Effects of the structural change on transaction costs between North America natural gas spot markets
Kannika Duangnate and
James W. Mjelde
Applied Economics, 2017, vol. 49, issue 7, 650-663
Threshold cointegration between market pairs before and after the potential structural break associated with the shale gas revolution is examined. Pairwise transaction costs differ between the pre- and post-break periods. During the post-break period, five of seven pairwise transaction costs decrease, while the remaining two pair-wise transaction costs increase relative to the pre-break period. Alterations in natural gas flows as the result of the shale gas revolution partially explain the changes in transaction costs.
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