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Essays on Vertical Integration and E...

Clemens, Selvin Akkus.

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Essays on Vertical Integration and Efficiency in the U.S. Dairy Industry.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Essays on Vertical Integration and Efficiency in the U.S. Dairy Industry./
作者:	Clemens, Selvin Akkus.
面頁冊數:	146 p.
附註:	Source: Dissertation Abstracts International, Volume: 75-01(E), Section: A.
Contained By:	Dissertation Abstracts International75-01A(E).
標題:	Economics, Agricultural. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3574137
ISBN:	9781303477874

Essays on Vertical Integration and Efficiency in the U.S. Dairy Industry.
Clemens, Selvin Akkus.

Essays on Vertical Integration and Efficiency in the U.S. Dairy Industry. - 146 p.

Source: Dissertation Abstracts International, Volume: 75-01(E), Section: A.

Thesis (Ph.D.)--New York University, Graduate School of Business Administration, 2013.

In chapter 1, I review the institutional and regulatory characteristics of the U.S. dairy industry. The dairy industry is approximately 9.5% of the U.S. agricultural sector and is one of the most regulated industries in the country. This chapter explores the roles that supply chain participants play and how they are constrained by the regulatory structures in this market.

ISBN: 9781303477874Subjects--Topical Terms:

626648
Economics, Agricultural.

Essays on Vertical Integration and Efficiency in the U.S. Dairy Industry.
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245 1 0 $a Essays on Vertical Integration and Efficiency in the U.S. Dairy Industry.
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500 $a Source: Dissertation Abstracts International, Volume: 75-01(E), Section: A.
500 $a Adviser: John Asker.
502 $a Thesis (Ph.D.)--New York University, Graduate School of Business Administration, 2013.
520 $a In chapter 1, I review the institutional and regulatory characteristics of the U.S. dairy industry. The dairy industry is approximately 9.5% of the U.S. agricultural sector and is one of the most regulated industries in the country. This chapter explores the roles that supply chain participants play and how they are constrained by the regulatory structures in this market.
520 $a In chapter 2, I explore the impact of consolidation on production efficiency. Up until the 1970s, antitrust circles considered consolidation to be the antithesis of competition. However, Williamson's (1968) tradeoff model showed that early consolidation studies were overlooking firms' potential efficiency gains from scale economies. Williamson's work established consolidation as a tradeoff between potential losses from increasing market power and potential efficiency gains from increasing firm size. This chapter examines the issue within the U.S. dairy industry. I analyze the efficiency effect of recent consolidation movements in dairy farming. The empirical evidence in this paper suggests that there are both increasing returns to scale and economies of scale in dairy farming. Dairy farms can increase their productivity 12-13% and decrease their unit cost 4-5% by doubling their size. However, this is a non-linear relationship. These efficiency effects start out high for small farms, decline as the farm sizes increase, and eventually disappear.
520 $a In chapter 3, I study how pricing and antitrust regulations affect vertical integration and efficiency in the U.S. dairy industry. Market inefficiencies between producers (dairy farms) and wholesalers (plants) impede profitable investments that could be realized through vertical integration. But full vertical integration is discouraged by complex regulations on dairy pricing. Instead, dairy farms use a limited antitrust exemption to partially vertically integrate by forming manufacturing-cooperatives. While manufacturing-cooperatives address the underinvestment problem, they introduce a distortion: Smaller, less efficient farms are less likely to exit. This tends to reduce average farm size---and due to scale economies in dairy production, this tends to reduce the efficiency of the whole industry. Current rates of cooperative prevalence reduce overall efficiency by 3-6% for the average-size farm. This analysis bridges traditionally separate literatures on organizational economics and market structure.
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