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1.
In an imperfectly competitive industry, differentiated products compete with each other with price rather than quantity as the strategic variable. Several previous studies have employed a generalized Nash–Bertrand model: Liang (1989) , Cotterill (1994) , Cotterill et al. (2000) , and Kinoshita et al. (2002) ; however, only Liang has explored the theoretical foundations of that model. This article generalizes the Liang two‐good model to three goods. A surprising and important result follows. Price‐conjectural variations do not exist in models with three or more goods. Price‐reaction functions, however, exist in multiple‐good models. We estimate them jointly with a brand‐level demand system to evaluate the total impact of a brand manager's price change on own quantity. In a differentiated product market, this is a useful addition to a partial demand elasticity approach, because a change in one brand's price typically engenders a price reaction by other brands that affects own quantity via substantial cross‐price elasticities among substitutes. Strategic pricing in the Boston fluid milk market was also influenced by the existence of a raw milk price support program, the Northeast Dairy Compact. We find that the advent of the Compact was a focal point event that crystallized a shift away from Nash–Bertrand to more cooperative pricing. If the downstream market is not competitive, one needs to consider strategic price reactions when designing and evaluating agricultural price programs. 相似文献
2.
Historically low prices in the conventional coffee market have caused financial and social hardship among coffee farmers. In the face of this crisis, specialty markets have attracted the attention of the international donor community. These market segments have shown consistent growth over the last decade and exhibit price premiums in international markets. Therefore, if higher prices are passed on to farmers, access to specialty markets could help to alleviate the crisis brought on by low prices in the conventional sector. The present study attempts to identify the factors that determine farmers' participation in specialized markets and whether participation in these markets leads to higher prices for farmers. A two-stage model is used to analyze farmers' marketing decisions and their effect on the prices received. This procedure allows us to control for the endogeneity bias introduced by the marketing choice. Our results indicate that farmers participating in the specialty coffee segment do in fact receive higher prices than those participating in conventional channels. Additionally, we find that participation in cooperatives has a positive impact on the probability that a farmer chooses to grow specialty coffee and analogously on the prices that they receive. Based on these results, it seems that efforts to increase participation in the specialty coffee segment and in cooperatives would help to lessen some of the hardships brought on by low prices in the conventional coffee sector. 相似文献
3.
This study revisits the issue of mean reversion in the import rice prices of six Asian countries over the period between 1995 and 2015. Augmented Dickey Fuller tests with a conventional linear regression model support the presence of a unit root in the levels of the price data. However, when regressions allow for Markov switching in coefficients and variances to capture periodic shifts in levels and volatilities, there is strong evidence against the unit‐root null hypothesis in favor of stationarity over much of the observation period. 相似文献
4.
Dragan Miljkovic 《Agricultural Economics》2005,33(1):21-27
This article examines the notion of farm size inequality expressed as sales inequality in the United States. The farm size index (FSI) is developed as a measure of farm size inequality. FSIs are calculated for the farming sector in all 50 states and large variation in farm size across the states and over time is determined. The largest FSIs are calculated for a number of Southern, Southwestern, and Pacific states. Increasing FSIs over time are observed in all states as well. The spatial and temporal (between 1987 and 1997) differences in FSIs are explained by running a pooled, cross‐sectional time‐series model. The most influential variables accounting for the differences have to do with the ownership structure, where a larger presence of individual and family farms relative to corporate farms and cooperatives leads to a lower degree of farm size inequality. Also, states and regions having relatively larger number of farms owned by minorities have higher FSIs. Shrinking opportunities in the agricultural sector relative to the rest of the economy, primarily services, are reflected in a declining share of agricultural sector state income in total gross state product (GSP). This in turn leads to an increase in the farming sector's FSI suggesting that only larger, more profitable operations are the likely candidates to pursue farming activities. Finally, grains farming regions have all lower degree of farm size inequality than livestock or fruits and vegetables regions. Profitable grains farming requires relatively large farm size and equipment investments, which leads to a relatively homogeneous structure of grains farms. A larger variation in the size of profitable farm operations is possible in fruits and vegetables and livestock. This leads to the existence of a large number of very small but still sustainable farms, and a relatively small number of large farms that capture most of market sales share. 相似文献
5.
