A Buyer’s Guide To Rendered Fats

2y ago
10 Views
2 Downloads
719.53 KB
6 Pages
Last View : 1m ago
Last Download : 3m ago
Upload by : Wren Viola
Transcription

A Buyer’s Guide toRendered FatsEditor’s Note – The following information has beenexcerpted from the Pocket Information Manual: A Buyer’sGuide to Rendered Products published by the NationalRenderers Association. The complete manual is availableonline at www.nationalrenderers.org.World production of animal fats is more than 6.8million tons, with more than half produced in NorthAmerica. Rendered products are used in five majorsectors of today’s economy.The first, and most important, is in livestock, poultry, andaquaculture production, where animal fats and proteins areused in efficient, high-energy rations. This helps to increaseproduction efficiency, thereby making meat, milk, and eggproducts more affordable. Judicious use in pet foods helpssustain the health and longevity of companion animals.Industrial use creates a second sector. As many as3,000 modern industrial products contain lipids and lipidderivatives. Some of the major applications for renderedproducts include the chemical industry, metallurgy, rubber,and in crop protection agents and fertilizer formulations.Third is the manufacture of soaps and personal careproducts. Tallow is still the basic ingredient in making bothtoilet and laundry soaps. The global market for these productscontinues to grow.The food industry, which uses edible tallow, lard, andother edible animal by-products such as defatted meat tissue,gelatin, and blood meal, forms a fourth sector.Finally, an emerging industrial use is the productionof biodiesel from animal fats and recovered cooking oils.Environmental benefits and cost are driving forces behind thegrowth of using rendered fats and oils in this market.But before a biodiesel producer can choose a renderedfat as a feedstock, they must first educate themselves onthe multiple characteristics of this highly sought-aftercommodity.Types of FatsIndustrial TallowAnimal tissue containing fat is converted to tallow by aprocess called rendering. Basically, rendering is a procedureby which lipid material is separated from meat tissue andwater under the influence of heat and pressure.There are two principal methods of rendering. In the wetrendering process (old method) the animal tissue is placed inan enclosed pressure vessel (cooker) and superheated steamis injected to provide both heat and agitation. The mixture iscooked at 230 to 250 degrees Fahrenheit (110 to 120 degreesCelsius) for three to six hours. At the end of this period,the mixture settles into three phases: a top fat layer that isdrawn off, an intermediate water layer, and a bottom layer14February 2009 Renderconsisting primarily of proteinaceous material. This methodis no longer in wide usage. Protein and fat quality were moreeasily compromised during the extended cooking time. In thedry rendering process, the fatty tissue is heated in jacketedcontainers, mechanical agitation is provided, and the water isevaporated either at atmospheric or at increased pressure.Today, modern rendering plants feature a continuousrendering process with automated operations and highlysophisticated air and water pollution prevention equipment.Renderers process a variety of raw materials from varioussources, including: packing house by-products, such as organ fats, offal,bones, and blood; boning house material that consists of bones and meattrimmings; meat market trimmings, including adipose and intermuscular fats, bone, cartilage, and meat trimmings; restaurant greases and recovered cooking oils (these areprocessed and stored separately); and fallen animals.Edible Beef TallowU.S. edible beef tallow is made exclusively fromthe highest quality edible beef fat processed for humanconsumption and inspected by the U.S. Department ofAgriculture’s (USDA) Food Safety and Inspection Service.U.S. edible tallow, certified and inspected in food-gradeplants, is available deodorized or undeodorized. Deodorizedtallow does not alter the taste of foods, whereas undeodorizedtallow is often selected to enhance the flavor of foods.In the United States, regulations specifically restrictmeat plants to the processing of only one type of animal,so no mixing of different animal fats occur. These USDAregulations ensure that the product is 100 percent pure beeffat. Certified halal and kosher tallow are also available in theUnited States.LardLard is the fat rendered from fresh, clean, sound tissues ofswine in good health at the time of slaughter. The composition,characteristics, and consistency of lard vary greatly accordingto the feeding regime. The higher the level of unsaturated fatsin the diets of pigs, the softer (higher iodine value) the fat.Yellow GreaseThis material is usually made from restaurant greases(fats and oils from cooking). Another source could be fromrendering plants producing lower quality greases. Thespecifications for yellow grease are as follows: Free fatty acids – 15 percent maximum Fat Analysis Committee (FAC) – 39 maximumwww.rendermagazine.com

