COMPARING END-USE VALUES FOR NORTH DAKOTA HARD RED SPRING WHEAT VARIETIES

David Lambert and William Wilson

No 23657, Staff Papers from North Dakota State University, Department of Agribusiness and Applied Economics

Abstract: Markets for agricultural products may be inefficient when signals do not adequately reflect product characteristics important to market participants. Although preferences can be explicitly stated through price premiums or characteristic values can be determined via hedonic methods, the problem is compounded when product quality information is costly to obtain. Bundling of quality traits by variety can serve to signal product quality. A procedure is developed in this paper to derive the value of different varieties in meeting buyer demands. An application to the hard red spring market wheat both validates the ability of the procedure to distinguish among varieties, as well as provides empirical support to the existence of Akerlof's lemon market in the release of wheat varieties.

Keywords: Crop Production/Industries; Marketing (search for similar items in EconPapers)
Pages: 23
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:ags:nddsps:23657

DOI: 10.22004/ag.econ.23657

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