Retail Pricing Behavior For Agricultural Products With Implications For Farmer Welfare
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Retail Pricing Behavior For Agricultural Products With Implications For Farmer Welfare
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Author : Chenguang Li
language : en
Publisher:
Release Date : 2010
Retail Pricing Behavior For Agricultural Products With Implications For Farmer Welfare written by Chenguang Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Farm produce categories.
Rising concentration and consolidation of sales among large supermarket chains in the United States in the past decades has accelerated both policy concern and debate among economists. Prior work on food retailers has emphasized their market power over consumers and to a lesser extent their market power over farmers, but essentially no work has made the link between their pricing methods and farmer welfare. This study is the first to evaluate the welfare implications for producers of the diversified pricing strategies that retailers utilize in practice and the resulting attenuation of the relationship between prices at retail and at the farm gate. The typical model of retail pricing for agricultural products assumes retailers set price equal to the farm price plus a certain markup. However, observations from the grocery retailing market indicate a large degree of price dispersion and demonstrate that retailers adopt diversified pricing strategies. By studying the pricing behaviors for six major agricultural commodities sold at fifteen retail chains across the United States, this study provides extensive evidence of price dispersion in the grocery retail market. In particular, I document three alternative pricing patterns in the grocery retailing market in addition to markup pricing: fixed (constant) pricing, periodic sale, and high-low pricing. Retail prices under these alternative-pricing strategies adjust only partially to supply shocks, and do not closely reflect the price variations at the farm gate. A vertical structure model is constructed to reflect the relationship between retailers and producers in a prototypical fresh produce market. Using retailers' markup pricing strategy as the baseline case, I parameterize the model and carry out a series of simulations under different pricing regimes to evaluate the welfare implications for producers of the diversified pricing strategies that retailers utilize in practice. The simulation results show that alternative pricing strategies and the resulting retail price dispersion tends to reduce farm income and exacerbate farm price volatility relative to markup pricing. However, harvest cost places a lower bound constraint on the farm price, since no product will be harvested at price below the marginal harvest cost. If harvest cost is sufficiently large, which is likely to be true especially for perishable products, then increased farm price volatility induced by retailers' alternative pricing strategies may result in higher farm income, compared to markup pricing case. Furthermore, by taking farmers' risk attitude into account, this study shows that retailers' alternative pricing strategies increase farmers' income risk, which tends to reduce the expected utility of risk-averse farmers. The overall welfare effects to producers resulting from diversified retailer pricing strategies depend on several key factors: the level of farm supply shocks, farm demand elasticity, unit harvest cost, and farmers' risk attitude.
Agricultural Product Prices
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Author : William G. Tomek
language : en
Publisher:
Release Date : 1990
Agricultural Product Prices written by William G. Tomek and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.
Agricultural Marketing And Consumer Behavior In A Changing World
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Author : Berend Wierenga
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Agricultural Marketing And Consumer Behavior In A Changing World written by Berend Wierenga and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
As in many other sectors, in agribusiness major changes are taking place. On the demand side, consumers are changing lifestyles, eating and shopping habits, and increasingly are demanding more accommodation of these needs in the supermarket. With regard to the supply: the traditional distribution channel dominators - manufacturers of branded consumer products - are trying hard to defend their positions against retailers, who gather and use information about the consumer to streamline their enterprises and strengthen their ties with the consumer. The agricultural producers, meanwhile, face increased regulations with regard to food additives, pesticides, and herbicides. Pressures rise as their business becomes more specialized and capital-intensive than that of their predecessors. Finally, the larger political climate is not so favorable to agriculture, which now has to compete in the global market without significant government support. This title describes and interprets changes in the domain of agriculture and food. The contributors develop the theme of taking an interdisciplinary approach to coping with these changes, using concepts and methods developed in general marketing, which are adapted so as to apply to the particular characteristics of the food and agriculture sector. This book is published to honor the distinguished career of Professor Mathew T.G. Meulenberg from Wageningen Agricultural University, on the occasion of his retirement in September 1996. As a scientist, teacher, and advisor to the agribusiness and the government, Professor Meulenberg has made an important contribution to the development of marketing, inside and outside the domain of agriculture.
Agricultural Product Prices
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Author : William G. Tomek
language : en
Publisher: Cornell University Press
Release Date : 2014-05-08
Agricultural Product Prices written by William G. Tomek and has been published by Cornell University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-08 with Business & Economics categories.
