Feeder cattle price determinants: an hedonic system of equations approach.
Feeder cattle price determinants: an hedonic system of equations approach.
复制标题
DOI：
10.2307/1349432
复制
发表时间：
1996-01-01
影响因子：
--
通讯作者：
Schmitz, J. D.
中科院分区：
文献类型：
--
作者：
Coatney, K. T.;Menkhaus, D. J.;Schmitz, J. D.
本研究的目的是统计说明选定的特征相互依赖性，可能与饲养牛买家的定价决策，并确定直接，总间接和总价格的影响程度选定的相互关联和独立的因素对整体价格支付了很多饲养牛。实证模型包括物理特性，市场因素，营销技术，卖方增加的特点，气候/环境的影响，卖方的特点沿着与他们可能的相互依赖关系。用于分析的数据从位于美国科罗拉多州Brush的上级牲畜卫星视频拍卖（SLA）获得。数据代表了1992年（28个销售日期）提供销售的SLA饲养牛的全部种群。使用概率单位模型为每批售出的牛生成逆米尔比，以校正可能的选择性偏倚。采用三阶段最小二乘法对模型进行估计。物理特征变化对饲养牛最显著的估计间接价格影响是对体格评分和体重的直接影响。对于卖方附加特征和市场因素，最有影响力的间接价格影响发生在权重。分析的一个含义是，饲养牛的卖方必须考虑到直接的，以及间接的，牛和卖方增加的特点，以确定买方的喜好的影响。在这项研究中使用的系统方法可以减少混杂的影响，估计系数在一个单一的方程的方法，由于特征之间的相互依赖性和共线性。
The objectives of this study were to statistically account for selected characteristic interdependencies that may be associated with the pricing decisions of feeder cattle buyers and to determine the magnitudes of direct, total indirect, and total price impacts of selected interrelated and independent factors on the overall price paid for a lot of feeder cattle. The empirical model includes physical characteristics, market factors, marketing techniques, seller-added characteristics, climate/environment influences, and seller characteristics along with their possible interdependencies. Data used for the analysis were obtained from Superior Livestock Satellite Video Auction (SLA) located in Brush, Colorado, USA. The data represent the entire population of SLA feeder cattle offered for sale in 1992 (28 sale dates). A probit model was used to generate an Inverse Mill's Ratio for each lot of cattle sold to correct for possible selectivity bias. Three-stage least squares was used to estimate the model. The most prominent estimated indirect price impacts for feeder cattle resulting from a change in physical characteristics was through the direct impacts on the frame score and weight. For the seller-added characteristics and market factors, the most influential indirect price impacts occurred via weight. An implication of the analysis is that feeder cattle sellers must account for the direct, as well as the indirect, impacts of cattle and seller-added characteristics in order to determine buyer preferences. The system approach used in this study can reduce the confounding influences measured by estimated coefficients in a single-equation approach due to interdependencies among characteristics and resulting collinearity.