Efficiency of spatial price discovery for U.S. rice under different farm policies and economic conditions |
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| Authors: | B Wade Brorsen |
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| Institution: | Department of Agricultural Economics, Purdue University, USA;Department of Agricultural Economics, Texas A&M University, USA |
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| Abstract: | Changes in the discovery of U.S. spatial milled rice prices due to the shift from stable economic conditions and government policy of supply control in the 1960s to the more variable economic conditions and market-oriented rice farm policy of the 1970s are investigated. Efficiency of the markets was evaluated in terms of the magnitude and speed of price adjustments over three different time periods. The efficiency of the price discovery process is of concern to policymakers because firms must receive price signals quickly and accurately in order to use their resources optimally. |
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| Keywords: | Address correspondence to Warren R Grant Department of Agricultural Economics Texas A&M University College Station TX 77843 USA |
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