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Asymmetric Information in Cattle Auction: The Problem of Revaccinations
The paper analyzes the problem of asymmetric information between buyers and sellers in cattle auctions. An illustration is made regarding the vaccinations that the animals receive. Buyers do not know and cannot verify if ...
The Ethics of Constrained Choice: How the Industrialization of Agriculture Impacts Farming and Farmer Behavior
The industrialization of agriculture not only alters the ways in which agricultural production occurs, but also impacts the decisions farmers make in important ways. First, constraints created by the economic environment ...
Markets, Contracts, or Integration? The Adoption, Diffusion, and Evolution of Organizational Form
The rise of contract farming and vertical integration is one of the most important changes in modern agriculture. Yet the adoption and diffusion of these new forms of organization has varied widely across regions, commodities, ...