ABSTRACT
A radio announcer in Iowa prepares hourly updates on slaughter hog prices from terminal markets and packing houses in the area. The production of information, its dissemination to ultimate consumers, and its final use in making decisions are essential functions of marketing systems in all societies—be they private enterprise or centrally planned, developed or less developed. Buyers and sellers at all stages of the marketing channel need technical information on new innovations, storage practices, and other factors that may indirectly affect their marketing plans. To an even greater extent, they need market information. Arbitrage across markets attempts to correct unjustified price dispersion, thereby improving the market’s efficiency. Market information is one of many inputs that are combined by a firm in the production process. Most of the data and information available on the supply and demand for a commodity relate to its physical position in the marketing channel.
