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Wiley InterScience | |||||||||||
  American Journal of Agricultural EconomicsVolume 84 Issue 2, Pages 292 - 307 Published Online: 7 Jan 2003 © 2009 Agricultural and Applied Economics Association
Abstract | Full Text: PDF (Size: 193K) | Related Articles | Citation Tracking  Distinguishing between Equilibrium and Integration in Spatial Price Analysis Copyright 2002 American Agricultural Economics Association KEYWORDS international trade • law of one price • market integration • spatial equilibrium ABSTRACTThis article introduces a new spatial price analysis methodology based on maximum likelihood estimation of a mixture distribution model incorporating price, transfer cost, and trade flow data. This method permits differentiation between market integration and competitive market equilibrium and derivation of intuitive measures of intermarket tradability, competitive market equilibrium, perfect integration, segmented equilibrium, and segmented disequilibrium. One can also use these estimates to derive semiparametric measures of time-varying regime probabilities to track changing market conditions. An application to trade in soybean meal among Pacific Rim economies demonstrates the usefulness of the method.
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