Asymmetric Price Transmission: A Case Study of the French Hake Value Chain
Asymmetric Price Transmission: A Case Study of the French Hake Value Chain
复制标题
不对称价格传导：法国无须鳕价值链案例研究
DOI：
10.1086/mre.19.4.42629450
复制
发表时间：
2004
影响因子：
2.9
通讯作者：
S. Jaffry
中科院分区：
文献类型：
--
作者：
S. Jaffry
价格传导的不对称性最近在食品文献中引起了广泛关注，但迄今为止，这一重要问题在鱼类和鱼类产品市场研究中被忽视。本文试图填补这一空白，从而使渔业市场文献更接近于一般食品文献。为此，一个不对称的误差修正价格传递模型已估计为整个新鲜的法国鳕鱼价值链。本文使用Engle和格兰杰两步法、Enders和格兰杰门限自回归（TAR）和动量自回归（M-TAR）方法检验拍卖价格和零售价格之间的协整关系。结果提出了明确的证据，在整个鳕鱼价值链的不对称的价格传导，对称调整的假设在这一部门产生误导和偏见的结果。零售商的价格反应行为被认为是一致的不对称的价格传递：零售商立即响应拍卖价格的积极变化，向上调整他们的价格，但他们没有迅速作出反应，以降低拍卖价格。这些发现对研究鱼和鱼产品价值链上的利润沿着有着深远的影响。如果忽略价值链不同层次价格传导的不对称性，利润率的计算就会有偏差。
Asymmetry in price transmission has recently attracted much attention in the food literature, but hitherto this important issue has been overlooked in fish and fish product market studies. This paper seeks to fill this gap, and thus takes the fisheries market literature closer to the general food literature. To this end, an asymmetric error correction price transmission model has been estimated for the whole fresh French hake value chain. This paper tests for cointegration between auction and retail prices using the Engle and Granger two-step method, and the Enders and Granger Threshold Autoregression (TAR) and Momentum Autoregression (M-TAR) methodologies. The results present clear evidence of asymmetric price transmission in the whole hake value chain and that the assumption of symmetric adjustment in this sector produces misleading and biased results. The price response behaviour of retailers is found to be consistent with asymmetric price transmission: retailers immediately respond to positive changes in auction prices by adjusting their prices upward, but they do not react as quickly to falling auction prices. These findings have profound implications for studying margins along the value chain of fish and fish products. By ignoring the asymmetry in price transmission at different levels of the value chain, calculations of margins will be biased.