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Abstract:
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An automated price reporting system using computer
technology and hedonic price theory is used to
estimate daily cotton market prices, premiums, and
discounts. This objective approach for reporting
cotton market prices was developed to complement the
objective measures of high volume instrument grading
of cotton. The system is limited to the Texas and
Oklahoma marketing regions where sales are readily
available from electronic markets. It contains all
the characteristics of an efficient price reporting
system; it is accurate, reliable, consistent, and
repeatable in its working process and price estimates.
In this paper, market prices, premiums, and discounts
for the first portion of the 1993 marketing year as
estimated by the Daily Price Estimation system are
presented. |