Intertemporal pricing efficiency in agricultural markets: The case of slaughter hogs in West Germany
研究检验西德三个重要屠宰猪市场的价格是否反映已有信息，发现定价效率存在，从而削弱了政府提供价格信息的理由。
It is generally believed that the structure, degree of organization and centralization of many agricultural markets is such as to warrant the provision of price information services by public bodies. However, if a case for information services is to be founded on pricing efficiency grounds it has first to be shown that prices do not reflect available information. In this paper, the hypothesis that prices reflect available information is tested for three important markets for slaughter hogs in West Germany. Results from statistical tests performed on the weekly price series did not lead to rejection of the hypothesis. Therefore it is concluded that since pricing efficiency prevails in these markets, the case for government agencies in providing information on prices is weakened.