Spatial Pricing Efficiency: The Case Of U.S. Long Grain Rice
The spatial rice price relationships for U.S. long grain rough rice are affected by many factors besides the transportation cost between markets, such as milling, processing, cooking and nutritional value as well as physical characteristics. This study applies a time series framework to analyze long run price relationships for Arkansas, Mississippi, Louisiana, Texas and California long grain rice. Johansen's test results showed that at least there are two cointegrating price vectors. However, such a finding is not supported by the ECM model in any of the price series.
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- Harvey, A C, 1976. "Estimating Regression Models with Multiplicative Heteroscedasticity," Econometrica, Econometric Society, vol. 44(3), pages 461-65, May.
- Engle, Robert F, 1982. "Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation," Econometrica, Econometric Society, vol. 50(4), pages 987-1007, July.
- Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
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