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Inefficiencies in the production‐marketing system for hogs are due in part to inaccurate derivation of live hog values from expected wholesale cut values. The evaluation method presented in this paper is accurate, objective, and practical when compared to a method used by a progressive firm in the industry. Time series price data and cross sectional carcass data are utilized in a two‐step least squares procedure to estimate carcass value, associated with a given set of wholesale prices, on an individual carcass basis. This method, if used extensively, should lead to improvement in the hog marketing system.
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Ikerd et al. (1970) studied this question.
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