Price Behavior on a Declining Terminal Market

William G. Tomek

American Journal of Agricultural Economics, 1980, vol. 62, issue 3, 434-444

Abstract: The relationship of prices of choice steers on the Denver terminal market to comparable prices on the Omaha market apparently was influenced by the sharp decline in saleable receipts in Denver. But price effects of the volume of trading were measurable only when the volume in Denver became extremely small in 1967 and 1968. These results are consistent with defining a thin market place by using sampling concepts. Some subtleties of using Chebyschev's inequality to define a thin market are discussed.

Date: 1980
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