Great changes have taken place in China’s agricultural and food markets in the past several decades. However, the impact of the transformation brought by modern supply chains on the welfare of farmers in China is unclear. This paper attempts to understand whether or not the recent changes in...

Asymmetry of information is a fundamental problem in agricultural markets. Production contracts remain incomplete if product quality attributes measured by the buying company remain unobservable for the selling farmer. Opportunistic buyers would report lower than actual output quality,...