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The Role of Speculation and Information in the Early Evolution of the United States Ostrich Industry: An Industry Case Study

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  • Jeffrey M. Gillespie
  • Alvin R. Schupp

Abstract

The U.S. ostrich industry was introduced in the 1980s and experienced rapid expansion in the late 1980s and early 1990s. Breeding stock prices rose rapidly and subsequently plummeted during 1993–1995. High prices are to be expected in the introductory stage of an industry. However, the magnitude of prices in the ostrich industry is likely due to overestimates of ostrich productivity and future demand for ostrich products, as well as speculation in the ostrich market. This paper discusses the evolution of the industry from the mid-1980s to the present.

Suggested Citation

  • Jeffrey M. Gillespie & Alvin R. Schupp, 2002. "The Role of Speculation and Information in the Early Evolution of the United States Ostrich Industry: An Industry Case Study," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 24(1), pages 278-292.
    • Handle: RePEc:oup:revage:v:24:y:2002:i:1:p:278-292.
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    File URL: http://hdl.handle.net/10.1111/1467-9353.00097
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    1. Jeffrey M. Gillespie & Kostas Karantininis & Gary G. Storey, 1997. "The Expansion and Evolution of Vertical Coordination in the Quebec Hog Industry," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 19(2), pages 350-370.
    2. Tegene, Abebayehu & Kuchler, Fred, 1990. "The contribution of speculative bubbles to farmland prices," Technical Bulletins 312318, United States Department of Agriculture, Economic Research Service.
    3. Reimund, Donn A. & Martin, J. Rod & Moore, Charles V., 1981. "Structural Change in Agriculture: The Experience for Broilers, Fed Cattle, and Processing Vegetables," Technical Bulletins 157701, United States Department of Agriculture, Economic Research Service.
    4. Schupp, Alvin R. & Gillespie, Jeffrey M. & Reed, Debra, 1998. "Consumer Choice Among Alternative Red Meats," Journal of Food Distribution Research, Food Distribution Research Society, vol. 29(3), pages 1-9, November.
    5. Taylor, Gary & Andrews, Linda & Gillespie, Jeffrey M. & Schupp, Alvin R. & Prinyawiwatkul, Witoon, 1998. "How Do Ratite Meats Compare with Beef?: Implications for the Ratite Industry," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 16(1), pages 1-18.
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    Cited by:

    1. Steiner, Bodo E. & Srivastava, Lorie & Gao, Fei, 2007. "Assessing the Consumer Acceptance and Market Potential of Alternative Meats," Project Report Series 7708, University of Alberta, Department of Resource Economics and Environmental Sociology.
    2. Tina L. Saitone & Richard J. Sexton, 2007. "Alpaca Lies? Speculative Bubbles in Agriculture: Why They Happen and How to Recognize Them," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 29(2), pages 286-305.
    3. Schupp, Alvin R. & Gillespie, Jeffrey M. & O'Neil, Carol E. & Prinyawiwatkul, Witoon & Makienko, Igor, 2005. "The Impact of an "Exotic" Label on Consumer Willingness to Taste Test, Purchase, and Price a New Meat Product," Journal of Food Distribution Research, Food Distribution Research Society, vol. 36(2), pages 1-11, July.
    4. Turvey, Calum G. & Sparling, David, 2002. "The Great Emu Bubble: A Retrospective Look at a New Industry Failure," CAFRI: Current Agriculture, Food and Resource Issues, Canadian Agricultural Economics Society, issue 3, pages 1-13, August.

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