Determining Implicit Prices for Hay Quality and Bale Characteristics

Margaretha Rudstrom

Review of Agricultural Economics, 2004, vol. 26, issue 4, 552-562

Abstract: Markets for dairy quality hay have emerged as dairy farms purchase more feed off the farm. Previous research on hay markets used proxies for quality since objective measures of quality were unavailable. A hedonic pricing model incorporating direct measures of quality (moisture, crude protein, and relative feed value (RFV)), proxies (cutting), and bale-type variables was estimated using data from a hay auction. Large round and square bales and medium round bales were discounted relative to small square bales. The implicit price for RFV was $0.55/ton in 2001–02.

Date: 2004
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