Distinguishing between Equilibrium and Integration in Spatial Price Analysis
提出一种基于最大似然估计的混合分布模型，利用价格、转移成本和贸易流数据，区分市场整合与竞争均衡，并导出可交易性等直观指标，应用于太平洋沿岸经济体豆粕贸易。
Abstract This article introduces a new spatial price analysis methodology based on maximum likelihood estimation of a mixture distribution model incorporating price, transfer cost, and trade flow data. This method permits differentiation between market integration and competitive market equilibrium and derivation of intuitive measures of intermarket tradability, competitive market equilibrium, perfect integration, segmented equilibrium, and segmented disequilibrium. One can also use these estimates to derive semiparametric measures of time‐varying regime probabilities to track changing market conditions. An application to trade in soybean meal among Pacific Rim economies demonstrates the usefulness of the method.