Moisture, unsaponifiables, and impurities – two percentmaximum Pesticide residue – refer to paragraph later in thisarticleFeed Grade FatsFeed grade fats are often stabilized blends of animal andvegetable fats. They are produced in the commercial processesof rendering offal from livestock and poultry tissues. Feedfats consist predominantly of triglyceride of fatty acids andcontain no added free fatty acids.Any tallow or grease could come under this categoryalthough only the low-grade tallow or greases are used sincethey are less expensive. With the expanding use of fats infeed, some feed grade fats may include acidulated vegetablesoapstock blended with tallow/greases.Fats Used as FuelBecause of their chemical composition, fats releaseconcentrated amounts of energy when burned. This energycan be used as a heat source in industrial boilers or to fuelfurnaces. Most fats provide comparable amounts of heat tocommon fuel oils. Rendered fats, like vegetable oils, can beused to make biodiesel with successful results.Quality Control Specifications and Tests for FatsFree Fatty AcidOne measure of fat quality is the free fatty acid (FFA)content. Fats are normally composed of three fatty acids linkedto glycerol via ester bonds. FFAs are produced when thosefatty acids are freed by hydrolysis. Therefore the presence ofhigh levels of FFAs indicates the fat was exposed to water,acids, and/or enzymes. Fats should be processed to contain aslow a moisture level as is feasible so that hydrolysis does notoccur during subsequent storage.Increased levels of FFAs in fats have been shown toreduce the digestibility and thus energy content of fats. Onthe average, each increase of 10 percentage units in FFAsresults in a corresponding reduction in digestible energy of1.3 and 1.5 percentage units in weanling and growing pigs,respectively (Powles, et al. 1995. Journal of Animal Science61:149).A common source of vegetable fats used in blended feedfats is acidulated soapstock. This by-product of edible oilrefining has very high FFAs since it was intimately exposedto water and acid during its production. High levels of FFAsshould be considered when estimating energy content of fatsfor feeding. (Nutrient Requirement of Swine, 10th RevisedEdition. 1998. National Research Council, Table 11-10, p.141,footnote (d).)The reaction between an alkali and fat or fatty acid is thebasis of two important analytical determinations. Firstly, acidvalue is defined as the number of milligrams of potassiumhydroxide required to neutralize the free fatty acids in onegram of fat. Acid value is a measurement that avoids theuse of assumed molecular weights as occurs in the FFAdetermination.The acidity of fats is also often expressed directly inTable 1. American Fats and Oils Association Specificationsfor Tallow and GreasesTiterGradesMin. C1. Edible tallow41.02. Lard (edible)38.03. Top white tallow41.04. All beef packer tallow 42.05. Extra fancy tallow41.06. Fancy tallow40.57. Bleachable fancy tallow 40.58. Prime tallow40.59. Special tallow40.010. No. 2 tallow40.039.011. “A ” tallow12. Choice white grease36.013. Yellow 12 C degrees CelsiusR&B Refined and bleachedMIU Moisture, impurities, unsaponifiables*Moisture maximum 0.20 percent. Insoluble impurities maximum 0.05 percent.**Lovibond color 5-1/4 inch cell – maximum 1.5 red. Lard peroxide value4.0 meq/kg maximum.***Titer minimum and FFA maximum, when required, to be negotiated betweenbuyer and seller on a contract-by-contract basis.Table 2. USDA-certified Edible Beef Tallow TechnicalSpecificationsTiter (min.)FAC (max.)Refined and bleached (max.)FFA (max.)Iodine value (max.)Initial peroxide value (max.)Soap (max.)Moisture and volatiles (max.)Wiley (melting point)FAC color indexSmoke point (min.)Flash point (min.)413None0.75%40-451.0 meq/kg5.0 ppm0.1%107-114 F (42-45 C)10 Yellow, 1 Red435 F (224 C)600 F (315 C) F degrees FahrenheitNote – These characteristics will ensure a flavorful fried or baked food and a longshortening life in the fryer.Sources: American Fats and Oils Association, and American Oil Chemists’ Society.Table 3. USDA-certified Lard Technical SpecificationsTiter (min.)FFA (max.)FAC (max.)Lovibond color(5-1/4 inch cell – max.)Moisture (max.)Insoluble impurities (max.)PV (max.)38 C0.5%391.5 red0.2%0.05%4 meq/kgSource: American Fats and Oils Association.Continued on page 16www.rendermagazine.comMIURender February 200915

