk and marketing behavior: pricing fed cattle on a grid," Agricultural Economics, International Association of Agricultural Economists, vol. 45(5), pages 601-612, September.
    2. Link, David J. & Almas, Lal K. & Brown, Michael S. & Lawrence, Ty E., 2011. "The Beneficial Impact of Sorting Heavy Cattle at Re-Implant," 2011 Annual Meeting, February 5-8, 2011, Corpus Christi, Texas 98732, Southern Agricultural Economics Association.
    3. Fausti, Scott W. & Qasmi, Bashir A. & Diersen, Matthew A & Adamson, Bill, 2014. "Grid Valuation of Beef Carcass Quality: Market Power and Market Trends," Economics Staff Papers 171423, South Dakota State University, Department of Economics.
    4. Chanjin Chung & Emílio Tostão, 2009. "Nonparametric Estimation of Oligopsony Power in First‐Price Auction," Journal of Agricultural Economics, Wiley Blackwell, vol. 60(2), pages 318-333, June.
    5. Fausti, Scott & Diersen, Matthew & Qasmi, Bashir & Adamson, Bill, 2015. "The Influence of Market Power and Market Trends on Grid Market Signals," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 40(1), pages 1-12.
    6. Koontz, Stephen R., 2012. "Impacts of "Right of First Refusal" on Competitiveness of Fed Cattle Markets: Results from an Economic Experiment," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 123875, Agricultural and Applied Economics Association.
    7. Tostao, Emilio & Chung, Chanjin & Brorsen, B. Wade, 2006. "Integrating the Structural Auction Approach and Traditional Measures of Market Power," 2006 Annual meeting, July 23-26, Long Beach, CA 21244, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. Jared G. Carlberg & Robert J. Hogan & Clement E. Ward, 2009. "Game theory application to Fed Cattle procurement in an experimental market," Agribusiness, John Wiley & Sons, Ltd., vol. 25(1), pages 56-69.

    More about this item

    Keywords

    Demand and Price Analysis;

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