| Title: | The delayed surplus response for hops related to market dynamics |
|---|
| Authors: | ID MacKinnon, Douglas (Author)
ID Pavlovič, Martin (Author) |
|---|
| Files: |  MacKinnon-2022-The_delayed_surplus_response_fo.pdf (370,30 KB)
MD5: 558432CA1037F0BF977465FD184E2962
 https://doi.org/10.17221/156/2022-AGRICECON
|
|---|
| Language: | English |
|---|
| Work type: | Scientific work |
|---|
| Typology: | 1.01 - Original Scientific Article |
|---|
| Organization: | FKBV - Faculty of Agriculture and Life Sciences
|
|---|
| Abstract: | 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. |
|---|
| Keywords: | Bayesian inference, brewing industry, disequilibrium, hop market, proprietary variety |
|---|
| Publication status: | Published |
|---|
| Publication version: | Version of Record |
|---|
| Submitted for review: | 24.05.2022 |
|---|
| Article acceptance date: | 22.07.2022 |
|---|
| Publication date: | 22.08.2022 |
|---|
| Publisher: | 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 |
|---|
| Year of publishing: | 2022 |
|---|
| Number of pages: | Str. 293-298 |
|---|
| Numbering: | Letn. 68, Št. 8 |
|---|
| PID: | 20.500.12556/DKUM-89459  |
|---|
| UDC: | 663.4 |
|---|
| ISSN on article: | 0139-570X |
|---|
| COBISS.SI-ID: | 118852611 |
|---|
| DOI: | 10.17221/156/2022-AGRICECON |
|---|
| Publication date in DKUM: | 11.07.2024 |
|---|
| Views: | 216 |
|---|
| Downloads: | 12 |
|---|
| Metadata: |    |
|---|
| Categories: | Misc.
|
|---|
|
:
|
Copy citation |
|---|
| | | | Average score: | (0 votes) |
|---|
| Your score: | Voting is allowed only for logged in users. |
|---|
| Share: |  |
|---|
Hover the mouse pointer over a document title to show the abstract or click
on the title to get all document metadata. |