Buyer’s Guide Continued from page 15terms of percent FFAs. The assumption usually made in thecalculation is that the acids have a molecular weight equalto that of an oleic acid. The relation between acid value andpercent FFAs calculated as oleic is as follows: one unit of acidvalue 0.503 percent FFAs.i) Free fatty acids as oleic, % milliliter (ml) of alkali x N x 28210 x weight of sampleii) Free fatty acids as lauric, % ml of alkali x N x 20010 x weight of sampleiii) Free fatty acids as palmitic, % ml of alkali x N x 25610 x weight of sampleNote – N normality or strength of alkali. 282, 200, 256 molecular weights of the respective fatty acids.In many types of fats and oils the percentage of FFAsis calculated as oleic acid, but with coconut and palm kerneloils it is expressed in terms of lauric acid and in palm oil aspalmitic acid.Biodiesel plants having either a pre-treatment system oracid esterification system can make use of higher FFA fats/oils.The price of the product should generally reflect the yield lossor increased processing cost compared to a low FFA fat/oil.tallow. A low FFA results in a high glycerin yield for thesoap manufacturer. Similarly, a low color tallow enables themanufacturer to produce high quality white bath soap or highquality fatty acids.A refined and bleached analysis determines the Lovibondcolor of the sample after treatment with alkali and a specifiedbleaching earth. The Lovibond color is a much finer colorreading compared to the FAC color standards. The color isreported as red and yellow. For example, a good extra fancytallow will read 0.5 red and five yellow. In reading tallow, theyellow is 10 times the red (0.5 x 10 five yellow).The biodiesel producer will see a color impact slightly inthe fuel color, but mostly in the glycerin product. Very darkglycerin may be discounted in the market, depending on theend use of the glycerin.Moisture, Impurities, UnsaponifiablesA sample of fat is weighed and the moisture is boiled off.The weight loss is calculated as the moisture content.The recommended moisture level is one percent or less.Moisture can reduce the energy of a fat both by dilution andby causing an increase in the FFA content. Some condensationmoisture is unavoidable with any feeding fat; however, itshould be kept at a minimum. Moisture at low levels functionsmuch like an antioxidant, but at higher concentrations is apro-oxidant presumably because if can solubilize tracemetals (Bailey’s IndustrialOil and Fat Products, 4thTable 4. Chemical Data of Feed Grade Fats: Average ValuesEdition, vol. 1, p.147). C%Max.Iodine% Fatty AcidsMoisture accumulates in theSat.Unsat. Linoleic lower strata of fat storageFat SourceTiterMIU% FFAValueU/SFGF – for all feeds29-452-44040-1001.0–3.025-50 50-754-40units, which makes samplingFGF – for milk replacers38-4115471.050504difficult. Therefore, prior toBeef tallow38-4315471.050504sampling fat in storage, itPork fat32-37215681.6386212should be thoroughly mixedPoultry fat28-33215852.6287220by mechanical agitation.Acidulated vegetableImpurities are nonsoapstock28-354-670324.120802hazardous filterable materialsPalm oil28-3625531.4425810not soluble in petroleumFGF Feed grade fatether.However, impuritiesU/S Unsaturate/Saturate ratiocan create physical problemsas they settle to createColortank sludge and ultimately clog valves, lines, and nozzles.FAC is the abbreviation for the Fat Analysis Committee Impurities could be meat and bone particles remaining in theof the American Oil Chemists’ Society. A sample of fat is tallow after the rendering operation even though it is filtered,filtered then compared with standard color slides mounted on or it could be foreign materials such as sand or metal particlesa circular aperture. FAC color standard runs from one to 45 picked up after processing during storage and/or transport.The same sample that moisture was determined from isusing odd numbers divided into five series for grading:filtered through a fine filter paper using a solvent. The weight 1-9 light colored fatsof the material left on the filter paper is a measure of the 11, 11A, 11B, 11C very yellow fatsinsoluble impurities. 13-19 dark, reddish fatsUnsaponifiables, or “unsaps,” refers to any material 21-29 greenish fatswithin the tallow that will not saponify (convert into soap) 31-45 very dark fatsThe different series are somewhat independent so there is when mixed with an alkali. This basically covers componentsno orderly increase in the color from the lowest to the highest of the tallow that are not triglycerides such as plant sterols andnumbers, i.e., fats graded 21-29 may actually be lighter than pigments. A major portion of the unsap fraction is from plantthose graded 13-19. The FAC method is used when fats are sterols originating from the gut contents (forages, grains) ofrendered offal. The determination of unsap content is basedtoo dark or green to be read by the Lovibond method.Many customers require low FFA and color so that they upon saponification followed by extraction with solvents andcan maximize the yield of products they manufacture from washing.16February 2009 Renderwww.rendermagazine.com

