We analyze the problem of asymmetric information between buyers and sellers in cattle auctions, using the problem of revaccinations as the point of departure. We present a simple model to show that if buyers do not know and cannot verify whether sellers have vaccinated their animals, then they may consider revaccination. Revaccination is only a part of the broader problem of information asymmetry that includes other quality issues and costs that can be saved, thereby affecting the welfare of both buyers and sellers. We consider structural characteristics of ranching, traditions, and consumers' preferences as well as proposals regarding third-party certification to argue that the problem of asymmetric information in cattle auctions is a persistent one. We also argue for a comprehensive empirical study of the incidence and impacts of buyer revaccination. Copyright 2007 International Association of Agricultural Economists.
Protected cultivation is an innovative way of raising seasonal and off-seasonal crops under a controlled environment. Vegetables and flower crops have tremendous potential to augment productivity, generate employment, utilize land efficiently and enhance export. This study was undertaken to assess the economic feasibility of protected cultivation in the high export potential zones of the Pune and Nasik districts of Maharashtra, India, by employing project analytical tools and the regression model. The results revealed that the cultivation of flowers and vegetables under protected cultivation was highly lucrative with high investment. The protected cultivation of rose and capsicum had higher cultivation cost (300%), gross return (250%) and net return (190%) as compared to open cultivation. Moreover, most of the crops grown in polyhouses are highly profitable at different discount rates (7%, 10% and 12%), whereas a few crops were rewarding under shade net condition with subsidies. Factors such as literacy (p < 0.05), income (p < 0.05), access to subsidy (p < 0.05) and the risk orientation index (p < 0.01) were found statistically significant in technology adoption. In the context of a changing climate and shrinking land resources, water scarcity, incidence of pests and diseases, an ever-increasing population, low productivity under open conditions and changes in consumer’s preference are the drivers for switching over to protected cultivation. In the recent past, protected cultivation has been gaining importance in different parts of the country, including Maharashtra. The policy implications are creating modern infrastructure, enhanced application of ICTs, maximum crop production with minimum utilization of land and institutional support to promote technology on a commercial scale.
The paper analyzes the problem of asymmetric information between buyers and sellers in cattle auctions. An illustration is made regarding the vaccinations that the animals receive. Buyers do not know and cannot verify if sellers have vaccinated their animals forcing them to consider revaccination. Revaccination is only a part of the broader problem of information asymmetry that includes other quality issues and costs that can be saved, thereby increasing the welfare of both buyers and sellers. Structural characteristics of ranching, traditions and consumers' preferences are taken into account and a wider approach is attempted to explain the persistence of the problem in light of potential institutional solutions. We argue for a comprehensive empirical study of the incidence and impacts of buyer revaccination.
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