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Vertical price dependence structures: copula-based evidence from the beef supply chain in the USA


  • Christos J. Emmanouilides
  • Panos Fousekis


The objective of this paper is to assess the degree and the structure of price dependence along the beef supply chain in the USA. This is pursued using the statistical tool of copulas, and monthly rates of price changes over the period 2000–2013. The analysis considers two pairs of markets, namely the pair farm–wholesale and the pair wholesale–retail. It turned out that price co-movement for the pair farm–wholesale is relatively strong and it is described with the Gumbel–Clayton copula, while that for the pair wholesale–retail is rather weak and it is described by the Gumbel copula. The empirical findings point to the existence of price transmission asymmetry, which is much more important for the pair wholesale–retail.

Suggested Citation

  • Christos J. Emmanouilides & Panos Fousekis, 2015. "Vertical price dependence structures: copula-based evidence from the beef supply chain in the USA," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 42(1), pages 77-97.
  • Handle: RePEc:oup:erevae:v:42:y:2015:i:1:p:77-97.

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    Cited by:

    1. Panagiotou, Dimitrios & Stavrakoudis, Athanassios, 2017. "Vertical price relationships between different cuts and quality grades in the U.S. beef marketing channel: A wholesale-retail analysis," The Journal of Economic Asymmetries, Elsevier, vol. 16(C), pages 53-63.
    2. Fousekis, Panos & Katrakilidis, Constantinos & Trachanas, Emmanouil, 2016. "Vertical price transmission in the US beef sector: Evidence from the nonlinear ARDL model," Economic Modelling, Elsevier, vol. 52(PB), pages 499-506.
    3. Stavrakoudis, Athanassios & Panagiotou, Dimitrios, 2016. "Price dependence between coffee qualities: a copula model to evaluate asymmetric responses," MPRA Paper 75994, University Library of Munich, Germany.
    4. Bousebata, Meryem & Enjolras, Geoffroy & Girard, Stéphane, 2020. "The dependence structure between yields and prices: A copula-based model of French farm income," 2020 Annual Meeting, July 26-28, Kansas City, Missouri 304313, Agricultural and Applied Economics Association.
    5. Stavrakoudis, Athanassios & Panagiotou, Dimitrios, 2016. "Price dependence and asymmetric responses between coffee varieties," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 17(2), June.
    6. Fousekis, Panos & Grigoriadis, Vasilis, 2016. "Spatial price dependence by time scale: Empirical evidence from the international butter markets," Economic Modelling, Elsevier, vol. 54(C), pages 195-204.
    7. Panagiotou Dimitrios & Stavrakoudis Athanassios, 2016. "Price Dependence between Different Beef Cuts and Quality Grades: A Copula Approach at the Retail Level for the U.S. Beef Industry," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 14(1), pages 121-131, May.
    8. Stephan von Cramon-Taubadel, 2017. "The analysis of market integration and price transmission – results and implications in an African context," Agrekon, Taylor & Francis Journals, vol. 56(2), pages 83-96, April.

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