Biodiesel producers should request as low a value ofmoisture, impurities, and unsaponifiables as possible as thesewill impact biodiesel end product quality. Moisture in thefats/oils will generate soaps in the methylester that must beremoved and will interfere with the separation process of theglycerin.Formation of soaps also interferes with the catalyst,binding it and increasing cost through increased need formethanol and catalyst. The unsap portion is also an indicatorof likely filterability issues in the finished product and willneed to be removed from the methylester, if it has not beenremoved from the oil prior to transesterification.PolyethyleneAlmost all tallow contains polyethylene (PE), which isa foreign material in tallow, to some degree. It finds its wayinto the rendering plant as meat wrappers mixed in with theraw material. Most of the polyethylene wrappers used by themeat industry are of low density type that will melt at lowertemperatures and stay soluble in the tallow.At present the only feasible means of removing PE fromtallow is to filter the tallow at low temperature using specialfilter aids. Most tallow consumers say they could stand up to30 parts per million (ppm) while others indicate they couldtake as high as 200 ppm.The problem with PE is that it does not stay soluble in allthe various stages of the manufacturing process. In particular,if there is a sharp temperature drop the PE will come outof solution. With soap manufacturers it has been knownto adhere to the inside wall of pipes and after it builds updarkened pieces flake off that later show up in the finished barsoap. It has also been known to cause blockage in fatty acidmanufacturing plants and can coat the catalyst.In biodiesel production, the PE will act the same asunsaps and will drop out of the methylester when it is exposedto sharp temperature drops.TiterTiter is a measure of the solidification point of a fat afterit has been saponified and the soaps reacidulated to FFAs. Itis determined by melting the resulting fatty acid, and whileslowly cooling, measuring the congealing temperature indegrees centigrade.The titer is an important characteristic of inedible fatsused for soap making to make harder soap, or as raw materialsfor fatty acid manufacture, and is also an indication of thefirmness of natural edible fats such as lard. Under the acceptedUnited States trading rules, inedible fats with titers below 40degrees centigrade are classed as grease and those with highertiters are classed as tallow. Minimum titers are also specifiedfor the different grades.A good rule of thumb is when a sample of tallow staysliquid in a warm room, it has a low titer and if it hardens in awarm room it has a high titer. The reason for fat to have a highor low titer is due to its constituent saturated and unsaturatedfatty acids (the higher the degree of unsaturation, the lowerthe titer).Titer cannot be changed in the rendering plant; however,it can be greatly increased by a hydrogenation process inwhich hydrogen is added to the unsaturated bonds.www.rendermagazine.comTable 5. Typical Fatty Acid Profiles of Tallow andYellow GreaseTallowFatty 2.3Linolenic0.2Yellow GreaseFatty 0.6-2.5Table 6. Ranges of Titers for Different Fats and OilsFat or OilBabassu oilBeef tallowCastor oilCoconut oilCorn oilCottonseed oilLardLinseed oilOlive oilPalm oilPalm kernel oilPeanut oilRapeseed oilSardine oilSesame oilSoybean oilWhale oil 0-2826-3211-1527-2820-2521-2322-24Iodine ValueThe iodine number is a measure of the chemicalunsaturation of the fat and the results are expressed as thenumber of grams of iodine absorbed by 100 grams of fatsample. Iodine value (IV) can be used to estimate fat structureand unsaturation-saturation ratios. Unsaturated fats havehigher IVs than saturated fats, so the higher the IV, the softerthe fat and lower the titer.Rate of FiltrationThis method was originated by Proctor and Gamble toensure they were receiving clean tallow. Fats that will giveprocessing difficulties such as slow filtration, emulsions, andfoaming can be detected by this filtration method. The methodis based on the amount of fat that will filter in a specified timeunder standard conditions.The results from this test could run 40, which means 40milliliters of tallow at 230 degrees Fahrenheit (110 degreesCelsius) passed through the filter paper in five minutes. Proctorand Gamble likes to purchase tallow with 35 to 40 rate of filtration. (Filter paper is VWR International, LLC, grade 417.)Continued on page 18Render February 200917

