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Food Price Dynamics and Price Adjustment in the EU$
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Steve McCorriston

Print publication date: 2015

Print ISBN-13: 9780198732396

Published to Oxford Scholarship Online: November 2015

DOI: 10.1093/acprof:oso/9780198732396.001.0001

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Price Transmission in Modern Agricultural Value Chains: Some Conceptual Issues

Price Transmission in Modern Agricultural Value Chains: Some Conceptual Issues

Chapter:
(p.147) Chapter 7 Price Transmission in Modern Agricultural Value Chains: Some Conceptual Issues
Source:
Food Price Dynamics and Price Adjustment in the EU
Author(s):

Johan Swinnen

Anneleen Vandeplas

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198732396.003.0007

‘Modern’ agricultural markets are characterized by, among other things, quality requirements and vertical coordination. The nature of the industrial organization of the supply chains depends on a variety of factors, such as local institutions, economic growth, demand, institutional infrastructure, and so on. This chapter presents a conceptual framework to explicitly integrate key characteristics of these ‘modern’ agricultural markets and derive implications for price transmission in these markets and value chains particularly with reference to contracts and contract enforcement. These insights extend beyond more standard views of price transmission in vertically related markets which have focused on imperfect competition in the downstream food sector and the role of agricultural/marketing inputs that enter into the food industry cost function. As such, the insights produced here extend the analysis of price transmission to a broader range of settings that characterize global and domestic food chains.

Keywords:   supply chains, modern agricultural markets, contracts, contract enforcement, price transmission

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