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The identification of market exogeneity and market dominance by tests instead of assumption: An application to Indian material

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  • Theodosios B. Palaskas

    (International Development Centre, Queen Elizabeth House, University of Oxford, 21 St Giles, Oxford, OX1 3LA)

  • Barbara Harriss-White

    (International Development Centre, Queen Elizabeth House, University of Oxford, 21 St Giles, Oxford, OX1 3LA)

Abstract

It is normally the case in research on market price to identify the central market either by looking at population data, the volume and directions of flows of commodities, and by identifying nodes on transport networks or by spotting it as the physical centre of regulatory intervention. This however may not be the most safe way to proceed if the geographical flows of a commodity among the domestic markets do not provide strong evidence about the spatial direction of price causation. In the present paper the central market is defined in terms of dominance and exogeneity and a series of tests are provided to help to define and distinguish an exogeneous and dominant (central) market among the marketplace price series. The tests are applied to three crop markets and to three market places in India. The results strongly suggest that it is possible to identify the central market by testing instead of simply by making a more or less empirically justified assumption.

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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 8 (1996)
Issue (Month): 1 ()
Pages: 111-123

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Handle: RePEc:wly:jintdv:v:8:y:1996:i:1:p:111-123

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Web page: http://www3.interscience.wiley.com/journal/5102/home

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  1. Heytens, Paul J., 1986. "Testing Market Integration," Food Research Institute Studies, Stanford University, Food Research Institute, Stanford University, Food Research Institute, issue 01.
  2. Timmer, C. Peter, 1974. "A Model of Rice Marketing Margins in Indonesia," Food Research Institute Studies, Stanford University, Food Research Institute, Stanford University, Food Research Institute, issue 02.
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Cited by:
  1. Reardon, Thomas & Minten, Bart, 2011. "The quiet revolution in India's food supply chains:," IFPRI discussion papers, International Food Policy Research Institute (IFPRI) 1115, International Food Policy Research Institute (IFPRI).
  2. P. J. Dawson & P. K. Dey, 2002. "Testing for the law of one price: rice market integration in Bangladesh," Journal of International Development, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 14(4), pages 473-484.
  3. Minten, Bart & Vandeplas, Anneleen & Swinnen, Johan F.M., 2011. "The broken broker system?: Transacting on agricultural wholesale markets in India (Uttarakhand)," IFPRI discussion papers, International Food Policy Research Institute (IFPRI) 1143, International Food Policy Research Institute (IFPRI).
  4. T. B. Palaskas & Barbara Harriss-White & Trevor Crowe, 1997. "POLICY ARENA The evolution of local market commodity price behaviour in South India, 1972-92," Journal of International Development, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 9(1), pages 101-115.
  5. Minten, Bart & Reardon, Thomas & Vandeplas, Anneleen, 2009. "Linking urban consumers and rural farmers in India: A comparison of traditional and modern food supply chains," IFPRI discussion papers, International Food Policy Research Institute (IFPRI) 883, International Food Policy Research Institute (IFPRI).
  6. Bart Minten & Anneleen Vandeplas & Johan F.M.Swinnen, 2011. "Regulations, brokers, and interlinkages: The institutional organization of wholesale markets in India," LICOS Discussion Papers, LICOS - Centre for Institutions and Economic Performance, KU Leuven 28811, LICOS - Centre for Institutions and Economic Performance, KU Leuven.

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