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Expected Utility, Risk, and Market Behavior: Theory and Evidence from the Fed Cattle Market

Author

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  • Fausti, Scott W.
  • Wang, Zhiguang
  • Lange, Brent

Abstract

The effect of carcass quality uncertainty on the structure of the slaughter cattle market was studied. We demonstrated that varying levels of producer preference for risk and producer perception of carcass quality risk are plausible explanations for: the coexistence of multiple pricing methods for slaughter cattle; the grid market share differential between steer and heifer slaughter volume; and the variability in market share of slaughter volume across alternative marketing channel and pricing mechanisms for slaughter cattle.

Suggested Citation

  • Fausti, Scott W. & Wang, Zhiguang & Lange, Brent, 2013. "Expected Utility, Risk, and Market Behavior: Theory and Evidence from the Fed Cattle Market," SCC-76 Meeting, 2013, March 14-16, Pensacola, Florida 147660, SCC-76: Economics and Management of Risk in Agriculture and Natural Resources.
    • Handle: RePEc:ags:scc013:147660
    DOI: 10.22004/ag.econ.147660
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    Cited by:

    1. Bodo E. Steiner, 2017. "A phenomenon-driven approach to the study of value creation and organizational design issues in agri-business value chains," Economia agro-alimentare, FrancoAngeli Editore, vol. 19(1), pages 89-118.
    2. 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.

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    Keywords

    Risk and Uncertainty;

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