Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/169164
Authors: 
Reziti, Ioanna
Year of Publication: 
2014
Citation: 
[Journal:] SPOUDAI - Journal of Economics and Business [ISSN:] 2241-424X [Volume:] 64 [Year:] 2014 [Issue:] 4 [Pages:] 75-86
Abstract: 
This paper examines the farm-retail price transmission mechanism in the Greek milk market by using monthly data for the period from January 1998 to June 2014. Through this period, the dairy industry underwent significant changes, resulting in increasing concentration in the market for fresh pasteurized milk. On the other hand, in the past five years, the number of dairy farms has decreased dramatically. The milk supply chain can be described as an atomized raw milk production sector confronted by a quite concentrated dairy sector. We apply an error correction model to test for asymmetric behaviour in the transmission process. The empirical results indicate that transmission between producer and consumer milk prices in Greece is asymmetric in both the short and the long run, implying that retailers exercise market power over producers.
Subjects: 
asymmetric price transmission
cointegration
error correction
milk market
JEL: 
C10
L11
Q10
Document Type: 
Article

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