Asymmetry in farm-retail price transmission in the Turkish fluid milk market

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Date

2014

Authors

Bor,Ö.
Smihan,M.
Bayaner,A.

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Bononia University Press

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Economics
(1997)
Founded in 1997, the Department of Economics is among the founding departments of our University. The Department offers two extensive undergraduate programs, either in English or in Turkish. Our undergraduate programs are catered to developing our students’ skills of analytical thinking, and to practical education. In this regard, the Social Sciences Research and Training Laboratory, founded under the guidance of our department, offers hands-on training to our own students, students and academicians from other universities, and public institutions. Our Department also offers a Graduate Degree Program in Applied Economy and a Doctorate Degree Program in Political Economy for graduates of undergraduate and graduate degree programs.

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Abstract

This study investigates the price asymmetry in farm-retail price transmission in the Turkish fluid milk market. An asymmetric error correction model is applied on the monthly price data, and the results suggest that there is a positive price asymmetry in the farm-retail price transmission in the Turkish milk market. That is, the retail prices tend to adjust more quickly to the input price increases than to their decreases which yield welfare losses to the consumers. In addition, cointegration results imply that there is a significant market power in the Turkish fluid milk market. Therefore, the results of this paper support the view that retailers (as well as processors) can exercise significant market power as highlighted by asymmetric price responses in the Turkish milk market.

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Keywords

Error Correction Model, Milk, Price asymmetry, Retail prices, Turkey

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Citation

12

WoS Q

Q3

Scopus Q

Q3

Source

New Medit

Volume

13

Issue

2

Start Page

2

End Page

8

URI

https://hdl.handle.net/20.500.14411/9411

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Scopus