Asymmetry in Farm‐Retail Price Transmission for Major Dairy Products
用计量模型估计牛奶农场价变化对四种乳制品零售价的影响，发现零售价对农场价上涨的反应比下跌更快更充分，并检验了需求与供给变化在定价非对称中的作用。
Abstract An econometric model is used to estimate the net relationship between changes in the farm‐level price of milk and changes in the retail prices of four major dairy products—fluid milk, butter, cheese, and ice cream. Results indicate that the farm‐retail price transmission process in the dairy sector is asymmetric. Retail dairy product prices adjust more rapidly and more fully to increases in the farm price of milk than to decreases. The role in pricing asymmetry of retail demand versus farm supply shifts is tested via a Chow‐type test. Asymmetry is tested using the Houck procedure for estimating nonreversible functions.