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Vertical price transmission between market operators in Hungarian agricultural product chains

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  • Varga, Tibor
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    Abstract

    Price transmission studies related to the cointegration of price time series are a suitable means for studying market dominance at the various market levels in the food product chains. For this study a price transmission asymmetry study was carried out for 18 commercial food product chains. In this study a monthly price time series was used for the period 2001 to 2005. It was found that there is significant product variation in market dominance which spans the entire industry. However, the variation is not significantly linked to either sectors or vertical levels. At times it is unstable and can easily tilt toward the vertical partner level. Depending on price changes, it can also vary, which, in turn, reflects changes in weather conditions. Following a radical change in prices, there is almost never enough time to achieve full price restoration before the onset of another price shock. The fact that prices are not fully restored may partly explain the continuing value divergence of agricultural prices.

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    File URL: http://purl.umn.edu/47014
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    Bibliographic Info

    Article provided by Research Institute for Agricultural Economics in its journal Studies in Agricultural Economics.

    Volume (Year): (2007)
    Issue (Month): 106 (July)
    Pages:

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    Handle: RePEc:ags:stagec:47014

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    Related research

    Keywords: price transmission; cointegration; market power; food product chain; Hungary; Demand and Price Analysis; Marketing;

    References

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    1. Tóth, József & Popovics, Péter András, 2006. "Az ártranszmisszió és az árak aszimmetrikus alakulása Magyarország tejvertikumában
      [Price transmission and asymmetric price development in the vertical structure]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 349-364.
    2. Tóth, József, 2003. "Aszimmetrikus árhatások az osztrák húsiparban - hazai tanulságokkal
      [Asymmetric price effects in the Austrian meat industry—lessons for this country]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 370-380.
    3. Theodosios B. Palaskas, 1995. "Statistical Analysis Of Price Transmission In The European Union," Journal of Agricultural Economics, Wiley Blackwell, vol. 46(1), pages 61-69.
    4. Bakucs, Lajos Zoltan & Ferto, Imre, 2008. "Price transmission on the Hungarian milk market," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 44175, European Association of Agricultural Economists.
    5. Colman, David, 1985. "Imperfect Transmission of Policy Prices," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 12(3), pages 171-86.
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