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Agricultural commodities are typically produced over an extensive spatial area and are costly to transport relative to their total value. These characteristics yield a complex set of spatial price linkages which are often studied to gain insights into the performance of markets. An extensive...
Persistent link: https://www.econbiz.de/10014024119
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Existing tests of spatial market integration are commonly based on statistical criteria without an explicit link to an economic model of price determination. This article proposes new measures of market integration defined directly in terms of a well-known spatial price determination model and...
Persistent link: https://www.econbiz.de/10014220705