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Aggregation over different qualities: Are there generic commodities?

Author

Listed:
  • Atle Guttormsen

    (Researcher, Department of Economics and Social Sciences, Agricultural University of Norway)

  • Sigbjørn TveterÃ¥s

    (Researcher, Centre of Fishery Economics, Norwegian School of Business Administration)

  • Frank Asche

    (Professor, Stavanger University College and Centre for Fisheries Economics, Norwegian School of Economics and Business Administration)

Abstract

Aggregation over goods is always an issue in empirical analysis. However, while the problem of aggregation over different goods often is analysed, little attention has been given to the properties of generic goods such as e.g. coffee, wheat and salmon. Often these generic commodities contain a number of different qualities. In this paper a test for aggregation based on Lewbel's Generalized Composite Commodity Theorem (GCCT) using only price data is used to validate aggregation. We show by using price series for different weight-classes of salmon that the generic term salmon can be used for these products.

Suggested Citation

  • Atle Guttormsen & Sigbjørn TveterÃ¥s & Frank Asche, 2001. "Aggregation over different qualities: Are there generic commodities?," Economics Bulletin, AccessEcon, vol. 3(13), pages 1-6.
    • Handle: RePEc:ebl:ecbull:eb-01c40005
    as

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    References listed on IDEAS

    as
    1. James G. MacKinnon, 2010. "Critical Values For Cointegration Tests," Working Paper 1227, Economics Department, Queen's University.
    2. Lewbel, Arthur, 1996. "Aggregation without Separability: A Generalized Composite Commodity Theorem," American Economic Review, American Economic Association, vol. 86(3), pages 524-543, June.
    3. James G. MacKinnon, 1990. "Critical Values for Cointegration Tests," Working Paper 1227, Economics Department, Queen's University.
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    Cited by:

    1. Lee L. Schulz & Ted C. Schroeder & Tian Xia, 2012. "Studying composite demand using scanner data: the case of ground beef in the US," Agricultural Economics, International Association of Agricultural Economists, vol. 43, pages 49-57, November.
    2. Anders, Q. Nyrud, 2002. "Integration in the Norwegian pulpwood market: domestic prices versus external trade," Journal of Forest Economics, Elsevier, vol. 8(3), pages 213-225.
    3. Mehrotra, Shiv N. & Kant, Shashi, 2009. "Use of composite forest commodity price indices for cointegration analysis," Journal of Forest Economics, Elsevier, vol. 15(4), pages 237-260, December.

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    JEL classification:

    • Q0 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General

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