Published continuously since 1972, Agricultural Product Prices has become the standard textbook and reference work for students in agricultural and applied economics, buyers and sellers of commodities, and policymakers, clearly explaining conceptual and empirical models applicable to agricultural product markets. The new fifth edition uses up-to-date information and models to explain the behavior of agricultural product prices. Topics include price differences over market levels (marketing margins), price differences over space (regionally and internationally) and by quality attributes, and price variability with the passage of time (seasonal and cyclical variations, trends, and random behavior). William G. Tomek and Harry M. Kaiser review and adapt microeconomic principles to the characteristics of agricultural commodity markets and then apply these principles to the various dimensions of price behavior. They also provide an in-depth discussion of prices established for futures contracts and their relationship to cash (spot) market prices; cover the influential roles of price discovery institutions, such as auctions and negotiated contracts, and government policies regulating trade and farms; and discuss the specification, use, and evaluation of empirical models of agricultural prices, placing emphasis on the challenges of doing high-quality, useful analyses and interpreting results.
Farm Retail Spreads For Food Products
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Author : U. S. Agricultural Marketing Service
language : en
Publisher: Forgotten Books
Release Date : 2017-11-09
Farm Retail Spreads For Food Products written by U. S. Agricultural Marketing Service and has been published by Forgotten Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-09 with Business & Economics categories.
Excerpt from Farm-Retail Spreads for Food Products: Costs, Prices Agricultural policy considerations by various economic and legislative groups have long stimulated a keen interest in price spreads between the farmer and the consumer. The informational needs of these groups have centered on the measurement of these spreads and the relation of changes in spreads to changes in the production and marketing of farm products. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Essays On Pricing And Policy In The U S Dairy Industry
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Author : Charng-Jiun Yu
language : en
Publisher:
Release Date : 2020
Essays On Pricing And Policy In The U S Dairy Industry written by Charng-Jiun Yu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
The dairy industry is one of the most important components in U.S. economy. Milk production added substantial value to the agricultural sector. In 2017, U.S. dairy farmers produced 38.1 billion dollars worth of milk. On the consumption side, Americans on average consume 244 pounds of dairy products in a year. Despite the significance of the U.S. dairy industry, several important economic issues in pricing and policy are not studied. With the improvement in data quality over the past decade, there is an emerging opportunity for empirical studies to analyze the U.S. dairy industry and provide economic insights to a more general scope. My dissertation provides empirical analysis to understand the pricing and policy issues for producers, retailers, and consumers in the U.S. dairy industry. Specifically, in the following three chapters I study the relationship between market power and farm-retail price transmission, the impact of environmental regulations on dairy farm management, and the relationship between price and perceived quality in consumer choice of cheese products. In the first chapter, I seek to understand the impact of market competitiveness on the degree of asymmetric price transmission and associated welfare implications. I estimate a kinked Almost Ideal Demand System for fluid milk products in 18 U.S. metropolitan areas. By conducting an asymmetric price transmission test, I find that cities with less competitive food retailing tend to exhibit asymmetric price transmission. The degree of price asymmetry and associated welfare loss are decreasing in the market competitiveness. The welfare analysis suggests that the welfare loss due to asymmetric price transmission is large in terms of the percentage of milk expenditures. The potential is for substantially higher future welfare loss given the ongoing consolidation in food retailing industry. In the second chapter, I quantify the impact of the Clean Water Act (CWA) on farm waste management practices of U.S. dairy concentrated animal feeding operations (CAFOs). A double-hurdle model is employed to examine how dairy farmers adjust their practices in response to the major policy revision of the CWA in 2003. Using the 2000 and 2010 Agricultural Resource Management Survey data, I find that CAFO farmers who follow the management standards of the nutrient management plan (NMP) required by the CWA are more likely to implement manure storage after the policy revision. There are, however, no significant changes in storage capacity for those who have already adopted. Furthermore, CAFOs that fail to comply with NMPs did not make significant changes in storage capacity, land application of manure, and manure removal. The results suggest a heterogenous and limited impact of the CWA on waste management practices of dairy CAFOs. In the third chapter, I examine how prices affect consumers' perception of quality and consequently their product choices using individual consumers' purchase records in the U.S. cheese market. I hypothesize that price affects product choices by two channels: (i) a "pure price" effect directly affecting the purchase cost, and (ii) a "perceived quality" effect affecting the perceived product quality. In the empirical analysis, I complement the traditional mixed logit model with the conditions of purchasing behavior and utilize the Nielsen consumer panel and retail scanner data of the U.S. cheese markets from 2012 to 2014. The results suggest a strong perceived quality effect. With a 10% increase in the price of a cheese product, the corresponding choice probability would on average decrease by 5.4%, which consists of a 13.0% decrease due to higher purchase cost and a 7.6% increase driven by higher perceived quality. For approximately 10% of the cheese products, the ratios of the perceived quality elasticity to the total price elasticity are greater than 3.69; on the lower end, the ratios are lower than 0.24 for another 10% of the products. Such a large value is indicative of a large heterogeneity of the price impact on perceived quality across products. In addition, the impact of price on perceived varies across different types of households. Finally, I find that the perceived quality effect decreases with repeat purchases. These findings have significant implications for retailers' marketing strategy, government policy, and analysis of product competition
Vertical Relationships And Coordination In The Food System
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Author : Giovanni Galizzi
language : en
Publisher: Physica
Release Date : 1999-03-29
Vertical Relationships And Coordination In The Food System written by Giovanni Galizzi and has been published by Physica this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-03-29 with Business & Economics categories.
