A Heteroskedastic Multivariate Tobit Analysis of Price Dynamics in the Presence of Price Floors
用动态多元Tobit模型分析政府价格支持计划对多市场价格动态和波动的影响，并以美国乳制品市场为例，为政策制定者和市场分析师提供参考。
This article presents an econometric analysis of the effects of price floors on price dynamics and price volatility in a multimarket context. We investigate the implications of a government price‐support program providing a censoring mechanism to the price determination process. The analysis uses a dynamic multivariate Tobit model under time‐varying volatility. The model is applied to the U.S. dairy markets with a special focus on the effects of government price‐support programs in a period of market liberalization. The econometric analysis provides useful information on the multimarket effects of price supports on price dynamics and price volatility.