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Market Integration, Efficiency of Arbitrage, and Imperfect Competition: Methodology and Application to U.S. Celery

Author

Listed:
  • Sexton, Richard J.
  • Kling, Catherine L.
  • Carman, Hoy F.

Abstract

This paper develops and applies a methodology to test for efficiency in interregional commodity arbitrage. The methodology is empirically manifest as a switching regression model with three regimes: efficient arbitrage, relative shortage, and relative glut. Results from application of the model to U.S. celery marketing indicate significant departures from efficient arbitrage for both California and Florida celery.

Suggested Citation

  • Sexton, Richard J. & Kling, Catherine L. & Carman, Hoy F., 1990. "Market Integration, Efficiency of Arbitrage, and Imperfect Competition: Methodology and Application to U.S. Celery," 1990 Annual meeting, August 5-8, Vancouver, Canada 270897, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  • Handle: RePEc:ags:aaea90:270897
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