Vertical price dependence structures: copula-based evidence from the beef supply chain in the USA
使用Copula统计工具分析2000-2013年美国牛肉供应链中农场-批发和批发-零售环节的价格联动程度与结构，发现农场-批发环节价格联动较强且呈非对称性，而批发-零售环节联动较弱。
The objective of this paper is to assess the degree and the structure of price dependence along the beef supply chain in the USA. This is pursued using the statistical tool of copulas, and monthly rates of price changes over the period 2000–2013. The analysis considers two pairs of markets, namely the pair farm–wholesale and the pair wholesale–retail. It turned out that price co-movement for the pair farm–wholesale is relatively strong and it is described with the Gumbel–Clayton copula, while that for the pair wholesale–retail is rather weak and it is described by the Gumbel copula. The empirical findings point to the existence of price transmission asymmetry, which is much more important for the pair wholesale–retail.