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Registros recuperados: 21
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Price Cointegration Analyses of Food Crop Markets: The case of Wheat and Teff Commodities in Northern Ethiopia AgEcon
Jaleta, Moti; Gebremedhin, Berhanu.
This paper examines the cointegration of grain market prices in Northern Ethiopia. Results are based on bi-monthly retail price data on wheat and teff collected from six markets in the Tigray region of Northern Ethiopia. The data has 55 observations for each of the two crops in each of the six markets ranging over a period of May 2006 to October 2008. Johansen’s cointegration test reveals that most markets are cointegrated in wheat and teff retail prices. There is an indication that retail prices at Abi-Adi, a town located relatively farther away from the main asphalt road, is less integrated to other markets. This implies that infrastructural development is crucial for spatial market integration through market information transmission and physical...
Tipo: Conference Paper or Presentation Palavras-chave: Price cointegration; Food crop market; Error correction model; Demand and Price Analysis; Marketing; C31; C32; Q13.
Ano: 2009 URL: http://purl.umn.edu/51049
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Food Safety and Spinach Demand: A Generalized Error Correction Model AgEcon
Arnade, Carlos Anthony; Kuchler, Fred; Calvin, Linda.
We estimate an error correction model representing demand for leafy green vegetables but generalize the structure to allow for adjustment to one conspicuous shock. We investigate whether the adjustment rate to the U.S. Food and Drug Administration’s (FDA) 2006 warning that fresh spinach was contaminated with deadly bacteria was distinct from the overall adjustment rate. Our model allows consumers to correct both for past errors and for any errors in their reaction to the shock. This method yields an estimate of the adjustment rate to the policy shock and points to an improved estimate of the duration of policy impacts.
Tipo: Journal Article Palavras-chave: Error correction model; Adjustment rates; AIDS demand model; Retail food demand; Demand and Price Analysis; Food Consumption/Nutrition/Food Safety; Health Economics and Policy.
Ano: 2011 URL: http://purl.umn.edu/117775
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The Impacts of Animal Disease Crises on the Korean Meat Market AgEcon
Park, Moon-Soo; Jin, Yanhong H.; Bessler, David A..
Employing the error correction method and historical decomposition with direct acyclic graphs, we quantify the impacts of domestic and oversea animal disease crises on the Korean meat markets. We find that (a) the market partially recovered 16 months after the foot-and-mouth outbreak in 2000, and 13 months after the avian influenza and the U.S. BSE incidents in 2003; (b) animal disease outbreaks have differentiate impacts by disease type and supply chain level. Retailers likely to have windfall profits as the retail price margin increased relative to the farm and wholesale levels; and (c) disease outbreaks affect dynamic price interdependence.
Tipo: Conference Paper or Presentation Palavras-chave: Animal disease outbreak; Error correction model; Direct acyclic graphs; Korean meat market; Historical Decomposition; Price margins; Livestock Production/Industries; C32; Q11; L11.
Ano: 2008 URL: http://purl.umn.edu/6365
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Research on the Relationship between Income and Consumption of the Urban Residents in Hunan Province on the Basis of Error Correction Model AgEcon
Chen, Hui-min.
By using error correction model, I conduct co-integration analysis on the research of the relationship between the per capita practical consumption and per capita practical disposable income of urban residents in Hunan Province from 1978 to 2009. The results show that there is a co-integration relationship between the per capita practical consumption and the practical per capita disposable income of urban residents, and based on these, the corresponding error correction model is established. Finally, corresponding countermeasures and suggestions are put forward as follows: broaden the income channel of urban residents; create goods consuming environment; perfect socialist security system.
Tipo: Journal Article Palavras-chave: Residential income; Co-integration; Error correction model; China; Agribusiness.
Ano: 2011 URL: http://purl.umn.edu/108408
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LL601 Contamination and Its Impact on U.S. Rice Prices AgEcon
Li, Yarui; Wailes, Eric J.; McKenzie, Andrew M.; Thomsen, Michael R..
LL601 is a genetically modified rice variety and unapproved for commercial use. Its presence was found in commercial shipments of U.S. rice in 2006. This article explores its impact on prices and volume marketed for both the United States and Thailand, the major export competitor. The results show a significantly adverse but short duration effect on the U.S. rice market and little to no effect on the Thai rice market.
Tipo: Journal Article Palavras-chave: Cointegration; Error correction model; Event study analysis; GM contamination; LibertyLink Rice 601; U.S. rice exports; Agribusiness; Agricultural and Food Policy; Crop Production/Industries; Food Consumption/Nutrition/Food Safety; International Relations/Trade; Research and Development/Tech Change/Emerging Technologies; C10; C32; Q11; A52.
