PROCUREMENT STRATEGIES TO MEET FUNCTIONAL REQUIREMENTS IN WHEAT SHIPMENTS

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dc.creatorWilson, William W.
dc.creatorPeterson, Del A.
dc.creatorDahl, Bruce L.
dc.date2017-04-01T19:45:39Z
dc.date.accessioned2026-07-09T03:43:47Z
dc.descriptionConsistency 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 a functional characteristic being satisfied subject to quality targets. Joint probabilities of meeting specifications and costs were determined for alternative functional characteristics. Results indicate that, as more specific characteristics are incorporated into a contract, the probabilities of meeting end-use requirements increase. Specific characteristics come with a higher cost, due to increased testing costs related to identity preservation. The results are summarized as cost/risk tradeoffs confronting buyers in wheat procurement.
dc.identifierdoi:10.22004/ag.econ.23509
dc.identifierhttps://ageconsearch.umn.edu/record/23509/files/aer544.pdf
dc.identifierhttp://ageconsearch.umn.edu/record/23509
dc.identifier.urihttp://hdl.handle.net/123456789/538937
dc.languageeng
dc.publisher
dc.sourcehttp://ageconsearch.umn.edu/record/23509
dc.titlePROCUREMENT STRATEGIES TO MEET FUNCTIONAL REQUIREMENTS IN WHEAT SHIPMENTS
dc.typeText

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University of Minnesota