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Market Structure And Spatial Price Dynamics

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Author Info

  • Brorsen, B. Wade
  • Chavas, Jean-Paul
  • Grant, Warren R.

Abstract

A method was developed with time series models to test hypotheses about the relationship between market structure and spatial price dynamics. Long-run dynamic multipliers measuring the magnitude of lagged adjustments for spatial milled rice prices were calculated from the time series model and used as the dependent variable in a regression model that included a number of factors expected to influence price determination. Results show that price adjustments were slower as regional submarket concentration increased and were faster in the regions with a higher market share. Arkansas, the state with the largest market share, was consistently a price leader

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File URL: http://purl.umn.edu/30057
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Bibliographic Info

Article provided by Southern Agricultural Economics Association in its journal Southern Journal of Agricultural Economics.

Volume (Year): 23 (1991)
Issue (Month): 02 (December)
Pages:

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Handle: RePEc:ags:sojoae:30057

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Web page: http://www.saea.org/jaae/jaae.htm
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Related research

Keywords: Demand and Price Analysis; Industrial Organization;

References

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  1. GINSBURGH, Victor & MICHEL, Philippe, . "Adjustment costs, concentration and price behaviour," CORE Discussion Papers RP -849, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Bedrossian, Arakel & Moschos, Demetrios, 1988. "Industrial Structure, Concentration and the Speed of Price Adjustment," Journal of Industrial Economics, Wiley Blackwell, vol. 36(4), pages 459-76, June.
  3. Dennis W. Carlton, 1987. "The Rigidity of Prices," NBER Working Papers 1813, National Bureau of Economic Research, Inc.
  4. Geweke, John, 1984. "Inference and causality in economic time series models," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 2, chapter 19, pages 1101-1144 Elsevier.
  5. Schroeder, Ted C. & Goodwin, Barry K., 1990. "Regional Fed Cattle Price Dynamics," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 15(01), July.
  6. Brorsen, B Wade & Chavas, Jean-Paul & Grant, Warren R, 1985. "A Dynamic Analysis of Prices in the U.S. Rice Marketing Channel," Journal of Business & Economic Statistics, American Statistical Association, vol. 3(4), pages 362-69, October.
  7. Dixon, R J, 1983. "Industry Structure and the Speed of Price Adjustment," Journal of Industrial Economics, Wiley Blackwell, vol. 32(1), pages 25-37, September.
  8. Danthine, Jean-Pierre, 1977. "Martingale, market efficiency and commodity prices," European Economic Review, Elsevier, vol. 10(1), pages 1-17.
  9. Saxonhouse, Gary R, 1977. "Regressions from Samples Having Different Characteristics," The Review of Economics and Statistics, MIT Press, vol. 59(2), pages 234-37, May.
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Cited by:
  1. Schwartz, Lisa A. & Willett, Lois Schertz, 1994. "Price Transmission Theory And Applications To Agroindustry: An Annotated Bibliography," Research Bulletins 123003, Cornell University, Department of Applied Economics and Management.

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