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Spatial Price Dynamics in U.S. Regional Broiler Markets

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  • Awokuse, Titus O.
  • Bernard, John C.

Abstract

The U.S. broiler industry is highly vertically integrated and increasingly concentrated in the number of firms and production areas. These structural elements could have implications for performance and the functioning of the law of one price (LOP) across regions. This article investigates this using data on four regional markets. Cointegration results indicate that regional prices are spatially linked in the long run, but pairwise cointegration was not found, suggesting that the LOP does not hold. Causality tests confirm the relative importance of price shocks from the South. This finding is reflective of price coordination by firms with production in multiple regions.

Suggested Citation

  • Awokuse, Titus O. & Bernard, John C., 2007. "Spatial Price Dynamics in U.S. Regional Broiler Markets," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 39(3), pages 1-10, December.
    • Handle: RePEc:ags:joaaec:6324
    DOI: 10.22004/ag.econ.6324
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    Cited by:

    1. Murali, P. & Sendhil, R. & Prathap, D. Puthira & Venkatasubrmanian, V. & Bakshi Ram, B.R., 2018. "Decontrolling, Price Transmission and Market Integration of Sugar Sector in India vis-a-vis Global market - A cointegration Analysis," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 277212, International Association of Agricultural Economists.
    2. Madhusudan Ghosh, 2010. "Spatial Price Linkages in Regional Food Grain Markets in India," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 4(4), pages 495-516, November.
    3. Madhusudan Ghosh, 2011. "Agricultural Policy Reforms And Spatial Integration Of Food Grain Markets In India," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 36(2), pages 15-37, June.

    More about this item

    Keywords

    Livestock Production/Industries; Marketing;

    JEL classification:

    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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