Estimating the Degree of Market Integration
提出基于空间价格决定模型的市场整合新度量，并用间接推断法估计模型参数，通过模拟数据和美巴欧大豆价格数据验证方法有效性。
Abstract Existing tests of spatial market integration are commonly based on statistical criteria without an explicit link to an economic model of price determination. This article proposes new measures of market integration defined directly in terms of a well‐known spatial price determination model and develops an econometric methodology for estimating these measures. Due to the intractability of the conditional density function of prices, we use indirect inference to estimate the model parameters and market integration measures. The methodology is illustrated with simulated data and is applied to soybean price data for the United States, Brazil, and the EU.