Economies of size and operating efficiency of livestock markets; a frontier function approach
Extract: A cost curve for livestock auction markets was estimated using a frontier function estimator. This estimator has the advantages of consistency and asymptotic efficiency (for certain disturbance specifications). The one-sided residuals satisfy theoretical requirements for cost curves and all...
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Published in | Journal of the Northeastern Agricultural Economics Council Vol. 9; no. 1; pp. 37 - 40 |
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Main Authors | , |
Format | Journal Article |
Language | English |
Published |
Newark, DE
Northeastern Agricultural and Resource Economics Association
01.04.1980
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Online Access | Get full text |
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Abstract | Extract: A cost curve for livestock auction markets was estimated using a frontier function estimator. This estimator has the advantages of consistency and asymptotic efficiency (for certain disturbance specifications). The one-sided residuals satisfy theoretical requirements for cost curves and allow estimates of operational efficiency. Little consolidation is predicted for the industry because the estimated cost of technical inefficiency is small compared to distance related costs (e.g., transport and shrink) |
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AbstractList | A cost curve for livestock auction markets was estimated using a frontier function estimator. This estimator has the advantages of consistency and asymptotic efficiency (for certain disturbance specifications). The one-sided residuals satisfy theoretical requirements for cost curves and allow estimates of operational efficiency. Results indicate little size savings above 50,000 LMU, (12 percent of markets in 1976). Estimated operational inefficiencies ranged from 0 to 45 percent. Total technical efficiency (size diseconomies plus operational inefficiencies) are high for some markets and some size groups. Little consolidation is predicted for the industry because the estimated cost of technical inefficiency is small compared to distance related costs (e.g., transport and shrink). Extract: A cost curve for livestock auction markets was estimated using a frontier function estimator. This estimator has the advantages of consistency and asymptotic efficiency (for certain disturbance specifications). The one-sided residuals satisfy theoretical requirements for cost curves and allow estimates of operational efficiency. Little consolidation is predicted for the industry because the estimated cost of technical inefficiency is small compared to distance related costs (e.g., transport and shrink) |
Author | Greene, W.H Lesser, W.H |
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References | S0163548400002399_ref5 S0163548400002399_ref6 S0163548400002399_ref2 S0163548400002399_ref3 Nerlove (S0163548400002399_ref8) 1963 Scherer (S0163548400002399_ref9) 1970 French (S0163548400002399_ref4) 1977 St. Clair (S0163548400002399_ref11) 1976 S0163548400002399_ref10 Marion (S0163548400002399_ref7) 1956 Aigner (S0163548400002399_ref1) 1968; 58 S0163548400002399_ref12 S0163548400002399_ref13 |
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Snippet | Extract: A cost curve for livestock auction markets was estimated using a frontier function estimator. This estimator has the advantages of consistency and... A cost curve for livestock auction markets was estimated using a frontier function estimator. This estimator has the advantages of consistency and asymptotic... |
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Title | Economies of size and operating efficiency of livestock markets; a frontier function approach |
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