Ano: 2010 URL: http://purl.umn.edu/57154
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Measuring Market Power in the UK Retail Salmon Industry AgEcon
Fofana, Abdulai; Jaffry, Shabbar.
This paper presents an investigation into the market structure for three product types of salmon (smoked, fresh and whole salmon) in the UK retail market. Evidence of the potential for market power and pricing conduct is analysed using structural simultaneous system equations based on the Bresnahan (1982) model. The importance of the retail market is recognised given the dominance of supermarket chains which accounted for £1.6 billion sales of seafood and the share of about 87% of all seafood retail sales in 2004 as compared with only 16% in 1988. The results indicate that the system is well represented by the models and that the market is competitive for fresh fillets and whole salmon but retailers exert some market power for smoked salmon. The hypothesis...
Tipo: Working or Discussion Paper Palavras-chave: Market power; Error correction model; Dynamic demand systems; Salmon; Marketing; JEL-1; JEL-J.
Ano: 2006 URL: http://purl.umn.edu/45873
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Does Price Asymmetry Exist In Commodity and Energy Markets? AgEcon
Wixson, Sarah E.; Katchova, Ani L..
Recent increases in the price of crude oil have led to a rise in the prominence of corn-based ethanol as an alternative source of energy. As a result linkages have been established between commodity and energy prices. The aim of this study is to determine if soybeans, corn, wheat, oil, and ethanol adjust their prices asymmetrically depending on whether their actual price is over- or under-predicted with respect to one another. This study’s goal of determining if asymmetric price relationships exist is accomplished by using monthly time series price data incorporated into a distributed lag error correction model distinguishing between positive and negative price difference and positive and negative values of the error correction term. The primary results...
Tipo: Conference Paper or Presentation Palavras-chave: Asymmetric price adjustment; Grain prices; Crude oil prices; Ethanol prices; Error correction model; Agribusiness; Agricultural Finance; Demand and Price Analysis; Marketing; Resource /Energy Economics and Policy; Q11; Q13; Q42.
Ano: 2011 URL: http://purl.umn.edu/103735
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A Cointegration Analysis of Wool Prices AgEcon
Chang, Hui-Shung (Christie).
Based on cointegration analysis and monthly data from 1976.8 to 1999.10, a long-run equilibrium relationship was found to exist between prices for wools of 19 to 23 microns, despite the wool Reserve Price Scheme operated until February 1991. Furthermore, the prices for 19, 20 and 21 micron wools were found to be weakly exogenous. The latter result suggested that, although co-integrated, prices for finer wools tended to be less volatile than coarser wools. The implications are that wool producers would enjoy more stable prices by producing finer wools and that cross-hedging is possible given co-movements of prices.
Tipo: Working or Discussion Paper Palavras-chave: Cointegration; Error correction model; Reserve price scheme; Wool marketing.; Demand and Price Analysis; Livestock Production/Industries; Marketing.
Ano: 2000 URL: http://purl.umn.edu/12929
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Supply response on the Hungarian pork meat sector AgEcon
Bakucs, Lajos Zoltan; Markus, Richard.
Despite of the increasing production and consumption of white meats, pig breeding is still one of the most important animal husbandry sectors Worldwide and in the European Union as well. In Hungary over the past decades, the pig sector has undergone significant changes. The livestock has sharply decreased from more than 8.5 million in 1989 to 3.3 million in present. After the post 1989 increase of herd size bred in family farms, their share diminished, at present two-thirds of output is produced by corporate farms. It appears that small scale farming has major difficulties, they must consider all cost reducing alternatives to improve their competitiveness. With pressure on purchase prices from the downstream market levels, and considering that fodder...
Tipo: Conference Paper or Presentation Palavras-chave: Error correction model; Supply response; Pork sector; Hungary; Agricultural and Food Policy; Institutional and Behavioral Economics; Political Economy.
Ano: 2010 URL: http://purl.umn.edu/90808
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Econometric Study of Relationship between Change of Farmland Quantity and Policy of Farmland Protection in China AgEcon
Peng, Ling; Liao, Tie-jun.
According to the data from Investigation Report of Land Use Change in China, The Land Resources Communique of China and Chronicle of Statistical Data for Five Decades of New China issued from Ministry of Land Resources, we select two indices: change of farmland quantity and policy of farmland protection. According to econometric theory, by using Eviewes 5.1 software, co-integration analysis, Granger causality test, impulse response and other analysis methods, we analyze the relationship between change of farmland quantity and policy of farmland protection in China since the reform and opening-up. The results show that there is long-term balanced relationship between change of farmland quantity and policy of farmland protection, and there is a certain...
