> What's wrong with market based prices? Both LIBOR and this chicken price are _supposed_ to be market-based; however the price negotiations are all confidenti

> What's wrong with market based prices? Both LIBOR and this chicken price are _supposed_ to be market-based; however the price negotiations are all confidential. An alternative is to mandate total visibility of all bids and offers, as is generally done in equity markets. This brings its own distortions: you have to pay people to operate the public venue; it enforces a bid-offer spread. And many people don't like regulations forcing them to do business a certain way.