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Estimating Structural Changes in the Vertical Price Relationships in U.S. Beef and Pork Markets

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  • Boetel, Brenda L.
  • Liu, Donald J.
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    Abstract

    This paper examines structural breaks in the vertical price relationships in U.S. beef/cattle and pork/hog sectors using monthly data of the past 40 years. A major methodological issue addressed is how to estimate price relationships when data contain intermittent structural breaks with unknown break dates. The adopted procedures endogenously search for structural break dates while explicitly accounting for this search in statistical inferences. Four breaks for the beef/cattle price relationship and three breaks for the pork/hog price relationship are identified. The estimation results further confirm the importance of allowing for structural breaks in the analysis of vertical price relationships.

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    Bibliographic Info

    Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

    Volume (Year): 35 (2010)
    Issue (Month): 2 (August)
    Pages:

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    Handle: RePEc:ags:jlaare:93212

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    Web page: http://waeaonline.org/
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    Related research

    Keywords: farm cattle and hog prices; long-run price relationship; retail beef and pork prices; structural breaks of unknown timing; structural changes; vertical price relationship; Industrial Organization; Livestock Production/Industries;

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    1. Barry K. Goodwin & Matthew T. Holt, 1999. "Price Transmission and Asymmetric Adjustment in the U.S. Beef Sector," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 81(3), pages 630-637.
    2. Martinez, Stephen W., 1999. "Vertical Coordination in the Pork and Broiler Industries: Implications for Pork and Chicken Products," Agricultural Economics Reports, United States Department of Agriculture, Economic Research Service 34031, United States Department of Agriculture, Economic Research Service.
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    Cited by:
    1. Stewart, Hayden & Blayney, Donald P., 2011. "Retail Dairy Prices Fluctuate with the Farm Value of Milk," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 40(2), August.

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