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Procurement Strategies to Improve Quality Consistency in Wheat Shipments
- Source :
- Journal of Agricultural and Resource Economics, Vol 33, Iss 1, Pp 69-86 (2008)
- Publication Year :
- 2008
- Publisher :
- Western Agricultural Economics Association, 2008.
-
Abstract
- Consistency of functional characteristics in wheat is a concern confronting buyers and sellers. This research analyzes the cost and risk of different procurement strategies for importers. A stochastic simulation model is used to determine the probability of functional characteristics being satisfied subject to quality targets and costs for alternative purchase strategies. Stochastic efficiency was employed to identify purchase strategies that dominate others and to determine the extent of preference. As more specific characteristics are incorporated into a contract, results indicate that the probabilities of meeting end-use requirements increase
Details
- Language :
- English
- ISSN :
- 10685502 and 23278285
- Volume :
- 33
- Issue :
- 1
- Database :
- Directory of Open Access Journals
- Journal :
- Journal of Agricultural and Resource Economics
- Publication Type :
- Academic Journal
- Accession number :
- edsdoj.86e2b647068d49c7bf68e6444ff46564
- Document Type :
- article
- Full Text :
- https://doi.org/10.22004/ag.econ.36708