Short-Run Price Effects of a Structural Change in a Terminal Market for Hogs

Harold G. Love and D. Milton Shuffett

American Journal of Agricultural Economics, 1965, vol. 47, issue 3, 803-812

Abstract: This article reports the results of an empirical analysis designed to measure the changes in relative and absolute levels of hog prices accompanying a change in the buying structure of the Louisville, Kentucky, terminal livestock market. During May 1960, the buying structure appeared to have shifted from a circular competitive relationship among firms to a dominant firm situation. This shift allowed the effects of the different structural patterns on price to be measured and appraised. The empirical results of this study illustrate the sharp change that occurred in relative prices with the changed structural relationships and provide a guide for estimating price changes that will occur in other areas and for other products under similar conditions.

Date: 1965
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