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Causality Among Fed Cattle Market Variables: Directed Acyclic Graphs Analysis Of Captive Supply

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  • Lee, Andrew C.
  • Kim, Man-Keun

Abstract

In quantitative research, direction of causality among the variables is often assumed without a rigorous test. In this study, the directed acyclic graph (DAG) method was used to illuminate causal relationships among fed cattle industry variables, in particular, it was shown that captive supply causes spot market price to change.

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Bibliographic Info

Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2004 Annual meeting, August 1-4, Denver, CO with number 20124.

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Date of creation: 2004
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Handle: RePEc:ags:aaea04:20124

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Keywords: Research Methods/ Statistical Methods;

References

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  1. Parcell, Joseph L. & Schroeder, Ted C. & Dhuyvetter, Kevin C., 1997. "The Effect of Captive Supply Cattle on Live Cattle Basis," 1997 Annual Meeting, July 13-16, 1997, Reno\Sparks, Nevada 35911, Western Agricultural Economics Association.
  2. Hoover, Kevin D., 2003. "Some causal lessons from macroeconomics," Journal of Econometrics, Elsevier, vol. 112(1), pages 121-125, January.
  3. David A. Bessler & Derya G. Akleman, 1998. "Farm Prices, Retail Prices, and Directed Graphs: Results for Pork and Beef," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(5), pages 1144-1149.
  4. David A Bessler & Jian Yang & Metha Wongcharupan, 2003. "Price Dynamics in the International Wheat Market: Modeling with Error Correction and Directed Acyclic Graphs," Journal of Regional Science, Wiley Blackwell, vol. 43(1), pages 1-33.
  5. Søren Johansen & Katarina Juselius, 1992. "Identification of the Long-Run and the Short-Run Structure: An Application to the ISLM Model," Discussion Papers 92-04, University of Copenhagen. Department of Economics.
  6. Swanson, N.R. & Granger, C.W.J., 1994. "Impulse Response Functions Based on Causal Approach to Residual Orthogonalization in Vector Autoregressions," Papers 9-94-1, Pennsylvania State - Department of Economics.
  7. Hayenga, Marvin L. & O'Brien, Daniel, 1992. "Packer Competition, Forward Contracting Price Impacts, and the Relevant Market for Fed Cattle," Staff General Research Papers 11603, Iowa State University, Department of Economics.
  8. Feuz, Dillon M. & Grimes, Glenn & Koontz, Stephen R. & Lawrence, John D. & Purcell, Wayne D. & Schroeder, Ted C. & Ward, Clement E., 2002. "Comments on Economic Impacts of Proposed Legislation to Prohibit Beef and Pork Packer Ownership, Feeding, or Control of Livestock," Staff General Research Papers 10134, Iowa State University, Department of Economics.
  9. Bessler, David A. & Yang, Jian, 2003. "The structure of interdependence in international stock markets," Journal of International Money and Finance, Elsevier, vol. 22(2), pages 261-287, April.
  10. Hayenga, Marvin L. & Koontz, Stephen R. & Schroeder, Ted C., 1996. "Definition of Regional Cattle Procurement Markets," Staff General Research Papers 10562, Iowa State University, Department of Economics.
  11. Johansen, Søren & Juselius, Katarina, 1992. "Testing structural hypotheses in a multivariate cointegration analysis of the PPP and the UIP for UK," Journal of Econometrics, Elsevier, vol. 53(1-3), pages 211-244.
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