A note on the correspondence between horizontal and vertical price transmission
指出竞争市场中水平与垂直价格传递弹性可正可负，取决于价格变化由供需还是贸易或营销成本引起，并说明忽略这些成本会导致估计偏差，使市场效率推断过于悲观。
Abstract Horizontal (vertical) elasticities of price transmission in a competitive market can be positive or negative in sign depending on whether observed changes in market prices are triggered by shifts in the supply or demand for the commodity or by changes in trade (marketing) costs. These facts suggest estimates of horizontal (vertical) elasticities of price transmission obtained from empirical models that exclude trade (marketing) costs will suffer from attenuation bias. The attenuation bias is apt to cause inferences about market efficiency to be more pessimistic than is warranted.