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Price Discovery in the Egg Industry

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  • Maynard, Leigh J.

Abstract

Formula pricing of eggs is typically based on quotations issued by Urner Barry Publications, and egg producers worry that the quotes are systematically lower than equilibrium levels. Egg Clearinghouse, Inc. (ECI) provides a public forum for cash trading, intended to facilitate price discovery. Evidence from 1994–95 does not suggest that Urner Barry understates producer level prices on average. Granger causality tests indicate a feedback relationship between the Urner Barry quotes and ECI prices, with ECI leading during price upswings. Lead times appear to have fallen since the late 1970s and early 1980s, confirming earlier predictions regarding market efficiency.

Suggested Citation

  • Maynard, Leigh J., 1997. "Price Discovery in the Egg Industry," Agricultural and Resource Economics Review, Cambridge University Press, vol. 26(1), pages 23-30, April.
    • Handle: RePEc:cup:agrerw:v:26:y:1997:i:01:p:23-30_00
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    Cited by:

    1. Carter, Joy & Maynard, Leigh J. & Dillon, Carl R., 2000. "Perfect Cross-Hedging Opportunities Via Formula Pricing: The Case Of The Broiler Industry," 2000 Annual meeting, July 30-August 2, Tampa, FL 21765, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Karipidis, Philippos I. & Tsakiridou, Efthimia & Tabakis, Nikolaos M. & Mattas, Konstadinos, 2005. "Hedonic Analysis of Retail Egg Prices," Journal of Food Distribution Research, Food Distribution Research Society, vol. 36(3), pages 1-6, November.

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