(Ebook) Agricultural Product Prices 5th Edition by William G Tomek, Harry M Kaiser ISBN 9780801471117 0801471117

(Ebook) Agricultural Product Prices 5th Edition by William G Tomek, Harry M Kaiser ISBN 9780801471117 0801471117

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ISBN 10: 0801471117
ISBN 13: 9780801471117
Author: William G Tomek, Harry M Kaiser

Published continuously since 1972, Agricultural Product Prices has become the standard textbook and reference work for students in agricultural and applied economics, buyers and sellers of commodities, and policymakers, clearly explaining conceptual and empirical models applicable to agricultural product markets. The new fifth edition uses up-to-date information and models to explain the behavior of agricultural product prices. Topics include price differences over market levels (marketing margins), price differences over space (regionally and internationally) and by quality attributes, and price variability with the passage of time (seasonal and cyclical variations, trends, and random behavior).

William G. Tomek and Harry M. Kaiser review and adapt microeconomic principles to the characteristics of agricultural commodity markets and then apply these principles to the various dimensions of price behavior. They also provide an in-depth discussion of prices established for futures contracts and their relationship to cash (spot) market prices; cover the influential roles of price discovery institutions, such as auctions and negotiated contracts, and government policies regulating trade and farms; and discuss the specification, use, and evaluation of empirical models of agricultural prices, placing emphasis on the challenges of doing high-quality, useful analyses and interpreting results

(Ebook) Agricultural Product Prices 5th Edition Table of contents:

1. Introduction

Distinguishing Characteristics of Agricultural Prices

Role of Prices

Plan of Book

Part I. Principles of Price Determination

2. Demand for Agricultural Products

Basics of Demand Theory

Consumer and Market Demand

Static and Dynamic Aspects of Demand

Speculative Demand

Derived Demand

3. Demand Elasticities and Related Coefficients

Price Elasticity

Income Elasticity

Cross-Price Elasticity

Relationships among Elasticities

Price Flexibility Coefficients

Empirical Elasticities

4. Supply Relationships in Agriculture

Theoretical Basis of Supply Functions

Price Elasticity of Supply

Changes in Supply

Supply-Response Relation

Constraints on Supply Responses

Aggregate Farm Output

Concluding Remarks

Appendix: Product Prices, Factor Prices, and Factor Use

5. Price Determination: Theory and Practice

Classification of Markets

Price Determination under Pure Competition

Price Determination under Monopoly

Price Discrimination

Price Behavior under Oligopoly

Price Behavior under Monopolistic Competition

Concluding Remarks

Appendix: Price Discrimination

Part II. Price Differences and Variability

6. Marketing Margins

Models of Margin Behavior

Empirical Measures of Margins

Incidence of Changes in Marketing Costs

Price Transmission

Market Structure and Margins

Marketing Margins and Elasticities of Demand at Various Market Levels

Concluding Remarks

Appendix: Marketing Margin Model

7. Price Differences Associated with Quality

Demand by Grades

Supply by Grades

Price Differences

Defining Grades and Market Imperfections

Price Discrimination and Government Programs

8. Spatial Price Relationships

Background

Price Relationships for Commodities Sold in One Central Market

Market Boundaries

Spatial Equilibrium Models

Impact of Trade Barriers

Empirical Applications

Determining Transfer Costs

Observed versus Theoretical Price Differences: Are Spatial Markets Efficient?

Concluding Remarks

9. Price Variation through Time

Seasonal Variation in Prices

Annual Price Behavior

Cyclical Behavior

Cobweb Model

Trends

Short-Time Price Variation

Models of Time Series

Concluding Remarks

Appendix I: Simple Seasonal Model

Appendix II: An Elementary Cobweb Model

10. General Farm–Non-farm Price Relationships

Variables Influencing the General Level of Farm Prices

Measuring Changes in the General Level of Prices

The Terms of Trade of Farm Products

Concluding Remarks

Appendix: Price Indexes

Part III. Pricing Institutions

11. Mechanisms for Discovering Prices

Alternative Pricing Mechanisms

Economic Consequences of Price Discovery Arrangements

Government Intervention in Pricing Agricultural Products

Concluding Remarks

12. Price Relationships on Commodity Futures Markets

Markets for Contracts

Establishing Prices for Futures Contracts

Cash-Futures Price Relationships for Grains

Price Relationships for Livestock

Daily Price Changes

Prices of Options Contracts

Summary

13. Functions of Commodity Futures Markets

Hedging

Price Discovery

Summary

Appendix: Optimal Hedges

Part IV. Introduction to Empirical Price Analysis

14. Background for Price Analysis

Alternative Models and Techniques

Getting Started

The Identification Problem

A Recursive System

Data Selection: The Sample

Deflating

Other Data Transformations

Concluding Remarks

Appendix: Modeling the Variance of Prices

15. Using and Evaluating Results

Interpreting Estimated Parameters

Model Adequacy

Computing and Appraising Elasticities and Flexibilities

Forecasting from Regression Equations

Concluding Remarks

Appendix: Appraising Turning-Point Errors

16. Applications

Forecasting Basis Convergence

Price Determination Equation

Structural Models of the U.S. Dairy Sector

Equilibrium Displacement Models

Concluding Remarks

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