20.500.12556/DKUM-89459 The delayed surplus response for hops related to market dynamics The cyclical nature of hop market pricing has been recorded since the 16th century, but the effect had never previously been documented or quantified. Using Bayesian inference in an analysis of data regarding the US hop industry collected and published by the United States Department of Agriculture (USDA) it was possible to measure the change of inventory and acreage responsiveness to price during periods of free and markets regulated through the enforcement of intellectual property rights (IPR). The data demonstrated a delayed, reduced, or total lack of responsiveness in the change of direction of acreage and inventory in response to directional changes in season average price (SAP) during free market periods. This reaction was referred to as the delayed surplus response (DSR). The data also demonstrated the absence of the DSR during periods in which proprietary varieties reached greater than 50% of US acreage and production. Patented plant varieties offer a legal monopoly over that intellectual property (IP). The absence of the DSR during periods in which a majority of US acreage and production were proprietary indicated a strong degree of control over supply. By extension, the owners of proprietary varieties demonstrated the ability to influence price at desired levels. Bayesian inference brewing industry disequilibrium hop market proprietary variety Bayesiansko sklepanje pivovarska industrija neravnovesje trg hmelja patentirana sorta true false true Academy of Agricultural Sciences, Ústav zemědělských a ekonomických informací, Česká akademie zemědělských věd - Ústav zemědělských a potravinářských informací, Ústav vědeckotechnických informací pro zemědělství, Ústav vědeckotechnických informací Angleški jezik Slovenski jezik Znanstveno delo 2024-07-11 09:20:36 2024-07-11 09:38:30 2024-07-12 04:35:24 0000-00-00 00:00:00 2022 0 0 Str. 293-298 Št. 8 Letn. 68 2022 0000-00-00 Zaloznikova Objavljeno NiDoloceno 2022-05-24 2022-07-22 2022-08-22 663.4 118852611 10.17221/156/2022-AGRICECON 0139-570X MacKinnon-2022-The_delayed_surplus_response_fo.pdf MacKinnon-2022-The_delayed_surplus_response_fo.pdf 1 558432CA1037F0BF977465FD184E2962 3b5bf8beb90989c409377dcea41fe9bb51ece7e9fe115d9715792a7d8c3de59e 6e2b498a-3f58-11ef-a161-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=181366 https://doi.org/10.17221/156/2022-AGRICECON 0 1625bddc-3f56-11ef-a161-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=181365 Fakulteta za kmetijstvo in biosistemske vede 0 0 0