Markdown Pricing and Cattle Supply in the Beef Packing Industry
研究了预期和未预期的牛供应如何影响育肥牛价格偏离其边际价值产品，发现1972-1986年间多数季度定价显著偏低，且小规模供应冲击下加工商遵循平均加工成本定价规则。
Abstract We determine the effect of anticipated and unanticipated cattle supply on the departure of fed cattle price from cattle's marginal value product. Results indicate fed cattle were priced significantly below their marginal value during 31 of the 59 quarters between 1972II and 1986IV. When unanticipated supply shocks are small, markdown behavior is consistent with the hypothesis that packers follow an average processing cost (APC) pricing rule. One implication of our results is that reducing industry concentration is not likely to lead to changes in cattle prices predicted by SCP‐based studies of the industry.