AgEcon Search (University of Minnesota, USA) · 2012 · 51 citations · 19 references
AgricultureAgricultural EconomicsAnimal SciencesAuction TheoryDairy Herd ManagementLivestock ProductionAgricultural Commodity PricingAgricultural Price AnalysisAgricultural Product PricingAnimal Product QualityLivestock EconomicsLivestock Production EconomicsAnimal Welfare EconomicsAsymmetric Information ExchangeAuction Market AnalysisBeef Cattle EconomicsBeef EconomicsLivestock Market PricesLot Size AnalysisPhenotypic Traits
Many value-added practices cannot be observed by feeder cattle buyers. Third-party verification can decrease market inefficiency associated with this asymmetric information. We evaluate the effectiveness of a verification program, the Oklahoma Quality Beef Network, in increasing received prices. We estimate the value of verification, weaning, vaccinating, certification and phenotypic traits of feeder cattle at Oklahoma auctions. Results indicate that the OQBN program adds $2.39 to $5.74/cwt. Vaccinating calves adds $1.44/cwt, and weaning calves adds $2.05/cwt. Differential values for lot size, average weight, hide color, frame size, conditioning, Brahman influence, gender and other characteristics are also reported.
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Free Competition and the Optimal Amount of Fraud
Michael R. Darby, Edi Karni · The Journal of Law and Economics · 1973 · 3.8K citations
Introduction to the Theory and Practice of Econometrics
Eric R. Ziegel, George G. Judge, Peter Hill et al. · Technometrics · 1989 · 2.2K citations