The Analysis of Price Integration: New Methodologies for Domestic Commodity Markets

Theodosios Palaskas

Chapter 10 in Agricultural Markets from Theory to Practice, 1999, pp 218-243 from Palgrave Macmillan

Abstract: Abstract The concept of market price efficiency1 has been widely applied in domestic commodity markets (see Gilbert, 1969; Illori, 1968; Cummings, 1967; Lele, 1967, 1971; Jones, 1972, for example). This approach, given the number of the inferential dangers that it presents, because of their static specifications resulting in autocorrelated residuals and consequently in inefficient estimators, has been criticised strongly in the literature on market performance in rural areas by Blyn, 1973; Harriss, 1979; Heytens, 1986; Ravallion, 1983, 1986; and Timmer, 1984.

Keywords: Central Market; Market Efficiency; Error Correction Model; Market Integration; Price Series (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1007/978-1-349-27273-0_10

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