Tipo: Journal Article Palavras-chave: Change of farmland quantity; Policy of farmland protection; Econometric analysis; Co-integration; Error correction model; Impulse response function; Variance decomposition; China; Agribusiness.
Ano: 2011 URL: http://purl.umn.edu/113426
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Trade Factors Affecting Apple Exports from China to Thailand AgEcon
Cui, Lina.
Export supply and import demand factors are used to examine the apple exports from China to Thailand. Error Correction Model (ECM) and Cochrane-Orcutt regression are applied to examine the apple trade from 1976 to 2007. China apples export supply to Thailand is only influenced by domestic production cost. An increase in China apples production cost leads to a decrease of export quantity to Thailand. The result is consistent with the Thailand import demand function, where import quantity is negatively related to the China apple export price. The real exchange rate also plays an important role in the apples trade between China and Thailand. Thai baht appreciation would cause Thai import less apples from China.
Tipo: Working or Discussion Paper Palavras-chave: Apples; Export supply; Import demand; Error correction model; Agribusiness; International Relations/Trade; F14; Q13; Q17.
Ano: 2010 URL: http://purl.umn.edu/56388
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Stability of price premiums for wool AgEcon
Chang, Hui-Shung (Christie).
The objective of this study was to determine whether long-run relationships existed between price premiums for wools with different fibre diameters. Based on cointegration analysis using monthly data from 1976.8 to 1999.10, the results showed that price premiums, in relative price terms, for fibre diameters between 19 and 23 micron were cointegrated. Furthermore, the price premiums for 19, 20 and 21 micron were found to be weakly exogenous. The latter result suggested that price premiums for finer wools tended to be more stable, compared with coarser wools which appeared to bear the burden of price adjustments. The implication is that wool producers would enjoy more stable prices, and hence income, by focusing on finer wools.
Tipo: Presentation Palavras-chave: Cointegration; Error correction model; Reserve price scheme; Wool marketing.; Demand and Price Analysis; Livestock Production/Industries.
Ano: 2000 URL: http://purl.umn.edu/123621
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Dinámica de transmisión de precios y cambio estructural en el sector lácteo chileno AgEcon
Diaz, N.; Melo, Oscar; Modrego, Felix.
Published by Asociación de Economistas Agrarios de Chile
Tipo: Journal Article Palavras-chave: Milk price; Price transmission; Error correction model; Structural break.; Consumer/Household Economics.
Ano: 2007 URL: http://purl.umn.edu/97364
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Linkage between World and Domestic Prices of Rice under the regime of Agricultural Trade Liberalization in Bangladesh AgEcon
Alam, Mohammad Jahangir; Buysse, Jeroen; McKenzie, Andrew M.; Wailes, Eric J.; Van Huylenbroeck, Guido.
The paper examines the relationship between the world market and domestic market prices of rice for Bangladesh in the regime of agricultural trade liberalization. The long run price relationship information is an important piece of information for the policy makers in formulating domestic polices and negotiating trade policies at the international level. The monthly data used for this study are taken from different sources, the Food outlook, FAO and Global Information and Early Warning System, FAO and the Bangladesh Bank for the period June 1998 to July 2007. Both Engle-Granger bi-variate and Johansen multivariate cointegration tests were used for the results sensitivity. We sequentially proceed to estimate the standard error correction model. The results...
Tipo: Conference Paper or Presentation Palavras-chave: Market integration; Domestic price; World price; Error correction model; Marketing.
Ano: 2010 URL: http://purl.umn.edu/58878
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Cointegration Analysis on the Relation between Urbanization and Economic Growth in China AgEcon
Liu, Ai-ying; Yao, Li-fen; Li, Qing-chen.
This paper utilizes cointegration theory, error correcting model and Granger causality testing theory to make an empirical research on the relation between urbanization and GDP in China, and also implements a comparative analysis to the relation between three industries and degree of urbanization, the related coeffecient is 0.97, 0.95, 0.97, 0.97. And the result shows a long-term balance between these two factors, and the promoting effect to tertiary industry by urbanization is more obvious. Urbanization and economic growth are the long-term balanced relations. In the long-term balance, every 1% increment of urbanization can make 4.82% increment of GDP; In short-term balance, if the balance depart from the long-term balance at the i-th term, the model will...
