Valuing Varieties with Imperfect Output Quality Measurement
当农产品质量信息难以获取时，品种可作为质量信号。本文提出一种评估不同品种满足买方需求价值的方法，并以硬红春小麦市场为例，验证了阿克洛夫柠檬市场的存在。
Abstract Markets for agricultural products may be inefficient when signals do not adequately reflect product characteristics important to market participants. Preferences can be explicitly reflected in price premiums for measurable characteristics using hedonic methods. However, when product quality information is costly to obtain, the problem is compounded. Bundling of quality traits by variety can serve to signal product quality. A procedure is developed to derive the value of different varieties in meeting buyer demands. An application to the hard red spring market wheat illustrates the use of a procedure to distinguish among varieties and provides empirical support for the existence of Akerlof's lemon market in the release of wheat varieties.