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Spatial Distribution of the International Food Prices: Unexpected Heterogeneity and Randomness

Tiziano Distefano, Guido Chiarotti, Francesco Laio and Luca Ridolfi

Ecological Economics, 2019, vol. 159, issue C, 122-132

Abstract: Global food prices are typically analysed in a time-series framework. We complement this approach by focusing on the spatial price dispersion of the country-pair bilateral trade in the international food trade network (IFTN), for ten relevant commodities. The main purposes are to verify if the Law of One Price (LOP) holds and to investigate the emergence of randomness in the price-formation mechanism.

Keywords: Agricultural markets; International trade; Stochastic process; Price dispersion; Law of one price (search for similar items in EconPapers)
JEL-codes: F12 L15 L66 N50 Q11 Q17 R12 (search for similar items in EconPapers)
Date: 2019
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Handle: RePEc:eee:ecolec:v:159:y:2019:i:c:p:122-132