Estimating Implicit Marginal Prices of Quality Characteristics of Tomatoes

Jordan, Jeffrey L.; Shewfelt, Robert L.; Prussia, Stanley E.; Hurst, William C.

doi:10.1017/s0081305200025139

Cited by 39 publications

(11 citation statements)

References 23 publications

(2 reference statements)

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“…This is the approach taken when using hedonic pricing models, which consider the demand for a product or input as a function of its characteristics (Becker 1965;Lancaster 1966;Rosen 1974). Agricultural markets provide many opportunities to value commodities with nontradable attributes, and hedonic pricing approaches have been used to estimate the value of characteristics for a variety of agricultural products and inputs (e.g., Bowman and Ethridge 1992;Brorsen et al 1984;Espinosa and Goodwin 199 1;Jordan et al 1985;Lenz et al 1994;Tronstad et al 1992). Studies such as those by Kerr (1984) on beef and Walburger and Foster (1994) on hogs examine the demand for livestock sires using hedonic methods, modeling sire prices as functions of individual animal characteristics.…”

Section: A Hedonic Pricing Model For Evaluating the Genetic Merit Of mentioning

confidence: 99%

Establishing Indices of Genetic Merit Using Hedonic Pricing: An Application to Dairy Bulls in Alberta

Richards

Jeffrey²

1996

Canadian J Agri Economics

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This study investigates the use of hedonic pricing to identify the value of relevant production and type traits for dairy bulls in Alberta. A hedonic pricing model is estimated that considers semen price as a function of individual production and longevily characteristics for a sample of Holstein bulls. The results suggest that the most important characteristics used by Alberta daity producers in valuing dairy bulls are milk volume, protein and fat content, general conformation, body capacity and the popularity of the bull. For a given set of such characteristics, the probability that the bull's semen may be in short supply does not significantly affect the value. This methodology may be used to establish a method of forecasting semen prices for newly proven bulls. The valuation procedure may be easily updated and adjusted as producers'breeding objectives change over time because of the changing economic environment. The results of this analysis suggest that hedonic pricing may be a better method of placing a value on production and type characteristics for dairy bulls than the Lifetime Profit Index currently being used by the Canadian dairy industry.

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Section: A Hedonic Pricing Model For Evaluating the Genetic Merit Of mentioning

confidence: 99%

Establishing Indices of Genetic Merit Using Hedonic Pricing: An Application to Dairy Bulls in Alberta

Richards

Jeffrey²

1996

Canadian J Agri Economics

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“…Another category of studies are those based on observed consumer purchase patterns and observed product attributes. For example, the hedonic pricing approach, which involves regressing product price on product attributes, is based on the premise that the price of a product is a function of its measured attributes (Jordan et al, 1985;Hicks et al, 1975). A third approach, the demand function approach, is preferable to other approaches in studying how purchase decisions of horticultural products are made.…”

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confidence: 99%

Consumer Tastes, Preferences, and Behavior in Purchasing Fresh Tomatoes

Brumfield¹,

Adelaja²,

Lininger³

1993

jashs

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Face-to-face interviews of produce customers at Kings Super Markets in New Jersey yielded data on consumers' tastes and preferences, quantities purchased, and prices paid for fresh tomatoes (Lycopersicon esculentum Mill.). Purchase behavior indicated that during the local season, consumers preferred tomatoes grown in New Jersey to tomatoes from other origins. Data were fitted to demand equations to determine the factors affecting demand for fresh tomatoes. Tomato origin significantly influenced consumer purchases. Consumer perceptions of product characteristics such as color, freshness nutrition, and appearance do not appear to significantly influence tomato purchase patterns. However, prices of the) tomatoes or substitutes and income were important determinants of quantity purchased of both New Jersey grown and other tomatoes. New Jersey grown tomatoes were generally perceived to be of superior quality.

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“…The hedonic approach has been used extensively for commodity price analysis (Ethridge & Davis, 1982;Jordon et al, 1985, Perrin, 1980) and provides a conceptual basis for arriv-ing at the average market price differences due to heterogeneity in cottonseed. Fundamental to hedonic theory in price analysis is the assertion that the demand for a commodity is derived from the demand for the characteristics contained in the commodity.…”

Section: Conceptual Considerationmentioning

confidence: 99%

The role of product and market characteristics in determining cottonseed prices

2000

Agribusiness

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The general objective of this research was to determine how variations in cottonseed supply, demand, and quality factors affect cottonseed prices in Texas. A hedonic approach was used in analyzing the influence of product as well as market characteristics on cottonseed prices. Results indicate that both the product and market characteristics jointly determine cottonseed prices, and quality premiums and discounts play an important role in price determination. Further, results from this study provide preliminary evidence that the current formula pricing system for cottonseed may be overvaluing the premiums for oil and ammonia and undervaluing the discounts for moisture, free fatty acids, and foreign matter.[L100]

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Estimating Implicit Marginal Prices of Quality Characteristics of Tomatoes

Cited by 39 publications

References 23 publications

Establishing Indices of Genetic Merit Using Hedonic Pricing: An Application to Dairy Bulls in Alberta

Establishing Indices of Genetic Merit Using Hedonic Pricing: An Application to Dairy Bulls in Alberta

Consumer Tastes, Preferences, and Behavior in Purchasing Fresh Tomatoes

The role of product and market characteristics in determining cottonseed prices

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