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Market Structure And Spatial Price Dynamics

Author

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  • Brorsen, B. Wade
  • Chavas, Jean-Paul
  • Grant, Warren R.

Abstract

A method was developed with time series models to test hypotheses about the relationship between market structure and spatial price dynamics. Long-run dynamic multipliers measuring the magnitude of lagged adjustments for spatial milled rice prices were calculated from the time series model and used as the dependent variable in a regression model that included a number of factors expected to influence price determination. Results show that price adjustments were slower as regional submarket concentration increased and were faster in the regions with a higher market share. Arkansas, the state with the largest market share, was consistently a price leader

Suggested Citation

  • Brorsen, B. Wade & Chavas, Jean-Paul & Grant, Warren R., 1991. "Market Structure And Spatial Price Dynamics," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 23(02), December.
  • Handle: RePEc:ags:sojoae:30057
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    File URL: http://purl.umn.edu/30057
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    References listed on IDEAS

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    1. Ginsburgh, Victor & Michel, Philippe, 1988. "Adjustment Costs, Concentration and Price Behaviour," Journal of Industrial Economics, Wiley Blackwell, vol. 36(4), pages 477-481, June.
    2. John Spriggs & Michael Kaylen & David Bessler, 1982. "The Lead-Lag Relationship between Canadian and U.S. Wheat Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 64(3), pages 569-572.
    3. Brorsen, B Wade & Chavas, Jean-Paul & Grant, Warren R, 1985. "A Dynamic Analysis of Prices in the U.S. Rice Marketing Channel," Journal of Business & Economic Statistics, American Statistical Association, vol. 3(4), pages 362-369, October.
    4. Schroeder, Ted C. & Goodwin, Barry K., 1990. "Regional Fed Cattle Price Dynamics," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 15(01), July.
    5. Saxonhouse, Gary R, 1977. "Regressions from Samples Having Different Characteristics," The Review of Economics and Statistics, MIT Press, vol. 59(2), pages 234-237, May.
    6. Carlton, Dennis W, 1986. "The Rigidity of Prices," American Economic Review, American Economic Association, vol. 76(4), pages 637-658, September.
    7. Geweke, John, 1984. "Inference and causality in economic time series models," Handbook of Econometrics,in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 2, chapter 19, pages 1101-1144 Elsevier.
    8. Dixon, R J, 1983. "Industry Structure and the Speed of Price Adjustment," Journal of Industrial Economics, Wiley Blackwell, vol. 32(1), pages 25-37, September.
    9. Bedrossian, Arakel & Moschos, Demetrios, 1988. "Industrial Structure, Concentration and the Speed of Price Adjustment," Journal of Industrial Economics, Wiley Blackwell, vol. 36(4), pages 459-476, June.
    10. Danthine, Jean-Pierre, 1977. "Martingale, market efficiency and commodity prices," European Economic Review, Elsevier, vol. 10(1), pages 1-17.
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    Cited by:

    1. Schwartz, Lisa A. & Willett, Lois Schertz, 1994. "Price Transmission Theory And Applications To Agroindustry: An Annotated Bibliography," Research Bulletins 123003, Cornell University, Department of Applied Economics and Management.

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