Effects of Alternative Marketing Arrangements on the Spot Market Price Distribution in the U.S. Hog Market
作者： Jong-Jin Kim , Xiaoyong Zheng
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摘要: We propose a model that elucidates the two channels through which alternative marketing arrangements affect spot price in livestock markets. The direct effect works their on demand and supply. indirect volatility, has been ignored literature. then estimate dynamic with data from U.S. hog market to test our implications quantify effects. find increases use of AMAs increase volatility decrease level. short-run effects are small but long-run nontrivial.
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