Organic agriculture, which produces commodities that can be qualitatively differentiated from conventional food products, has grown into an important market in many countries. The dynamics of commodity prices in both sectors are partly interdependent, but are also shaped by independent determinants and have rarely been studied. We analyze organic food markets and their interdependencies with conventional markets in the context of wheat markets in Germany, which have been subject to a number of fundamental changes during the last two decades. Based on institutional market characteristics, we suggest a flexible Markov‐switching asymmetric time series model. We find a pronounced temporal sequence of market phases that differ in their asymmetric dynamics and the extent to which the organic price is influenced by the conventional price. Organic wheat prices tend to be increasingly connected to prices of conventional wheat. 相似文献
6.
Jan Priebe 《Oxford Development Studies》2017,45(4):499-521
This paper studies the impact of political reservation for women on political participation and empowerment of women living in areas where gender quotas are mandated. Following the 1992 passage of the 73rd Constitutional Amendment in India, one-third of village government head positions are reserved for women. Utilizing the random allocation of reserved seats and a unique individual level data-set which captures a large set of measures on political participation of women, we find that women residing in areas with a female village government head show significantly higher levels of political participation and empowerment. Overall, the observed effect can be entirely attributed to improved outcomes of women from a lower socio-economic strata, while no effect is found for economically better-off women. The results suggest that the imposed gender quotas are an effective means of overcoming inequalities and contributed to giving disadvantaged women more voice and opportunity for political empowerment. We further investigate the role that the level of women’s political participation plays on the type and quality of public services delivered. Our results indicate that the level of women’s political participation and empowerment is an important channel through which public service delivery is influenced. 相似文献
7.
This article explains regionally differentiated patterns of structural change based on a theoretical framework dealing with strategic interaction of farms on the land market. The main research question focuses on the causes of regionally persistent structures. An empirical Markov chain model is defined for the West German agricultural sector. The model is used to explain the probabilities of farm growth, decline, or exit in terms of the current and former regional farm size structure. Further, the impact of variables describing the regional farm structure, thereby indicating market power of the large, the potential of high competition for land within a region, and possibly high rents of the status quo in combination with sunk costs, is quantified. The results confirm the relevance of strategic interaction as a crucial determinant of persistent regional differences in the farm size structure over time. 相似文献
8.
This paper investigates empirically the determinants of agro‐food firms’ adoption of the Protected Designation of Origin (PDO) label. A unique dataset containing firm‐level cost and production information on the French Brie cheese is used, covering the period 1980–2000. The Brie cheese data are especially relevant as PDO Brie producers have coexisted with other non‐PDO producers since 1981. To evaluate the producers’ incentive to opt for PDO certification, we use a structural switching regression model which incorporates cost and production structure variables. Results show that PDO certification is less attractive the higher the costs of raw materials and the greater the size of the company. PDO Brie cheese production costs are estimated to be on average 40% higher than those for non‐PDO Brie. The PDO production process could be technically inefficient when compared with the unconstrained non‐PDO manufacturing; yet, PDO producers benefit from a price premium on their product which offsets their higher production cost. 相似文献
9.
Alassane Drabo 《Oxford Development Studies》2013,41(4):455-475
In the health economics literature, many studies have assessed the association between environmental degradation and health outcomes. This paper extends this literature by investigating how the presence of air pollution might explain health inequalities both between and within developing countries. We argue that differential exposure to air pollution between asset classes, differential ability to prevent the negative health effects of environment degradation, differential capacity to respond to disease caused by pollutants, and particular susceptibility of some groups to the effects of air pollution are all sufficient reasons for explaining a positive link between air pollution and asset-related health inequality. Using data from developing countries, our econometric results show that sulphur dioxide emissions (SO2) and particulate matter (PM10) partly explain the large disparities in infant and child mortalities between and within developing countries. In addition, we found that the institutions that are based on democratic principles, and which have low levels of corruption and high quality bureaucracy, are the most effective. That is, they are more responsive to the needs of the poor, they promote access to justice and public administration, and they deliver basic services to those most in need. As a result, they are able to more effectively mitigate the mortality effect of pollution for the poorest asset classes compared with that of the richest ones and thus reduce the health inequality it provokes. 相似文献
10.
