Risk and marketing behavior: pricing fed cattle on a grid
通过七年比较研究，分析网格定价与平均定价对屠宰牛胴体质量市场信号的影响，发现网格溢价和折扣结构缓慢调整以鼓励网格营销，且胴体质量风险溢价增加了财务风险。
A seven-year comparative study of grid pricing versus average pricing of slaughter cattle was conducted to evaluate carcass quality market signals. The primary objectives of the study are to determine: (1) if market signals sent through the grid pricing system indicate an improvement in the grid incentive mechanism over time, (2) how changes in the grid premium and discount structure associated with carcass quality affect the market risk premium, and (3) if changes in price risk (variance) affect producer marketing decisions. An Exponential-Autoregressive-Conditional-Heteroskedasticity-in-Mean (EARCH-in-Mean) modeling procedure was adopted. Empirical results suggest that the grid premium and discount structure is slowly adjusting carcass quality market signals to encourage marketing on a grid and discourage marketing by the pen. The inclusion of the conditional variance in the empirical model indicates that variance associated with the carcass quality risk premium adds financial risk associated with the adoption of grid pricing.