期刊名称：Journal of Agricultural and Resource Economics
印刷版ISSN：1068-5502
出版年度：2015
卷号：40
期号：2
页码：242-265
出版社：WAEA
摘要：We propose a model that elucidates the two channels through which alternative marketingarrangements affect spot price in livestock markets. The direct effect works through their effecton demand and supply. The indirect effect works through spot price volatility, which has beenignored in the literature. We then estimate a dynamic model with data from the U.S. hog marketto test our model implications and quantify the two effects. We find increases in the use of AMAsincrease spot price volatility and decrease spot price level. The short-run effects are small but thelong-run effects are nontrivial.