Buyer’s Guide Continued from page 17Microscopic fines, polyethylene, and plant gums fromthe raw material could cause a slow filtration by plugging thepores of the filter paper, thus resulting in a very low rate offiltration. Tallow that has been water washed or pre-filteredwill generally run a high rate of filtration due to removal offines and gum.This test can be helpful to biodiesel producers as apredictor of issues with filterability of finished methylester,but the rate of filtration must be calibrated to the specificbiodiesel process. This test has not been correlated to theASTM cold soak filtration test. Such a correlation betweenraw materials, processing parameters, and the finished producttest might benefit the biodiesel and rendering industries asboth try to understand field performance of biodiesel undervarious temperature and equipment conditions.Pesticide ResiduesReputable renderers have implemented goodmanufacturing practices that prevent accidental contaminationof rendered products by exposure to crop chemicals andPCBs. Hazard analysis and critical control point programsdictate products are not released for sale until being certifiedthat U.S. Food and Drug Administration specifications areTable 7. Final Melting Points of Average Samples ofFats and OilsFat or OilBabassu oilBeef tallowButterfatCocoa butterCoconut oilCottonseed oilLard, prime steamPalm oil (refined)Palm kernel oilPeanut oilHydrogenated OilsCastorCottonseedSardineSoybean C26503736261145402913876057.566.5Table 8. Iodine and Saponification Value of Samplesof Vegetable Oils and Animal FatsFat or OilIodine ValueCoconut oil7.5-10.5Corn oil103-128Cottonseed oil99-113Lard, prime steam53-77Palm oil44-58Soybean oil120-141Tallow – beef35-48Tallow – goat33.5Tallow – mutton41.218February 2009 RenderSaponification -202199197not exceeded. Some of these pesticide residues and theirmaximum levels are: DDT, DDD, DDE - 0.5 ppm; Dieldrin- 0.3 ppm; and PCB - 2.0 ppm. The method of analysis is bygas chromatography.Saponification ValueThis is an estimate of the mean molecular weight of theconstituent fatty acids in a fat sample and is defined as thenumber of milligrams of potassium hydroxide required tosaponify one gram of the fat. The higher the saponificationvalue, the lower the mean chain length of the triglycerides.Boehmer Number (Applied to Lard)This test is used to determine if tallow is mixed with lard.For pure lard, the number should be greater than 73. If lessthan 73, it indicates contamination.Fatty Acid ProfileThe fat is saponified and then methyl esters are formed.These methyl esters of the component fatty acids are theninjected onto a gas chromatograph column and the fatty acidsTable 9. Quality Control Analysis with ApproximateRunning b ed and bleachedPolyethyleneTiterBleach testRate of filtrationRefining lossIodine valueSaponification valueFatty acid profileProteinFatAshProtein digestibilityYield testAlkalinity, phenophthaleinAlkalinity, methylChloridesSulphitepHPhosphateTotal dissolved solidsHardnessAflatoxinPesticide residue/PCBsChick edemaMicroscopic checkMicroscopic test (complete)GossypolTime Involved5 minutes5 minutes15 minutes10 minutes3 hours2 hours2 hours4 hours25 minutes30 minutes6.5 hours2 hours3 hours30 minutes2 hours2.5 hours2.5 hours28 hours8 hours20 minutes20 minutes20 minutes20 minutes5 minutes20 minutes5 minutes15 minutes30 minutes - 3 hours8 hours8 hours15 minutes4 hours3 hourswww.rendermagazine.com

