Transaction Costs and Cattle Marketing: The Information Content of Seller‐Provided Presale Data at Bull Auctions
研究公牛拍卖中卖方提供的预售数据的信息含量，发现对于同一牧场的牛，简单指标比复杂的预期后代差异更能预测价格，但买家会关注不同卖家间EPD的年度变化。
Abstract At sales out breeding bulls, prospective buyers have strong incentives to undertake presale measurement activities. To reduce these transaction costs, sellers often provide information on sale bulls. We examine the information content of two measures of the expected performance of the bulls and find that within a given herd, older, simpler measures of performance contain more information about prices (from buyers' perspectives) than newer, more sophisticated measures known as expected progeny differences, or EPDs. We also find, however, that buyers appear to pay considerable attention to annual changes in herd‐average EPD values when comparing animals from different sellers.