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 inJournal of the Northeastern Agricultural Economics Council Vol. 9; no. 1; pp. 37 - 40
Main Authors Lesser, W.H, Greene, W.H
Format Journal Article
LanguageEnglish
Published Newark, DE Northeastern Agricultural and Resource Economics Association 01.04.1980
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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)
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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  doi: 10.1016/0304-4076(77)90052-5
– ident: S0163548400002399_ref12
– volume-title: Industrial Market Structure and Economic Performance
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– volume-title: Measurement in Economics, Studies in Mathematical Economics and Econometrics in Honor of Yehuda Grunfeld
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  contributor:
    fullname: Nerlove
– volume-title: Livestock Marketing in New York State, 1953 Part II: Livestock Auction Operations
  year: 1956
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  contributor:
    fullname: Marion
– volume-title: Marketing Alternatives and Costs for Wyoming Cattle
  year: 1976
  ident: S0163548400002399_ref11
  contributor:
    fullname: St. Clair
– ident: S0163548400002399_ref5
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  article-title: On Estimating the Industry Production Function
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– volume-title: A Survey of Agricultural Economics Literature
  year: 1977
  ident: S0163548400002399_ref4
  contributor:
    fullname: French
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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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