Aggregation over different qualities: Are there generic commodities?
AbstractAggregation over goods is always an issue in empirical analysis. However, while the problem of aggregation over different goods often is analysed, little attention has been given to the properties of generic goods such as e.g. coffee, wheat and salmon. Often these generic commodities contain a number of different qualities. In this paper a test for aggregation based on Lewbel's Generalized Composite Commodity Theorem (GCCT) using only price data is used to validate aggregation. We show by using price series for different weight-classes of salmon that the generic term salmon can be used for these products.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 3 (2001)
Issue (Month): 13 ()
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Find related papers by JEL classification:
- Q0 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General
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- Lewbel, Arthur, 1996. "Aggregation without Separability: A Generalized Composite Commodity Theorem," American Economic Review, American Economic Association, American Economic Association, vol. 86(3), pages 524-43, June.
- Anders, Q. Nyrud, 2002. "Integration in the Norwegian pulpwood market: domestic prices versus external trade," Journal of Forest Economics, Elsevier, Elsevier, vol. 8(3), pages 213-225.
- Mehrotra, Shiv N. & Kant, Shashi, 2009. "Use of composite forest commodity price indices for cointegration analysis," Journal of Forest Economics, Elsevier, Elsevier, vol. 15(4), pages 237-260, December.
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