Pricing Accuracy and Efficiency in a Pilot Electronic Hog Market

W. Timothy Rhodus, E. Dean Baldwin and Dennis R. Henderson

American Journal of Agricultural Economics, 1989, vol. 71, issue 4, 874-882

Abstract: Daily average prices for hogs sold through the Hog Accelerated Marketing System (HAMS), an experimental electronic market, were compared to those for similar grade hogs sold through Peoria terminal and Indiana direct markets. Results indicate that prices received by farmers using HAMS increased by $0.94 to $0.99 per 100 pounds relative to their previous alternative. Using frequency of price change and average amount of price change as measures of efficient pricing behavior, the electronic market exhibited more efficient behavior than the traditional markets, i.e., average prices changed from one day to the next more frequently and by smaller amounts.

Date: 1989
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