Tipo: Journal Article Palavras-chave: Economic growth; Urbanization; Cointegration test; Error correction model; China; Agribusiness.
Ano: 2011 URL: http://purl.umn.edu/113441
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Food Safety Information and Food Demand – Effects of Temporary and Permanent News AgEcon
Smed, Sinne; Jensen, Jorgen Dejgaard.
This paper examines the cross-impacts of food safety news concerning one product on the demand for another product, using the Danish demand for pasteurized eggs versus shell eggs as an illustrative case. The study identifies news with a temporary impact and news with a permanent impact on consumers' food demand behavior. The techniques used to identify the permanent versus temporary news are recursive estimation and parameter stability. Whereas "permanent" news is identified to be represented by a specific individual event, "temporary" news concerning salmonella in eggs is aggregated into a news-index variable. Both temporary and permanent news concerning salmonella in shell eggs appear to have significant positive impacts on the demand for pasteurized...
Tipo: Conference Paper or Presentation Palavras-chave: Salmonella; News; Egg demand; Error correction model; Socio-economic groups; Food Consumption/Nutrition/Food Safety.
Ano: 2002 URL: http://purl.umn.edu/24811
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Testing the Market Integration in Regional Cantaloupe and Melon Markets between the U.S. and Mexico: An Application of Error Correction Model AgEcon
Xia, Yan; Susanto, Dwi; Rosson, C. Parr, III.
Examine the integration between U.S. and Mexican cantaloupe and watermelon prices using cointegration and error correction model approach. Cointegration analysis shows significant post-2002 improvement in market integration, particularly in the speed at which the market adjusts to departures from its long-run equilibrium.
Tipo: Conference Paper or Presentation Palavras-chave: Cointegration; Error correction model; Johansen test; Market cointegration.; Marketing.
Ano: 2007 URL: http://purl.umn.edu/34844
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PRICE DISCOVERY IN WHEAT FUTURES MARKETS AgEcon
Yang, Jian; Leatham, David J..
This paper examines the price discovery function for three U.S. wheat futures markets: the Chicago Board of Trade, Kansas City Board of Trade, and Minneapolis Grain Exchange. The maintained hypothesis is that futures markets search more for information than cash markets to find an equilibrium price, thus greatly improving the price discovery function. The tests reveal the existence of one equilibrium price across the three futures markets in the long run, but no cointegration among prices in the three representative cash markets.
Tipo: Journal Article Palavras-chave: Error correction model; Price discovery; Wheat futures; Marketing.
Ano: 1999 URL: http://purl.umn.edu/15375
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Measuring Oligopsony Power of UK Salmon Retailers AgEcon
Fofana, Abdulai; Jaffry, Shabbar.
A significant increase of concentration in the UK salmon retail subsector has heightened concerns about retail firms’ ability to exercise market power in the purchase of supplies (oligopsony power). To assess the extent to which retail firms have exercised oligopsony power, we develop a dynamic error correction translog profit function to model the behaviour of retailers in the input market for smoke, fillet and whole salmon. Initial estimates indicated violations of monotonicity and convexity conditions as implied by economic theory. In order to ameliorate the problem, a Bayesian technique was used to impose inequality restrictions to correct the anomaly. The final estimated indices of market power in the models were low and statistically significant but...
Tipo: Working or Discussion Paper Palavras-chave: Salmon; Market power; Error correction model; Translog profit function; Food Security and Poverty; JEL-I; JEL-J.
Ano: 2008 URL: http://purl.umn.edu/61116
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The Voluntary Reporting System's Ability to Provide Price Transparency in the Cash Market for Dressed Steers: Evidence from South Dakota AgEcon
Fausti, Scott W.; Diersen, Matthew A..
The informational value of USDA's former voluntary price reporting system is investigated for dressed-weight slaughter steers sold by South Dakota producers. The ability of the former system to promote price transparency in the cash market is evaluated using state-level mandatory price reporting data collected from September 1999 to April 2001. The empirical framework examines the informational value of public price reports according to the criteria established in the market integration literature. The empirical results indicate that in the South Dakota cash market for dressed weight steers, the voluntary price reporting system fostered price transparency, and thus contributed to the price discovery process. Empirical evidence is also presented suggesting...
Tipo: Journal Article Palavras-chave: Cointegration; Competitive spatial equilibrium; Error correction model; Mandatory price reporting; Marketing integration; Price transparency; Slaughter cattle spot market; Voluntary price reporting; Demand and Price Analysis.
Ano: 2004 URL: http://purl.umn.edu/30922
Registros recuperados: 21
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