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Price Discovery: The Case of Millet in Bamako, Mali

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  • David A. Bessler
  • Alpha Kergna

Abstract

Monthly time series data on millet prices from 12 markets in Bamako, Mali are studied in an error correction model. Contemporaneous correlation among innovations from this model are examined using directed acyclic graphs. Results suggest that price information is discovered in the Niarela and Ouolofobougou markets and translated to other local markets via the largest central market, Medine. A 5 CFA franks/kg differential between price in Niarela and price in the other eleven markets is persistent over time and not well-explained. In the long run Niarela is the dominant market, accounting for about two-thirds (66%) of the variation in price in all other markets. Ouolofobougou is important in all markets except Niarela, in the very short run, accounting for almost 50% of the price variation in several markets in contemporaneous time. Its importance shrinks to less than 10% in these markets at the longer horizon. Copyright 2002, Oxford University Press.

Suggested Citation

  • David A. Bessler & Alpha Kergna, 2002. "Price Discovery: The Case of Millet in Bamako, Mali," Journal of African Economies, Centre for the Study of African Economies, vol. 11(4), pages 472-502, December.
    • Handle: RePEc:oup:jafrec:v:11:y:2002:i:4:p:472-502
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    Citations

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    Cited by:

    1. Zohrabyan, Tatevik & Leatham, David J. & Bessler, David A., 2008. "Cointegration Analysis of Regional House Prices in U.S," 2007 Agricultural and Rural Finance Markets in Transition, October 4-5, 2007, St. Louis, Missouri 48138, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.
    2. Stockton, Matthew C. & Feuz, Dillon M., 2009. "The Mad Cow Disease Trade Ban and Changes in the U.S. and Canadian Cull Cow Markets: A DAG Analysis," Journal of Food Distribution Research, Food Distribution Research Society, vol. 40(2), pages 1-14, July.
    3. Bizimana, Jean-Claude & Bessler, David A. & Angerer, Jay P., 2013. "Impact of Market Information System (E-Soko) on Beans Markets Integration: Case of Rwanda," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 142734, Southern Agricultural Economics Association.
    4. Kelly, Valerie A. & Murekezi, Abdoul Karim & Me-Nsope, Nathalie Mongue & Perakis, Sonja Melissa & Mather, David, 2013. "Cereal Market Dynamics: The Malian Experience from the 1990s to Present," Food Security International Development Working Papers 146935, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    5. Kergna, Alpha & Smale, Melinda & Assima, Amidou & Diallo, Abdoulaye & Weltzien, Eva & Rattunde, Fred, 2017. "The potential economic impact of Guinea-race sorghum hybrids in Mali: A comparison of research and development paradigms," African Journal of Agricultural and Resource Economics, African Association of Agricultural Economists, vol. 12(1), March.
    6. Unknown, 2009. "End Material," Journal of Food Distribution Research, Food Distribution Research Society, vol. 40(2), pages 1-1, July.
    7. Vitale, Jeffrey D. & Bessler, David A., 2006. "The 2004 Niger Food Crisis: What Role Can Price Discovery Play in Famine Early Warning Systems?," 2006 Annual meeting, July 23-26, Long Beach, CA 21316, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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