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Market power and farm‐retail price transmission: The case of US fluid milk markets
Agribusiness ( IF 3.2 ) Pub Date : 2019-04-08 , DOI: 10.1002/agr.21606
Charng‐Jiun Yu 1 , Brian W. Gould 2
Affiliation  

In this paper, we seek to understand the impact of market competitiveness on the degree of asymmetric price transmission and associated welfare implications. We estimate a kinked Almost Ideal Demand System for fluid milk products in 18 US metropolitan areas. By conducting an asymmetric price transmission test, we find that cities with less competitive food retailing tend to exhibit asymmetric price transmission. The degree of price asymmetry and associated welfare loss are decreasing in market competitiveness. Our welfare analysis suggests that the welfare loss due to asymmetric price transmission is large in terms of the percentage of milk expenditures. The potential is for substantially higher future welfare loss given the ongoing consolidation in the food retailing industry. [EconLit citations: L11, Q11]

中文翻译:

市场力量和农场零售价格传导:以美国液态奶市场为例

在本文中,我们试图了解市场竞争力对不对称价格传导程度和相关福利的影响。我们估计了美国18个大城市地区的液态奶产品的“近乎理想的需求系统”。通过进行非对称的价格传递测试,我们发现食品零售竞争较弱的城市往往表现出非对称的价格传递。价格不对称程度和相关的福利损失正在降低市场竞争力。我们的福利分析表明,就牛奶支出的百分比而言,价格传递不对称导致的福利损失很大。鉴于食品零售业的持续整合,潜在的未来福利损失将大大增加。[EconLit引用:L11,Q11]
更新日期:2019-04-08
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