Feeder Cattle Price Determinants: An Hedonic System of Equations Approach

Coatney, Kalyn T.; Menkhaus, Dale J.; Schmitz, John D.

doi:10.2307/1349432

Cited by 24 publications

(25 citation statements)

References 27 publications

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“…This result is in agreement with the conclusions of Coatney et al (1996), who found that Holsteins are subject to price reductions with respect to English breeds. Holstein Friesians are animals that are specialized in dairy production and do not exhibit the muscular structure of beef cattle, as is the case for Herefords, Red Friesians and Crossbreds, and the market recognize this fact.…”

Section: Percent Impact and Marginal Prices Of Cattle Attributessupporting

confidence: 93%

“…The theoretical foundations of hedonic price functions were provided by Rosen (1974), who posited that competitive markets define implicit prices for the embodied commodity attributes and that buyers evaluate these attributes when making a purchase decision. Hedonic functions have been widely used by researchers to determine the factors that influence the price of agricultural commodities, such as wine (e.g., Combris et al, 2000;Melo et al, 2005;Nerlove, 1995;Oczkowski, 1994;Schamel andAnderson, 2001, Troncoso andAguirre, 2006), wheat (e.g., Ahmandi-Esfahani and Stanmore, 1997), milk (Buccola and Iizuka, 1997) and cattle (Coatney et al,1996;Lin and Mori, 1991;Wahl et al, 1995;Donnell, 2007). No such studies were found for cattle in the Chilean market.…”

Section: Introductionmentioning

confidence: 99%

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Factors that influence the price of cattle in livestock auctions: the case of the stockyard of Melipilla (Chile)

et al. 2012

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This study aims to weigh the influence of observable traits on live cattle prices, i.e., the percent impact on the final price of various physical characteristics. These characteristics are those that commonly are published in auction catalogues, as is the case of: average lot weight, lot size, age, breed and corporal condition. In addition, the influence of seasonality and business cycles were also explored. Using the data collected from the records of El Tattersall S.A., a hedonic price function was fitted. The results showed that the most influential variables with respect to the price of beef cattle, in decreasing order, are as follows: 'condition', ´breed', 'quarter of sale' and 'year', which are followed far behind by 'lot size' and 'average weight'. The market pays a premium for Red Friesians, Crossbreds and Herefords and punishes the price of Holstein Friesians. Additionally, higher prices are paid in the last two quarters of the year than in the first two, and the third quarter is preferable to the fourth. Finally, the average lot weight and lot size are variables that have a positive, but small, influence on the price of cattle.

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Section: Percent Impact and Marginal Prices Of Cattle Attributessupporting

confidence: 93%

Section: Introductionmentioning

confidence: 99%

Factors that influence the price of cattle in livestock auctions: the case of the stockyard of Melipilla (Chile)

et al. 2012

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“…Next we constructed a multivariate model called a hedonic regression (Coatney et al 1996;Lankester et al 2015;Rosen 1974) to evaluate determinants of market price used to suggest the symbolic value of a fat-tail ram. Here we regressed price received on species (sheep or goat = 1 with Bi = 0 as the reference), sex (male = 1, female = 0), adult (1 = adult, 0 = juvenile), size (1=small to 3=large), and interaction effects for species X size.…”

Section: Using Market Price To Estimate Symbolic Value Of Maasai Livementioning

confidence: 99%

Searching for Symbolic Value of Cattle: Tropical Livestock Units, Market Price, and Cultural Value of Maasai Livestock

Quinlan¹,

Rumas²,

Naiskye³

et al. 2016

EBL

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We examine metabolic, market, and symbolic values of livestock relative to cultural “positioning” by gender, marriage, and household production among Maasai people in Simanjiro, Tanzania to assess local “proximate currencies” relevant for “cultural success.” Data from mixed methods ethnographic research include qualitative interviews since 2012, observation of 85 livestock market sales in 2013 and 2015, and 37 short key informant interviews in 2015. We examine fit between market values, Tropical Livestock Units (TLU, weight-based species exchange ratio), and perceived value from interviews for moran (unmarried men), muruo (married men), and tɔmɔnɔ́k (married women). Hedonic regression using livestock species, sex, maturity, and size accounted for 90% of the local market price of livestock. We compared the market-based exchange ratio between cattle and smallstock (sheep and goats) to TLU and perceived values situating symbolic value of cattle in terms of Maasai household production schema. One TLU model accurately predicted market exchange ratios, while another predicted hypothetical exchanges, suggesting need for improved livestock wealth estimation for pastoralists. Ritual context, subsistence work, and cultural position influenced perceived values: Moran overvalued cattle by 100% of the local market value. Tɔmɔnɔ́k accurately perceived the market exchange ratio despite never directly engaging in livestock market transactions. Muruo perceived exchange ratios intermediate between moran and tɔmɔnɔ́k. We argue that these perceptions of value reflect distinct labor responsibilities of moran, muruo, and tɔmɔnɔ́k in livestock management, differential value of bridewealth, and control of meat and milk.Attention to value of different livestock species in cultural models of production may prove useful for development efforts.

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“…7,15 In the present 15-year video study as well as in other studies, price per cwt decreased as steer and heifer calves became heavier, which reflects differences in expectations about anticipated feeding performance, interest rates, and prices paid for fed cattle. 17 Research on the effect of the number of days to delivery on the sale price of calves is limited. The lower the initial body weight, the more weight the calves could gain for the buyer.…”

Section: Discussionmentioning

confidence: 99%

Effect of management, marketing, and certified health programs on the sale price of beef calves sold through a livestock video auction service from 1995 through 2009

Seeger

King²,

Grotelueschen³

et al. 2011

javma

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Feeder Cattle Price Determinants: An Hedonic System of Equations Approach

Cited by 24 publications

References 27 publications

Factors that influence the price of cattle in livestock auctions: the case of the stockyard of Melipilla (Chile)

Factors that influence the price of cattle in livestock auctions: the case of the stockyard of Melipilla (Chile)

Searching for Symbolic Value of Cattle: Tropical Livestock Units, Market Price, and Cultural Value of Maasai Livestock

Effect of management, marketing, and certified health programs on the sale price of beef calves sold through a livestock video auction service from 1995 through 2009

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