Testing Perfect Spatial Market Integration: An Application to Regional U.S. Cattle Markets

1990 ◽  
Vol 12 (2) ◽  
pp. 173 ◽  
Author(s):  
Barry K. Goodwin ◽  
Ted C. Schroeder
Keyword(s):  
Market Integration ◽  
Cattle Markets

scholarly journals Fed Cattle Market Integration in Mandatory Price Reporting Era

2016 ◽  
Vol 3 (1) ◽  
pp. 348-355
Author(s):  
Kazi Tamim Rahman ◽  
Md. Salauddin Palash
Keyword(s):  
Market Integration ◽  
Market Competition ◽  
Transportation Cost ◽  
Law Of One Price ◽  
Geographical Distance ◽  
Price Series ◽  
Regional Markets ◽  
Cattle Markets ◽  
Cattle Market ◽  
The Relationship

Abstract Spatial market integration ensures price discovery, market efficiency and market competition. Price integration in fed cattle markets is a significant subject of research due to perishable nature of fed cattle, geographical distance between production and consumptions areas, and considerable transportation cost. This study examines United States fed cattle market integration using weekly price series of live steer and heifer for five major fed cattle markets in the era of Livestock Mandatory Price Reporting Act. Results indicate that all markets are cointegrated with sharing a common stochastic trend suggesting the Law of One Price. Causal relationship was found among most of the regional markets in case of steer prices, while the relationship was absent among most of the markets for heifer prices.

scholarly journals Permutation Entropy and Statistical Complexity Analysis of Brazilian Agricultural Commodities

Entropy ◽  
2019 ◽  
Vol 21 (12) ◽  
pp. 1220 ◽  
Author(s):  
Fernando Henrique Antunes de Araujo ◽  
Lucian Bejan ◽  
Osvaldo A. Rosso ◽  
Tatijana Stosic
Keyword(s):  
Market Integration ◽  
Complexity Analysis ◽  
Commodity Prices ◽  
Food Prices ◽  
Permutation Entropy ◽  
Agricultural Commodities ◽  
Agricultural Commodity ◽  
Abrupt Increase ◽  
Statistical Complexity ◽  
Cattle Markets

Agricultural commodities are considered perhaps the most important commodities, as any abrupt increase in food prices has serious consequences on food security and welfare, especially in developing countries. In this work, we analyze predictability of Brazilian agricultural commodity prices during the period after 2007/2008 food crisis. We use information theory based method Complexity/Entropy causality plane (CECP) that was shown to be successful in the analysis of market efficiency and predictability. By estimating information quantifiers permutation entropy and statistical complexity, we associate to each commodity the position in CECP and compare their efficiency (lack of predictability) using the deviation from a random process. Coffee market shows highest efficiency (lowest predictability) while pork market shows lowest efficiency (highest predictability). By analyzing temporal evolution of commodities in the complexity–entropy causality plane, we observe that during the analyzed period (after 2007/2008 crisis) the efficiency of cotton, rice, and cattle markets increases, the soybeans market shows the decrease in efficiency until 2012, followed by the lower predictability and the increase of efficiency, while most commodities (8 out of total 12) exhibit relatively stable efficiency, indicating increased market integration in post-crisis period.

Coevolution of Market Integration and Fairness Norms

PsycCRITIQUES ◽  
2015 ◽  
Vol 60 (4) ◽  
Author(s):  
Chi-Yue Chiu ◽  
Letty Yan-Yee Kwan
Keyword(s):  
Market Integration ◽  
Fairness Norms

Trends of Regional Integration on the Post-Soviet Space: Results of Quantitative Analysis

2010 ◽  
pp. 94-107 ◽  
Author(s):  
E. Vinokurov ◽  
A. Libman
Keyword(s):  
Regional Integration ◽  
Market Integration ◽  
Trade Integration ◽  
Economic Community ◽  
Small Countries ◽  
Economic Interaction ◽  
Leading Position ◽  
Soviet Space ◽  
And Migration ◽  
Post Soviet Space

The paper applies a new dataset of the System of Indicators of Eurasian Integration to evaluate the changes of level and direction of economic interaction of the post-Soviet states in the last decade. It analyzes the integration dynamics in the area of trade and migration as well as on three functional markets of agricultural goods, electricity and educational services. The paper concludes that the level of trade integration on the post-Soviet space continues declining, while there is a rapid increase of the labor market integration. Three largest countries of the Eurasian Economic Community - Russia, Belarus and Kazakhstan - demonstrate positive integration dynamics, but small countries maintain the leading position in the area of post-Soviet integration.

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