1999 | OriginalPaper | Buchkapitel
Unstandardised Measures and the Analysis of Price Efficiency: An Application in Benin
verfasst von : Bernd Christiansen
Erschienen in: Agricultural Markets from Theory to Practice
Verlag: Palgrave Macmillan UK
Enthalten in: Professional Book Archive
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Price formation in periodic marketing systems where unstandardised volumetric measures are commonly used is vulnerable to various types of manipulation. The maize marketing system in the Atlantic Province, Republic of Benin is one such case where price formation involves two processes: the price per measure and the measurement technique. The plurality of measurement techniques means that the price per measure does not function as an indicator of scarcity. While the price per measure indicates the general price level, the ‘fine tuning’ of the final price takes place during the measurement process. In this chapter, practical means are introduced whereby the effect of the measurement technique on market performance may be analysed.