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Information and Market Institutions

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US Programs Affecting Food and Agricultural Marketing

Part of the book series: Natural Resource Management and Policy ((NRMP,volume 38))

Abstract

Information flows from producer to consumer in the form of product and quality information and from consumer to producer in the form of payments and consumer preferences. The economic efficiency by which marketing channel functions (e.g., lending, contracts, packaging, storage, transportation, or marketing) perform is based on the market institutions available for a particular function. Entities using these functions are considered institutional players. They rely on market institutions to limit transaction costs, including search costs, facilitate quality and price negotiations, and monitor markets. Institutional players use information to increase efficiency within market institutions. If public agencies help to generate information that contributes to consumer welfare, then consumers should be advocates for public agencies continuing their information production. Yet, increasing public scrutiny concerning the role that public agencies play in providing information to the agricultural industry has been a factor recently. This chapter details some of the issues for which the public is at odds with how to value public information. The authors offer recommendations for the future of public information policy and the collection of public data.

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Authors and Affiliations

  1. University of Missouri, Columbia, MO, 65211-0001, USA

    Joe Parcell

  2. Department of Agricultural Economics, Kansas State University, 331-J Waters Hall, Manhatten, KS, 66506, USA

    Glynn Tonsor

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  1. Joe Parcell
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  2. Glynn Tonsor
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Correspondence to Joe Parcell .

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Editors and Affiliations

  1. Farm Foundation, Darien Club Drive 1709, Darien, 60561, Connecticut, USA

    Walter J. Armbruster

  2. Texas A&M University, Rose Circle 1011, College Station, 77840, Texas, USA

    Ronald D. Knutson

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Parcell, J., Tonsor, G. (2013). Information and Market Institutions. In: Armbruster, W., Knutson, R. (eds) US Programs Affecting Food and Agricultural Marketing. Natural Resource Management and Policy, vol 38. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-4930-0_14

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