A Century of Research on Agricultural Markets

28 Pages Posted: 6 Apr 2020

See all articles by Robert J. Myers

Robert J. Myers

Michigan State University - Department of Agricultural Economics

Richard J. Sexton

University of California, Davis - Department of Agricultural and Resource Economics

William G. Tomek

Cornell University - School of Applied Economics and Management

Date Written: April 2010

Abstract

This article provides a perspective on major innovations in research on agricultural markets over the past century. We review research on market structure and performance, vertical coordination arrangements, and institutions for producer collective action. Contributions to empirical modeling of agricultural price determination and marketing margins are also evaluated, as are innovations in research on spatial market relationships and the role of storage. Finally, we discuss contributions to understanding market information systems and the functioning of market‐based mechanisms for agricultural risk management, including futures, options, and insurance. Although progress over the century has been remarkable, we conclude by highlighting possible directions for future research.

Keywords: agricultural price analysis, food system, futures, insurance, market structure, options, spatial equilibrium, storage, vertical coordination

Suggested Citation

Myers, Robert J. and Sexton, Richard J. and Tomek, William G., A Century of Research on Agricultural Markets (April 2010). American Journal of Agricultural Economics, Vol. 92, Issue 2, pp. 376-403, 2010, Available at SSRN: https://ssrn.com/abstract=3569196 or http://dx.doi.org/10.1093/ajae/aaq014

Robert J. Myers (Contact Author)

Michigan State University - Department of Agricultural Economics ( email )

East Lansing, MI 48824
United States
517-432-3649 (Phone)

Richard J. Sexton

University of California, Davis - Department of Agricultural and Resource Economics ( email )

One Shields Avenue
327 Voorhies
Davis, CA 95616
United States
530-752-2219 (Phone)

William G. Tomek

Cornell University - School of Applied Economics and Management ( email )

248 Warren Hall
Ithaca, NY 14853
United States

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