New analysis and empirical evidence on several topics such as the determinants of shape and nature of the vertical relationships in the food system, the determinants of vertical co-ordination and competition, types and mechanisms of co-ordination as well as the consequences for competitiveness, consumer welfare and policy implications are provided. The focus is on vertical issues at different stages of the food chain with a particular emphasis on the increasing role played by retailers in shaping the vertical relationships in the food system through the development of food supply-chain management.
Transforming Agriculture In South Asia
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Author : Ashok K. Mishra
language : en
Publisher: Routledge
Release Date : 2020-12-29
Transforming Agriculture In South Asia written by Ashok K. Mishra and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-29 with Business & Economics categories.
Debates about public expenditure in the agricultural sector have reopened in many developing and emerging economies because of high budget deficits and changes in public opinion. As a result, agricultural policy in many of these countries is beginning to take a more market-oriented approach to agrarian problems, most notably through the introduction of contract farming. This book explores the policy issues around contract farming and its transformative potential and addresses the lack of empirical research on this topic by focusing on South Asia: principally India, Bangladesh and Nepal. The book first addresses the effects of contract farming (vertical coordination) on productivity, food security indicators (yield, consumption expenditures, prices), employment and input usage. Then it draws lessons from the South Asian case studies on the impact of institutional changes, like contract farming, on income and food security of smallholder households. The core of the book includes case study chapters on several commodities that are produced under contract farming, including vegetables and fisheries in Bangladesh, low-value crops in Nepal and coffee in India. Other chapters also explore contracts, storage, input usage and technical efficiency in these cases. This book serves as an essential guide to academics, researchers, students, legislative liaisons and think tank groups interested in agrarian issues, agricultural economics and agricultural policy in emerging economies and particularly in South Asia.
Agricultural Policy Agribusiness And Rent Seeking Behavior
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Author : Andrew Schmitz
language : en
Publisher: University of Toronto Press
Release Date : 2010-01-01
Agricultural Policy Agribusiness And Rent Seeking Behavior written by Andrew Schmitz and has been published by University of Toronto Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-01 with Social Science categories.
The second edition of the groundbreaking Agricultural Policy, Agribusiness, and Rent-Seeking Behaviour expands upon its original analysis of the economic policies that affect agriculture and agribusiness. Widening their lens to include information on the European Union, the authors continue to emphasize the role of farmers and agribusiness in the formation of policy, exploring the issues from both economic and historical perspectives. More theoretical than the first volume in its discussions of welfare economics and the theory of public choice, the second edition also addresses the broad significance of agricultural policies such as biofuels, nutrition, multifunctionality, genetically modified organisms, and multinational firms. The authors maintain and expand the empirical content to provide more practical examples suited to teaching and analyse specific problems including price and income stabilization, science policy, environmental policy, and food quality and safety.
Urbanization And Social Welfare In China
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Author : Gordon G. Liu
language : en
Publisher: Routledge
Release Date : 2018-01-18
Urbanization And Social Welfare In China written by Gordon G. Liu and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-18 with Business & Economics categories.
China's urban population growth rate has doubled in the past 20 years and the Chinese government has made further urbanization a developmental priority. How Chinese cities cope with such rapid population increases has become a question of critical concern. This book provides an analysis of the welfare implications of China's urbanization, the development of the labour market including migration between rural and urban sectors, and natural and social environmental issues arising from urbanization. The book covers both academic and policy perspectives and, together with its sister volume Urban Transformation in China, brings together a comprehensive and multi-disciplinary overview of China's urbanization.