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Social Costs and Benefits from Component Pricing of Soybeans in the United States

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  • Nelson J. Updaw

Abstract

The recent development of near-infrared reflectance instruments allows grain traders to measure chemical composition when grain is sold. This study provides estimates of the social benefits and costs of such measurements to be used in the pricing of soybeans. The economic model integrates a production possibilities frontier with the demand for two chemical characteristics, oil and protein content. The results indicate that it is unlikely that the benefits of pricing soybeans on the basis of component measurement would have exceeded measurement costs.

Suggested Citation

  • Nelson J. Updaw, 1980. "Social Costs and Benefits from Component Pricing of Soybeans in the United States," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 62(4), pages 647-655.
    • Handle: RePEc:oup:ajagec:v:62:y:1980:i:4:p:647-655.
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    File URL: http://hdl.handle.net/10.2307/1239762
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    Cited by:

    1. Ramesh, Nandini, 2002. "Contract design in soybean production," ISU General Staff Papers 2002010108000018191, Iowa State University, Department of Economics.
    2. Richey, Bobby G., Jr. & Williams, Gary W., 1987. "The Effects of Component Pricing on the U.S. Soybean Industry: A Dynamic Simulation Analysis," 1987 Annual Meeting, August 2-5, East Lansing, Michigan 270142, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Chavas, Jean-Paul & Kim, Kwansoo, 2001. "Hedonic Pricing of Components and Cointegration Relationships: A Dynamic Analysis of Dairy Product Prices," Working Papers 201572, University of Wisconsin-Madison, Department of Agricultural and Applied Economics, Food System Research Group.

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