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Market Power and Relative Price Adjustment: Evidence from the UK

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  • Morgan, C. Wyn
  • McCorriston, Steve
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    Abstract

    Empirical studies of price transmission often suggest that imperfect pass-through may be due to market power exerted by food retailers. However, these econometric studies essentially lack any formal basis for tying the role of market power with data comprising of retail and producer prices only. We show that if market power has an effect on the farm-retail margin, this determines the specification of the cointegrating relationship. To emphasise the relevance of the tests, we focus on results relating the UK beef sector and show that market power is likely to have played a role in determining the retail-farm price margin.

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    File URL: http://purl.umn.edu/24485
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    Bibliographic Info

    Paper provided by European Association of Agricultural Economists in its series 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark with number 24485.

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    Date of creation: 2005
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    Handle: RePEc:ags:eaae05:24485

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    Related research

    Keywords: price adjustment; market power; Demand and Price Analysis; Q11; L13;

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    1. Anthony Garratt & Kevin Lee & M. Hashem Pesaran & Yongcheol Shin, 2003. "A Long run structural macroeconometric model of the UK," Economic Journal, Royal Economic Society, vol. 113(487), pages 412-455, 04.
    2. Perron, P., 1994. "Further Evidence on Breaking Trend Functions in Macroeconomic Variables," Cahiers de recherche 9421, Universite de Montreal, Departement de sciences economiques.
    3. James G. MacKinnon, 2010. "Critical Values for Cointegration Tests," Working Papers 1227, Queen's University, Department of Economics.
    4. Bent Nielsen & Soren Johansen and Rocco Mosconi, 2000. "Cointegration analysis in the presence of structural breaks in the deterministic trend," Economics Series Working Papers 2000-W22, University of Oxford, Department of Economics.
    5. Lutkepohl, Helmut & Reimers, Hans-Eggert, 1992. "Impulse response analysis of cointegrated systems," Journal of Economic Dynamics and Control, Elsevier, vol. 16(1), pages 53-78, January.
    6. Koop, Gary & Pesaran, M. Hashem & Potter, Simon M., 1996. "Impulse response analysis in nonlinear multivariate models," Journal of Econometrics, Elsevier, vol. 74(1), pages 119-147, September.
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