The Economics of Agricultural Prices Book

By incorporating recent advances in economics that are indispensable to underdstanding how agricultural markets operate and how prices are determinded, this book helps users learn to think rigorously and analytically about real-life economic phenomena, that is, to think like economicst. It helps readers gain a holistic and coherent understanding of the complexity, interdependency, and synthesis within the production/marketing/policy mix that is involved in agricultural pricing. Offers extremely comprehensive coverage (in both breadth and depth) that provides an integrative approach to agricultural economics—cutting across production, marketing, foreign trade, and policy. Analyzes price-affecting phenomena such as production lags, uncertainty, price expectations, hedging, marketing costs, product heterogeneity, demand for exports, inter-regional trade, storage, noncompetitive markets, and farm programs. Explores and rigorously analyzes the special characteristics of agricultural markets in light of the recent results of economics research—offering new insights into agricultural price determination. Shows that real-world observations point to the need for, and analysis of, new sets of assumptions as well as how to apply the tools of analysis learned in intermediate microeconomic courses to real-world markets—and develop new toolsRead More