摘要：Fraser (1997) considered the impact of protein premiums and discounts on agrower's income stream and willingness-to-pay for a forward contract where theprotein premium and discount system is centred on a grower's existing expectedprotein level. This article extends these results to consider the impact of a proteinpremium and discount system which is not centred on a grower's existing expectedprotein level. The article suggests that the grower's existing expected protein levelplays a crucial role in determining the impact of the system.
