A Tournament Approach to Price Discovery in the U.S. Cattle Market

被引：1

作者：

Wright, Jeffrey ^{[1
]}

Kim, Man-Keun ^{[2
]}

Tejeda, Hernan A. ^{[3
]}

Kim, Hwa-Neyon ^{[4
]}

机构：

[1] Texas A&M Univ, Dept Agr Econ, College Stn, TX 77843 USA

[2] Utah State Univ, Dept Appl Econ, Logan, UT 84322 USA

[3] Univ Idaho, Dept Agr Econ & Rural Sociol, Moscow, ID 83843 USA

[4] Jeju Natl Univ, Dept Appl Econ, Jeju City, Jeju, South Korea

来源：

JOURNAL OF AGRICULTURAL AND APPLIED ECONOMICS | 2021年 / 53卷 / 01期

关键词：

cluster analysis; price discovery; tournament approach; U.S. cattle market;

D O I：

10.1017/aae.2020.26

中图分类号：

F3 [农业经济];

学科分类号：

0202 ; 020205 ; 1203 ;

摘要：

The dominant market where information is discovered plays the role of price leader providing substantial market information to other markets. This study investigates the dynamic relationships of 30 cattle markets across regions, cattle types, and cash/futures markets. The comparison of many markets, using an error correction model, is accomplished with the introduction of a tournament with a hierarchical cluster analysis, which allows us to conclude that the leading price for the U.S. cattle markets is discovered in the futures markets for both feeder and fed cattle.

引用

页码：21 / 36

页数：16

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