A CENTURY OF RESEARCH ON AGRICULTURAL MARKETS

This article provides a perspective on major innovations in research on agricultural markets over the past century. We review research on market structure and performance, vertical coordination arrangements, and institutions for producer collective action. Contributions to empirical modeling of agricultural price determination and marketing margins are also evaluated, as are innovations in research on spatial market relationships and the role of storage. Finally, we discuss contributions to understanding market information systems and the functioning of market-based mechanisms for agricultural risk management, including futures, options, and insurance. Although progress over the century has been remarkable, we conclude by highlighting possible directions for future research.