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Do Transaction Costs and Risk Preferences Influence Marketing Arrangements in the Illinois Hog Industry?
Studies of hog industry structure often invoke risk reduction and transaction costs explanations for empirical observations but fail to directly examine the core concepts of risk behavior and transaction costs theories. Using a more unified conceptual framework and unique survey and accounting data, this study demonstrates that that risk preferences and asset specificity impact Illinois producers' use of contracts and spot markets as suggested by theory. Factor analytic methods limitdoi:10.22004/ag.econ.37599 fatcat:cfksgvtwhvhgtdnlakj3icmgzy