Production Uncertainty and Factor Price Disparity in the Slaughter Cattle Market: Theory and Evidence
作者： Scott W. Fausti , Dillon M. Feuz
DOI: 10.2307/1243222
关键词: Production (economics) 、 Factor price 、 Public economics 、 Live weight 、 Empirical evidence 、 Econometrics 、 Price differential 、 Market theory 、 Economics 、 Quality (business) 、 Mid price
摘要: A model of a competitive firm facing uncertainty with respect to input quality is applied the issue price differentials existing between slaughter cattle marketing alternatives. The alternatives are live weight, dressed and weight grade. demonstrates that result buyer over quality. If buyers assumed risk averse, then differential increases. These results lead proposition theory factor disparity, empirical evidence presented in support this theory.
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