PRODUCTION CONTRACTS AS A MEANS OF VERTICAL COORDINATION WITH APPLICATION TO THE WHEAT INDUSTRY

Abstract

Vertical coordination refers to the economic arrangements involved in synchronizing the transfer of outputs from upstream stages of production to downstream stages, which rely on such resources as inputs into production processes that end with consumers. Many such input/output linkages between individual farms form interconnected food production marketing, and distribution channels linking chains of producers with consumers. Vertical coordination of such a complex and interconnected system may be accomplished by a combination of several methods throughout its length. The focus of this paper is production contracts as a vertical coordination mechanism between the farm production stage and the next downstream stage within food marketing channels.

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