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European Review of Agricultural Economics Advance Access originally published online on July 7, 2006
European Review of Agricultural Economics 2006 33(3):415-436; doi:10.1093/erae/jbl013
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© Oxford University Press and Foundation for the European Review of Agricultural Economics 2006; all rights reserved. For permissions, please email journals.permissions@oxfordjournals.org

Local polynomial fitting and spatial price relationships: price transmission in EU pork markets

Teresa Serra and José M. Gil

Centre de Recerca en Economia i Desenvolupament Agroalimentaris (CREDA)-UPC-IRTA, Castelldefels, Spain

Barry K. Goodwin

North Carolina State University, Raleigh, North Carolina, USA

Corresponding author: Teresa Serra, CREDA-UPC-IRTA, Edifici ESAB, Despatx 130, Campus del Baix Llobregat, Avinguda del Canal Olímpic, s/n, 08860 Castelldefels, Spain. Telephone: +34 93 552 1209. Fax: +34 93 552 1001. E-mails: teresa.serra-devesa{at}upc.edu, serra{at}are.berkeley.edu

Received August 2005; final version received May 2006

We study price transmission processes within EU pork markets after the implementation of the EU single market in 1993. We compare results derived from non-parametric regressions with those obtained using alternative non-linear threshold models. Both techniques support the hypothesis that prices are transmitted across spatially separate EU pig markets and provide evidence for asymmetric price adjustments. They also suggest the existence of a range of price differentials where equilibrating price adjustments are less intense. Non-parametric techniques often suggest a higher degree of price transmission than that implied by threshold models.

Keywords: price transmission, pork markets, non-parametric methods


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