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Abstract

Determinants of the Maize Board - Miller (MBM) marketing margin for the period 1977-1993 (period defined by data limitations) are identified for a mark-up model using Three-Stage Least Squares Regression (3SLS) and Principal Component Analysis. The MBM margin was positively related to the real miller white maize meal selling price, real variable processing costs, and a change in Maize Board pricing policy after 1987.

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