Social Costs and Benefits from Component Pricing of Soybeans in the United States
1980
Updaw, Nelson J.
The recent development of near‐infrared reflectance instruments allows grain traders to measure chemical composition when grain is sold. This study provides estimates of the social benefits and costs of such measurements to be used in the pricing of soybeans. The economic model integrates a production possibilities frontier with the demand for two chemical characteristics, oil and protein content. The results indicate that it is unlikely that the benefits of pricing soybeans on the basis of component measurement would have exceeded measurement costs.
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