Since the seminal work of Adam Smith, markets have been considered an efficienttool for co-ordinating the behaviour of economic agents. The basic characteristicof a market economy is that the complex system of interaction amongindividuals is not centrally coordinated. Under the assumption of...

In recent years increasing number of contractual arrangements in food chains are observed. There areseveral reasons for this phenomenon. Improving food quality often requires significant specific investments. Givenhigh asset specificity, investors find it difficult to appropriate the returns on...

In this paper we test the retail milk price integration between two countries, Poland and Hungary. Conventional linear cointegration methods do not reveal any relationship between the two prices, therefore we apply Gonzalo and Pitakaris (2006) method to test the linear cointegration null against...

Most of the studies based on the New Empirical Industrial Organization (NEIO) approach use the industry data to estimate the degree of market power at the national level. Yet, only a few empirical studies presented the results that measure the degree of market power at the regional level and...

One of the most important targets ofthe Common Agricultural Policy (CAP) is to facilitatethe spatial integration of agricultural markets within theindividual member states as well as within the Community.On a spatially integrated market, price informationshould freely flow between member states....

Agricultural production is spread all over Turkey and the considerably differentclimatic and topographical conditions among the provinces lead to highly diversified agricultural production. Thus, is it reasonable to assume an integrated marketall over Turkey? This paper analyzes the spatial...

A time series model is estimated to identify the interrelation among prices on the international and the EU domestic market for butter. Although the findings were not derived from a causal model, the inspection of the data provides economically reasonable and important insights in structural...

Der Forschungsschwerpunkt der vorliegenden Arbeit liegt in der empirischen Untersuchung der Nachfragemacht der ukrainischen Milchverarbeitungsindustrie nach Rohmilch. Für die ökonometrische Analyse der Preisbildung auf dem ukrainischen Markt für Rohmilch wurde ein sektorales...

The paper focus on the time adjustment paths of the exchange rate and agricultural producer and industrial prices in response to unanticipated monetary shocks following model developed by Saghaian et al. (2002). We employ Johansen’s cointegration test along with a vector error correction model...

Modern theories of sales make conflicting predictions about the temporal pattern of sales, which we test using retail chain level data. In this paper, we focus on the retail sale patterns of two retail milk prices in a New Member State (NMS), Hungary using weekly data across eight retail chain...