Understanding market integration has greatly benefited from analysing and comparing variations in price transmissions. An important source of variation in agricultural markets is seasonal changes in production, consumption and transaction costs. A key factor driving seasonality in agricultural price is temperature, as supply and demand changes are triggered by seasonal temperature differences. In this paper, we study the seasonal variations in vertical price transmission focusing on the asymmetric price adjustment to analyse changes in the market interactions between the stages of the value chain. Our data reveal significant transitory effects of temperature on the price transmission process. Results of a panel threshold model suggest that the farm–wholesale price adjustments to deviations from the market equilibrium are more symmetric at higher temperatures. However, we do not find an effect of temperature on the wholesale–retail price relationship. Our findings can be rationalised with wholesalers making use of their market power to extend their margins in the upstream chain. Wholesaler market power is lower during warm periods, and price adjustment is more symmetric. Concerning the Iranian poultry value chain, our findings imply that temperature-related differences in market interactions should be considered in formulating policy interventions.

中文翻译：

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温度对季节性市场整合的作用：以伊朗家禽为例*

分析和比较价格传导的变化，对了解市场一体化大有裨益。农产品市场变化的一个重要来源是生产、消费和交易成本的季节性变化。推动农产品价格季节性变化的一个关键因素是温度，因为季节性温差会引发供需变化。在本文中，我们研究了垂直价格传导的季节性变化，重点关注非对称价格调整，以分析价值链各阶段之间市场相互作用的变化。我们的数据揭示了温度对价格传导过程的显着暂时影响。面板阈值模型的结果表明，农场批发价格对偏离市场均衡的调整在较高温度下更加对称。然而，我们没有发现温度对批发零售价格关系的影响。我们的研究结果可以通过批发商利用他们的市场力量来扩大他们在上游链中的利润来合理化。暖期批发商市场势力较低，价格调整较为对称。关于伊朗家禽价值链，我们的研究结果表明，在制定政策干预措施时应考虑市场互动中与温度相关的差异。我们的研究结果可以通过批发商利用他们的市场力量来扩大他们在上游链中的利润来合理化。暖期批发商市场势力较低，价格调整较为对称。关于伊朗家禽价值链，我们的研究结果表明，在制定政策干预措施时应考虑市场互动中与温度相关的差异。我们的研究结果可以通过批发商利用他们的市场力量来扩大他们在上游链中的利润来合理化。暖期批发商市场势力较低，价格调整较为对称。关于伊朗家禽价值链，我们的研究结果表明，在制定政策干预措施时应考虑市场互动中与温度相关的差异。