Market Functions and the Plight of the Northeast Livestock Auction Industry

Author:

Lesser William H.

Abstract

Most economists characterize spot markets as performing two basic functions: price discovery and locational services (which may be subdivided into assembly and sorting). The livestock auction industry in total does not differ from this general characterization since its basic function is to bring buyers and sellers to the place where the animals are being marketed. Thus whether the principal species and class handled in a particular market is feeder pigs or cull beef cows the functions performed at this level of generality are the same. The marketing procedures used are also highly uniform, consisting principally of unloading, sorting, presentation to buyers and reloading, along with the necessary record keeping. As a result there is a tendendy to view this industry as homogenous with some unit cost differences due principally to variation in size.

Publisher

Cambridge University Press (CUP)

Reference13 articles.

1. Stoddard Everett O. An Economic Analysis of Cost of Service and Value of Service Tariffs in the Livestock Auction Industry. Unpublished Ph.D dissertation, University of Maryland, 1975.

2. Federal Register. March 30, 1978, pp. 13488–89.

3. The estimator uses grouped data since there are wide variations in reported costs among markets (Wilson and Kuehn) and the estimator is sensitive to outlyers (Schmidt). For 16 pooled observations for 1976 the estimated boundry function is:

4. Costs and efficiencies of model livestock auctions in West Virginia

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