European consumers and, in particular, German consumers are known to be very critical toward the introduction of genetically modified (GM) foods. It is analyzed here whether German consumers do reject second-generation GM foods, too. Whereas first-generation GM crops induced producer-related benefits, second-generation GM crops are associated with consumer-oriented benefits like an improvement of nutritional quality. The determinants of demand for second-generation GM rapeseed oil are investigated within an online survey of 1,556 German consumers. It is elaborated how two functional properties of the product matter; that is, long-chain omega-3 fatty acids and the cholesterol-lowering effect of phytosterols. It turns out that GM rapeseed oil is neglected by 74% of all respondents. Output traits, however, will increase the probability of purchases of GM rapeseed oil. This is more the case for long-chain omega-3 fatty acids than for phytosterols. 相似文献
11.
Understanding how producers make decisions to allot acreage among crops and how decisions about land use are affected by changes in prices and their volatility is fundamental for predicting the supply of staple crops and, hence, assessing the global food supply situation. This study makes estimations of monthly (i.e., seasonal) versus annual global acreage response models for the world's principal staple food crops: wheat, corn, soybeans, and rice. Primary emphasis is given to the magnitude and speed of the allocation process. Estimation of intra‐annual acreage elasticity is crucial for expected food supply and for input demand, especially in the light of the recent short‐term volatility in food prices. The econometric results indicate that global crop acreage responds to crop prices and price risks, input costs as well as a time trend. Depending on respective crop, short‐run elasticities are about 0.05 to 0.40; price volatility tends to reduce acreage for some of the crops; comparison of the annual and the monthly acreage response elasticities suggests that acreage adjusts seasonally around the globe to new information and expectations. Given the seasonality of agriculture, time is of an essence for acreage response. The analysis indicates that acreage allocation is more sensitive to prices in the northern hemisphere spring than in winter and the response varies across months. 相似文献
12.
This paper develops a model of differentiated consumers to examine the consumption effects of genetic modification (GM) under alternative labelling regimes and segregation enforcement scenarios. Analytical results show that if consumers perceive GM products as being different than their traditional counterparts, GM affects consumer welfare and, thus, consumption decisions. When the existence of market imperfections in one or more stages of the supply chain prevents the transmission of cost savings associated with the new technology to consumers, GM results in welfare losses for consumers. The analysis shows that the relative welfare ranking of the ‘no labelling’ and ‘mandatory labelling’ regimes depends on: (i) the level of consumer aversion to GM products; (ii) the size of marketing and segregation costs under mandatory labelling; (iii) the share of the GM product in total production; and (iv) the extent to which GM products are incorrectly labelled as non‐GM products. 相似文献
13.
This study investigates the predictive ability of outlook hog price forecasts released by Iowa State University relative to alternative time‐series and market forecasts. Under root mean squared error (RMSE), the futures market forecast is most accurate at the first and second horizon but less accurate than Iowa outlook and the other forecast methods at the third horizon. In terms of the individual time‐series models, some vector autoregressions (VARs) and Bayesian VARs flexible in specification and estimation and model averaging tend to perform better than Iowa outlook forecasts. Evidence from encompassing tests, more stringent tests of forecast performance, indicates that many price forecasts can add incremental information to the Iowa forecast. Simple combinations of these models and outlook forecasts are able to reduce forecast errors by economically significant levels. Overall, the results indicate that it is possible to provide more accurate forecasts than Iowa outlook at every horizon. 相似文献
14.
This study aimed to explore how producers’ reference prices are formed and adapt over time, and how they affect marketing decisions. Results indicate that producers focus on three major variables to form their reference prices: the current market price, the highest price to date, and their expectation about price behavior. Further, they update their reference prices during the marketing season mainly in response to changes in current market prices, their own expectations about price behavior, and the general price trend. Finally, our findings suggest that producers’ marketing decisions are based on the spread between current market price and reference price, the general market trend and price expectation. 相似文献
15.
Given the leading role of private label brands in the fluid milk market, it is of special interest to focus on possible differences in farm‐retail price transmission between private label and branded milk as well as the causes of heterogeneity. This article examines the heterogeneous effects of private label and branded products on price transmission in the fluid milk market using a panel threshold asymmetric error correction model. Results indicate that upward retail‐price adjustment is faster than the downward price adjustment for both private label and branded milk. The speed of adjustment of private label products is significantly faster than branded products in three different price regimes. We further investigate the reasons of heterogeneity in farm‐retail price transmission of private label milk. We find that both retailer market power and state pricing regulations contribute to the heterogeneity in asymmetric price transmission. Higher retailer market power causes retail prices of private label milk to rise faster and to fall slower. The existence of a state pricing regulation slows down the adjustment speed of retail prices of private labels back to the long‐run equilibrium, regardless of whether the retail price is low or high. 相似文献
16.