are separated due to their differing solubility in the liquidphase of the column. The fatty acids elute from the columnand are burnt in a hydrogen flame. The increased electricactivity generated by the incineration is recorded and thepercent fatty composition of the fat calculated.With the development of column technology, the fattyacid composition can be determined within 20 minutes of thesample being taken.Total Fatty AcidsFat quality is determined by energy value, stability, andfreedom from extraneous materials. Total fatty acids (TFAs)are comprised of both free fatty acids and those combined withglycerol (intact glycerides). Fat is composed of approximately90 percent fatty acids and 10 percent glycerol. Glycerolcontains about 4.32 calories per gram compared with 9.40calories per gram for fatty acids. Since fatty acids containover twice the energy of glycerol and are the primary energysource in feeding fats, the TFA content acts as one indicator ofenergy. TFA levels less than 90 percent reflect dilutions withother ingredients and the value should be discounted on totalfatty acid content.LeadThe U.S. Food and Drug Administration specification forlead is 7.0 ppm. Lead is considered to be a toxic substance inconcentrations greater than this level. The methods of analysisare by atomic absorption, inductive-coupled plasma analysis,or by ultraviolet spectrophotometry.www.rendermagazine.comPeroxide ValueThe peroxide value (PV) method is a common way ofassessing fat rancidity. Rancidity is primarily caused byoxidation with hydroperoxides being the first oxidationproducts formed. The PV method measures their formationby determining the amount of iodine liberated from theirreaction with potassium iodide and expressing the result inmilli-equivalents per kilogram (meq/kg). Hydroperoxidesare further oxidized to aldehydes and ketones, which areresponsible for the changes in odor and flavor of rancid fats.The human threshold for detecting these changes seems tocorrespond to a PV of about 40 meq/kg. If a fat has a PV lessthan 40 meq/kg and does not smell rancid, it is most likely inthe initial stages of oxidation and can readily be used in feedrations. If the PV is less than 40 meq/kg and the fat smellsrancid, it is likely in its later stages of oxidation.ConclusionWhile the above are industry standards andrecommendations, biodiesel producers looking to buyrendered fats should know the specifications required by theirparticular process and communicate those requirements to thesupplier, who may be able to supply products lower than themaximum value at an appropriate premium to the publishedcommodity prices.Commodity prices are for those products typical or evenat the limits of the ranges and may not reflect prices for betterthan average values. RRender February 200919

A Buyer’s Guide to Rendered Fats Editor’s Note – The following information has been excerpted from the Pocket Information Manual: A Buyer’s Guide to Rendered Products published by the National Renderers Association. The complete

Related Documents:

GUIDE TO CREATING A DETAILED BUYER PERSONA. 02 . B2C BUYER PERSONA PERSONA FOR POTENTIAL 4 SUV BUYER SAMPLE BUYER PERSONAS. 06 B2B BUYER PERSONAS Title: Chief Information Officer (CIO), Chief . expert with business and strategy ski

Grain Buyer. Facility-Based Grain Buyer (108 federal warehouses) – Any grain buyer who operates a facility licensed under the United States Warehouse Act. Roving Grain Buyer (97 licensees) –Any grain buyer who does not operate a facility where grain is received. A roving grain buyer purchases, solicits, merchandises, or takes possession of .

Make 128 buyer cards on a single color of card stock paper. Prepare 64 low buyer cards and 64 high buyer cards according to the following distribution. Buyer Cards Low Value Buyer Cards High Value Buy Value No. of cards Buyer Value No. of cards 2.50 4 4.20 4 2.70 4 4.50 4 2.90 4 4.80 4 3.10 4 5.10 4 3.30 8 5.40 8

commit to deliver to your buyer, and the value that service brings. It is so your buyer can easily understand what is in it for them. It is what sets you apart from others and helps you win the appointment. The MREA Value Proposition Top Ten Service Areas of the Buyer Value Proposition 1. Needs Analysis x Analyze buyer’s wants and needs.

Consumer Buyer Behavior refers to the buying behavior of final consumers-individuals and households that buy goods and services for personal consumption. What is Consumer Buyer Behavior? Model of Consumer Buyer Behavior. Cultural Social Personal Psychological Forces that Influence Buyer

Statewide Buyer and Seller Advisory Buyer Advisory Form Agent's Visual Inspection form (conforms with Civ. Code §2079) Mold Disclosures Buyer's Inspection Elections -Covers 30 separate areas which should be examined by buyer during due diligence Termite Inspection, water heater, smoke detector forms

an (ex ante) expected utility of 0.25 for the buyer. Now define the signal set to be {hiдh,low}, and the buyer is said to have low value if his value is in [0,0.5]and hiдh otherwise. The mediator sends a signal to the seller after collecting the buyer's value: he sends signal low if the buyer has a low value and hiдh otherwise. The

an (ex ante) expected utility of 0.25 for the buyer. Now define the signal set to be {hiдh,low}, and the buyer is said to have low value if his value is in [0,0.5]and hiдh otherwise. The mediator sends a signal to the seller after collecting the buyer's value: he sends signal low if the buyer has a low value and hiдh otherwise. The