A multistage research framework for the supply and demand chain of the U.S peanut industry
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The U.S. peanut industry is relatively complex in several respects. Peanuts can be processed for use as edible products or crushed to produce oil and meal, and there are multiple final uses for each base product. The peanut supply chain is complicated by the apparent presence of market power in post farm-gate processing. U.S. peanut policy has changed dramatically in recent years and transitioned from a heavily managed supply-control regime to a policy setting which is similar to that used for other agricultural commodities, but which faces policy complications related to price discovery problems. The purpose of this thesis is to build a comprehensive multi-stage framework to be used as a basis for future economic research on any stage of the peanut industry. This framework will facilitate and enhance the understanding of the effects that an economic or political change in any stage of the supply and demand chain will have on the whole peanut industry. Ideally, this thesis will provide any researcher with a starting point that includes the theoretical framework for the analysis, identification of important linkages in the chain, and identification of related literature and data.