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A Cross-Spectral Approach To Measuring Pricing Efficiency In The New South Wales Pigmeat Market

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  • Griffith, Garry R.

Abstract

This paper is concerned with determining the nature of and the relationships between movements in a number of New South Wales pig and pork price series. Spectral and cross-spectral methods are applied to some ten series differentiated by type of pig and market level. Results indicate that over the long term there are in general strong correlations between the various price pairings examined, but that in the shorter-run, price changes are not well reflected throughout the pig market. The role of imperfect information is noted as a major contributor to this observed short-run price independence.

Suggested Citation

  • Griffith, Garry R., 1975. "A Cross-Spectral Approach To Measuring Pricing Efficiency In The New South Wales Pigmeat Market," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 43(04), pages 1-21, December.
    • Handle: RePEc:ags:remaae:9147
    DOI: 10.22004/ag.econ.9147
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    References listed on IDEAS

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    1. Thomas T. Stout & Richard L. Feltner, 1962. "A Note on Spatial Pricing Accuracy and Price Relationships in the Market for Slaughter Hogs," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 44(1), pages 213-219.
    2. Joseph S. Weiss, 1970. "A Spectral Analysis of World Cocoa Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 52(1), pages 122-126.
    3. Griffith, G. R. & Whitelaw, R. A., 1975. "Sydney Meat Marketing Margins: January 1971 to June 1974," Archive 260383, New South Wales Department of Primary Industries Research Economists.
    4. Janet R. Hill, 1968. "The Capacity Of The N.S.W. Pig Market To Absorb Possible Increases In North Coast Pig Production," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 12(2), pages 35-41, December.
    5. Griffith, Garry R., 1974. "Sydney Meat Marketing Margins - An Econometric Analysis," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 42(04), pages 1-17, December.
    6. Bohall, Robert W., 1972. "Pricing Performance in Marketing Fresh Winter Carrots," Marketing Research Reports 313720, United States Department of Agriculture, Agricultural Marketing Service, Transportation and Marketing Program.
    7. D. J. Jüttner & G. M. Madden & R. H. Tuckwell, 1975. "Time Series Analysis of the Term Structure of Australian Interest Rates," The Economic Record, The Economic Society of Australia, vol. 51(1), pages 19-30, March.
    8. Ikerd, John E., 1973. "Spatial Price Differences During Market Trade Transitions," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 5(2), pages 1-5, December.
    9. A. Parikh, 1971. "Study On Coffee Pricesa Spectral Approach," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 19(3), pages 15-25, November.
    10. repec:bla:ecorec:v:51:y:1975:i:133:p:19-30 is not listed on IDEAS
    11. Thomas T. Stout, 1961. "Spatial Pricing Accuracy and Price Relationships in the Market for Slaughter Hogs," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 43(5), pages 1412-1413.
    12. Hunt, B.F., 1974. "Short Run Price Cycles In The Sydney Wool Futures Market," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 18(2), pages 1-11, August.
    13. Trierweiler, John E. & Hassler, James B., 1971. "Measuring Efficiency in the Beef-Pork Sector by Price Analysis," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 23(1), pages 1-8, January.
    14. Hiram C. Barksdale & Jimmy E. Hilliard & Mikael C. Ahlund, 1975. "A Cross-Spectral Analysis of Beef Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 57(2), pages 309-315.
    15. B.F. Hunt, 1974. "Short Run Price Cycles In The Sydney Wool Futures Market," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 18(2), pages 133-143, August.
    16. Hause, John C, 1971. "Spectral Analysis and the Detection of Lead-Lag Relations," American Economic Review, American Economic Association, vol. 61(1), pages 213-217, March.
    17. Rogers, George B., 1970. "Pricing Systems and Agricultural Marketing Research," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 22(1), pages 1-11, January.
    18. Ikerd, John E., 1973. "Spatial Price Differences During Market Trade Transitions," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 5(2), pages 51-55, December.
    19. Gordon C. Rausser & Thomas F. Cargill, 1970. "The Existence of Broiler Cycles: An Application of Spectral Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 52(1), pages 109-121.
    20. Bohall, Robert W., 1972. "Pricing Performance in Marketing Fresh Winter Tomatoes," Marketing Research Reports 313726, United States Department of Agriculture, Agricultural Marketing Service, Transportation and Marketing Program.
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    Cited by:

    1. Griffith, Garry R., 1977. "A Note On The Pig Cycle In Australia," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 21(2), pages 1-10, August.
    2. Edgar E. Twine & James Rude & Jim Unterschultz, 2016. "Canadian Cattle Cycles and Market Shocks," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 64(1), pages 119-146, March.

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    Keywords

    Demand and Price Analysis;

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