Marketing Margins and Price Uncertainty: The Case of the U.S. Wheat Market
研究产出价格风险变化对营销价差的影响，通过理论模型和实证分析发现，价格波动增加会显著提高小麦的农场-加工厂和加工厂-零售环节的营销价差，对评估价格稳定政策有参考价值。
Abstract This paper seeks to determine the effect of changes in output price risk on marketing margins. A theoretical model of price determination in a marketing channel with risk‐averse firms is developed. This model shows that if marketing firms ate competitive and decreasingly absolute risk averse, then an increase in output price risk should result in higher expected marketing margins. Empirical evidence from the wheat marketing channel supports the theoretical model: increased price variability significantly increases wheat marketing margins for both the farm‐mill margin and the mill‐retail margin. These results suggest a potential benefit from price stabilization programs.