Update on 2014 Agricultural Act: Cotton Transition & Revenue Insurance
Key insights on the 2014 Agricultural Act focusing on fundamental changes in cotton safety net programs, crop insurance reliance, and new insurance products like STAX. Learn about the Cotton Transition Assistance and Basic STAX Concept.
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Presentation Transcript
Forward integration Forward integration From assembly Into distribution From components into assembly Component manufacture Assembly Distribution Backward integration Backward integration From distribution Into assembly From assembly Into components
Exchange in general B A Exchange Barter Economic Exchange Goods or service B A Goods or services Money based transactions Monetary transaction Goods or services B A Money
Low asset specificity/uncertainty Goods B A Money High asset specificity/uncertainty for A Goods B A Money ++ Cost of writing contract Provision for default
Carried out in the market Good or Service B A Money Cost of writing contract Provision for default Carried out in the firm Good or Service B A Money
c default * pr default No safeguards Market c contract cost Contractual or other safeguards Firm c bureaucratic costs
Transaction cost MARKET FIRM Asset specificity and uncertainty Cost of market transaction Cost of transaction in a firm
