Description
| Abstract: | This study offers three essays on cointegration. The first essay discusses the algebra and geometry of cointegration and how it can be applied in agricultural price analysis. The second essay discusses cointegration and prices from six form differentiated markets for cattle in Southeast Texas. These prices are for cattle from different weight classes over time. There is evidence for four cointegrating vectors. The six variable information space is reduced to four variables by taking advantage of the cointegrating relation in these markets. Arbitrage and sticky prices are suggested as two explanations for the existence of such long run relationships. Prices for the lowest and highest weight class animals were found to be weakly exogenous. It is suggested that information outside these markets is responsible for their determination. Thus, the result that these prices are weakly exogenous to this six variable system is not surprising. Prices for middle weight class animals were not weakly exogenous. The third essay discusses cointegration and prices from three spatially separated markets in Jordan for two vegetables, eggplant and squash. Two cointegrating relations were found for both vegetables. The existence of such steady state equilibrium was attributed to economic forces (arbitrage), transportation and communications facilities. Prices in each market were found to be not weakly exogenous for each vegetable. |
|---|
| Item Description: | Vita.
"Major subject: Agricultural Economics." |
|---|
| Physical Description: | ix, 192 leaves : illustrations ; 28 cm |
|---|
| Bibliography: | Includes bibliographical references. |
|---|