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| Liu, Qinghua; Wang, H. Holly. |
| This paper uses of Johansen's multivariate cointegration test to test for egg market integration of six Pacific states, Washington, Idaho, Oregon, California, Nevada, and Arizona. We conclude that eggs from these states substitute for each other to some degree, and arbitrage possibilities through trade bind the egg prices. In addition, the Law of One Price (LOP), the case of perfect integration, is examined by testing the linear combination of cointegration vectors. Test results show that the LOP is not satisfied even though the egg markets in the six Pacific states are highly integrated. Arizona egg prices, California egg prices, and Washington egg prices play dominant roles on the Pacific egg market in the long run. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Demand and Price Analysis; Livestock Production/Industries. |
| Ano: 2003 |
URL: http://purl.umn.edu/21934 |
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| Liu, Qinghua; Shumway, C. Richard. |
| The Induced Innovation Hypothesis (IIH) is tested for Western US agriculture by means of a cointegration test. An ECM model is used to separate the short-run and long-run effects of relative price changes. A difference in the elasticities of factor substitution along the isoquant curve and the innovation possibility curve implies IIH. The estimated results showed that the induced innovation hypothesis was supported for the three regions of Washington, PNW, and the West, but not for the nation. However, while changes in relative input prices induced innovation, changes in output level or R&E investments did not. The empirical tests failed to find any significant impact of changes in the latter variables on agricultural technology in any of the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Research and Development/Tech Change/Emerging Technologies; Research Methods/ Statistical Methods. |
| Ano: 2003 |
URL: http://purl.umn.edu/22237 |
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| Liu, Qinghua; Shumway, C. Richard. |
| Consistent aggregation of production data across commodities and Western USA states was tested using Lewbel's generalised composite commodity theorem. The applicability of the generalised composite commodity theorem for testing consistent geographic aggregation was demonstrated and applied to two groups of states. Consistent commodity aggregation was tested in each state for two output groups and three input groups and in one state for a larger number of groups. Most tests for commodity aggregation supported consistent aggregation of inputs but not outputs. Consistent geographic aggregation was supported for each output and input category across Pacific Northwest states but only for inputs across all Western states. |
| Tipo: Journal Article |
Palavras-chave: Farm Management. |
| Ano: 2004 |
URL: http://purl.umn.edu/117974 |
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