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Short-Run Price Effects of a Structural Change in a Terminal Market for Hogs

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  • Harold G. Love
  • D. Milton Shuffett

Abstract

This article reports the results of an empirical analysis designed to measure the changes in relative and absolute levels of hog prices accompanying a change in the buying structure of the Louisville, Kentucky, terminal livestock market. During May 1960, the buying structure appeared to have shifted from a circular competitive relationship among firms to a dominant firm situation. This shift allowed the effects of the different structural patterns on price to be measured and appraised. The empirical results of this study illustrate the sharp change that occurred in relative prices with the changed structural relationships and provide a guide for estimating price changes that will occur in other areas and for other products under similar conditions.

Suggested Citation

  • Harold G. Love & D. Milton Shuffett, 1965. "Short-Run Price Effects of a Structural Change in a Terminal Market for Hogs," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 47(3), pages 803-812.
    • Handle: RePEc:oup:ajagec:v:47:y:1965:i:3:p:803-812.
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    File URL: http://hdl.handle.net/10.2307/1236290
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    Citations

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    Cited by:

    1. Bobst, Barry W., 1973. "Effects Of Location Basis Variability On Hedging Of Slaughter Hogs In The South," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 5(1), pages 1-6, July.
    2. Hornung, Jonathan T. & Ward, Clement E., 2005. "Positive Market Effects from a Meatpacking Plant Opening: Perceptions and Reality," CAFRI: Current Agriculture, Food and Resource Issues, Canadian Agricultural Economics Society, issue 6, pages 1-10, March.
    3. Riggins, Steven K., 1978. "The Pricing Efficiency Of Corn In A Minor Surplus Production Area," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 10(2), pages 1-5, December.
    4. Kellie Curry Raper & Laura M. Cheney & Meeta Punjabi, 2006. "Regional Impacts of a U.S. Hog Slaughter Plant Closing: The Thorn Apple Valley Case," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 28(4), pages 531-542.
    5. Azzam, Azzeddine M., 1998. "Competition in the US meatpacking industry: is it history?," Agricultural Economics, Blackwell, vol. 18(2), pages 107-126, March.
    6. Helmberger, Peter G. & Campbell, Gerald R. & Dobson, William D., 1981. "PART IV. Organization and Performance of Agricultural Markets," AAEA Monographs, Agricultural and Applied Economics Association, number 337229, january.
    7. Hayenga, Marvin & Deiter, Ronald & Montoya, Cristobal, 1986. "Price Impacts Associated with the Closing of Hog Slaughtering Plants," ISU General Staff Papers 198607010700001497, Iowa State University, Department of Economics.
    8. Ward, Clement E., 1987. "Productivity-Concentration Relationship In The U.S. Meatpacking Industry," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 19(2), pages 1-6, December.
    9. Ward, Clement E., 1984. "An Empirical Study Of Competition In The Price Discovery Process For Slaughter Lambs," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 9(1), pages 1-10, July.
    10. Raper, Kellie Curry & Cheney, Laura Martin & Punjabi, Meeta, 2000. "Assessing The Impact Of A Hog Slaughter Plant Closing: The Thorn Apple Valley Case," Staff Paper Series 11658, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    11. Montoya, Cristobal Gerardo, 1982. "The impact of slaughter plant closings on producer prices," ISU General Staff Papers 1982010108000018044, Iowa State University, Department of Economics.

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