Description
Book SynopsisNow in its fifth edition, this book reviews and adapts microeconomic principles to the characteristics of agricultural commodity markets and then apply these principles to the various dimensions of price behavior.
Trade ReviewThe book is aimed at an intermediate level course in agricultural prices and marketing. This is one of the best books in agricultural prices available at this level.
* American Journal of Agricultural Economics *
As a comprehensive reference on agricultural price behaviour at an intermediate level, the book is a worthwhile resource. It is well written and clearly considers and clarifies the principles required to understand the operation of open-agricultural product markets. I recommend this book to students and practitioners alike.
-- Stuart Mounter * Australian Journal of Agricultural and Resource Economics *
In its introduction, the book promises to provide an understanding of the complex arrays of forces that determine the level and behavior of prices and to assist students in bridging theories and empirical analysis on price behavior. It can undoubtedly be said that both promises have been realized in the book...The book's intuitive approach to explaining economic concepts makes it appealing for a wider audience in addition to graduate and undergraduate students. In light of the rise in the volatility of global food and agricultural products since 2007/2008, non-economists wishing to understand the basic mechanics of food price behavior could be interested in reading the book.
-- Tsion Taye Assefa * European Review of Agricultural Economics *
Table of Contents1. Introduction
Part I. Principles of Price Determination
2. Demand for Agricultural Products
3. Demand Elasticities and Related Coefficients
4. Supply Relationships in Agriculture
5. Price Determination: Theory and Practice
Part II. Price Differences and Variability
6. Marketing Margins
7. Price Differences Associated with Quality
8. Spatial Price Relationships
9. Price Variation through Time
10. General Farm–Non-farm Price Relationships
Part III. Pricing Institutions
11. Mechanisms for Discovering Prices
12. Price Relationships on Commodity Futures Markets
13. Functions of Commodity Futures Markets
14. Background for Price Analysis
15. Using and Evaluating Results
16. Applications