A bivariate probit model was employed to jointly and separately estimate banana market participation decisions of buying and selling households in Rwanda and Burundi using household survey data. Selectivity bias was corrected for estimating the transacted volumes using Heckman's procedure. The results showed that transaction cost‐related factors such as geographical location of households, market information sources, and travel time to the nearest urban center influence market participation. Non‐price‐related factors such as security of land tenure, labor availability, off‐farm income, gender of the household head, and years of farming experience had a significant influence on the transacted volumes. Output prices had a significant correlation with sales volume, indicating price incentives increased supply by sellers. Generally, the findings suggest that policies aimed at investments in rural road infrastructure, market information systems, collective marketing, and value addition of banana products may provide a potential avenue for mitigating transaction costs and enhancing market participation and production of marketed surplus by rural households. 相似文献
17.
This paper develops game‐theoretic models of heterogeneous consumers to analyse the effect of cooperatives on quality‐enhancing product innovation activity, the pricing of food products and the welfare of the groups involved, in the context of a mixed duopoly where an open‐membership consumer co‐op competes with an investor‐owned firm in markets for horizontally differentiated products. Analytical results show that the involvement of the member welfare‐maximising co‐op in innovation activity can change the nature of product differentiation and the structure of the market, and be quality and welfare enhancing by increasing innovation activity and reducing the prices of food products. The effects of co‐operative involvement are shown to depend on the degree of consumer heterogeneity and the size of innovation costs. 相似文献
18.
A debate has been raging for centuries regarding the effects of interannual storage on commodity prices. Most analysts consider storage to function as a price stabilizer, while others place it at the core of an explanation of intriguing features of commodity price series, such as skewed distributions. Most studies have been developed in the context of the theory of competitive storage where random shocks affect supply or demand. Recently, the endogenous chaotic behavior of markets has become another possible hypothesis regarding the origin of commodity price fluctuations. We develop a nonlinear cobweb model with intra‐ and interannual storage, risk averse agents, and adaptive expectations. Like the theory of competitive storage, this nonlinear cobweb model with storage can reproduce some of the stylized facts of agricultural commodity prices (autocorrelation of first rank, low kurtosis, and skewness). In addition, the effects of storage on price variation are mixed. In the presence of interannual storage, chaotic price series show less variation compared to a situation without interannual storage but we find that storage contributes to the endogenous volatility of prices by making chaotic dynamics more likely. 相似文献
19.
The Canadian dairy, egg, broiler, and turkey industries operate under supply management, a policy regime that sets product prices and allocates production among provinces and ultimately among farms through quotas. The Canadian Farm Products Agencies Act requires that comparative advantage be used to guide the allocation of new quota when increases in consumer demand necessitate increased production. This requirement, however, has not been met in practice. We develop a proposal by Meilke to use quota prices as measures of comparative advantage. We evaluate the quota price approach and other proposed methods, from a Hayekian and Coasean market process perspective. We conclude that quota prices offer an economically justifiable indicator of provincial comparative advantage. We develop an individual‐level general equilibrium model of quota exchange to illustrate the informational content of quota prices as indicators of comparative advantage. We also discuss potential practical challenges of using quota prices as indicators of comparative advantage. 相似文献
20.
Economic theory suggests that different auction systems may lead to different price equilibria under specific conditions. By changing the trading rules, the introduction of electronic clock auction systems (ECAS) on primary fish markets is likely to modify the price formation process. A relationship between the prices of live prawns (Nephrops norvegicus) in two French ports where different ECAS have been successively introduced is estimated through two univariate models and a vector autoregressive model applied to stationary weekly data series. Using a recent multiple break searching procedure (Econometrica, Vol. 66, 1998, 47; Journal of Applied Econometrics, Vol. 18, 2003, 1; Econometrics Journal, Vol. 6, 2003, 72), a single structural change matching the date of implementation is discovered in the two ports and shows a different impact partly explained by the type of auction system in force. The introduction of the Euro in January 2002 also appeared to play an influential role in the adoption of electronic clock auction markets. 相似文献