Eight feedlot teams of 2-4 people market fed cattle.
Four meatpacking teams of 2-4 people purchase fed cattle.
Cattle supplies are exogenously controlled and cycle from larger to smaller to larger supplies.
Cattle can be marketed/purchased any time during a five-week market window at weights ranging from 1100-1200 lbs.
Cattle genetics range from low quality, high yielding to high quality, low yielding.
Feedlots are penalized for feeding to excessive weights but packers have an incentive to purchase heavier cattle.
Each packer has a different cost structure and minimum cost volume.
Feedlot and packer teams negotiate sale/purchase prices in seven-minute trading weeks.
Cattle can be priced on a live weight, dressed weight, or grid method.
Teams can trade futures market contracts (one nearby and two distant contracts) and forward contract cattle.
The beef demand function is based on a nine-week polynomial lag model estimated with weekly beef industry data.
Market News reports within-week trading activity (volume, contracts, high and low prices) and end-of-week market summaries (volume, prices by weights, boxed beef price, cost of gain, feeder cattle purchase price).
Cattle on Feed reports are presented monthly.
Teams receive weekly profit/loss statements.
Ego awards, "Best team trophy" and "Best supporting team ‘gold and silver cow chips on a shingle’ trophy" are given monthly.
Each workshop ends with a "lessons learned" debriefing period and an evaluation form.
