By William G. Tomek, Harry M. Kaiser
Published regularly considering that 1972, Agricultural Product Prices has turn into the traditional textbook and reference paintings for college students in agricultural and utilized economics, dealers and dealers of commodities, and policymakers, truly explaining conceptual and empirical versions acceptable to agricultural product markets. the recent 5th variation makes use of up to date details and types to give an explanation for the habit of agricultural product costs. subject matters contain cost modifications over industry degrees (marketing margins), fee transformations over house (regionally and across the world) and through caliber attributes, and value variability with the passage of time (seasonal and cyclical adaptations, developments, and random behavior).
William G. Tomek and Harry M. Kaiser assessment and adapt microeconomic ideas to the features of agricultural commodity markets after which practice those ideas to a few of the dimensions of rate habit. additionally they supply an in-depth dialogue of costs demonstrated for futures contracts and their courting to funds (spot) marketplace costs; disguise the influential roles of rate discovery associations, comparable to auctions and negotiated contracts, and executive regulations regulating alternate and farms; and speak about the specification, use, and evaluate of empirical versions of agricultural costs, putting emphasis at the demanding situations of doing fine quality, helpful analyses and reading results.
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Additional resources for Agricultural product prices
Tomek and Kaiser 1999). Lengths of Run in Demand Analysis We turn now to a second aspect of the dynamics of demand—the concept of length of run. Simple static theory assumes instantaneous adjustments to price changes. In the real world, however, there are a number of reasons why instantaneous adjustments do not occur; the quantity demanded is likely to change gradually in response to a price change. There are two broad reasons for gradual change: costs of adjustment and the effect of consumers’ expectations.
Some consumers are demanding products that are organically or “naturally” grown and/or are not produced from GM commodities, while other consumers are not concerned about these kinds of attributes. Hence, the demand for food products may be viewed as derived from the demand for a large variety of characteristics, which are of varying importance to different consumers. A literature has developed to estimate the value of such characteristics, often using experimental economics approaches. This topic is discussed in Chapter 7.
Tomek, W. , and H. M. Kaiser. 1999. “On Improving Econometric Analyses of Generic Advertising Impacts,” Agribusiness 15:485–500. Varian, H. R. 2010. Intermediate Microeconomics, a Modern Approach, 8th ed. W. Norton & Co. CHAPTER 3 Demand Elasticities and Related Coefficients This chapter reviews the concepts of own-price, cross-price, and income elasticities of demand. Interrelationships among these coefficients, as suggested by the underlying demand theory, are described. The concepts of total elasticity and flexibility coefficients are also introduced.
Agricultural product prices by William G. Tomek, Harry M. Kaiser