Unstandardised Measures and the Analysis of Price Efficiency: An Application in Benin

Bernd Christiansen

Chapter 7 in Agricultural Markets from Theory to Practice, 1999, pp 171-179 from Palgrave Macmillan

Abstract: Abstract Price formation in periodic marketing systems where unstandardised volumetric measures are commonly used is vulnerable to various types of manipulation. The maize marketing system in the Atlantic Province, Republic of Benin is one such case where price formation involves two processes: the price per measure and the measurement technique. The plurality of measurement techniques means that the price per measure does not function as an indicator of scarcity. While the price per measure indicates the general price level, the ‘fine tuning’ of the final price takes place during the measurement process. In this chapter, practical means are introduced whereby the effect of the measurement technique on market performance may be analysed.

Keywords: Measurement Technique; Volumetric Measure; Price Formation; Wholesale Market; Marketing System (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-27273-0_7

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DOI: 10.1007/978-1-349-27273-0_7

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