PRICE TRANSMISSION IN THE UNITED KINGDOM YELLOW FATS MARKET IN THE PRESENCE OF IMPERFECT COMPETITION
研究了英国黄油、人造黄油等黄色油脂市场中，加工商和零售商利用市场势力将黄油价格变化传导至人造黄油价格，导致低估共同农业政策改革效果的现象。
The yellow fats sector comprises butter, margarine and a number of newer dairy‐and low‐fat spreads. In analysing the transmission of policy prices (e.g. the intervention price of butter) in this sector, which is characterised by concentrated processors and retailers, it is unrealistic to assume that marketing margins are competitively determined. The empirical estimates in this paper suggest that, since the mid‐1980s, processors and retailers of margarine take into account the price of butter when setting margarine prices, which they can only do if they possess market power. This implies that the benefits of CAP reform (in the form of lower butter prices) may be seriously underestimated if the resulting fall in margarine prices is ignored; the increase in butter consumption would be overestimated.