THE IMPACT OF FOOD SCARES ON PRICE TRANSMISSION IN INTER-RELATED MARKETS / доклад на 25 конференции IAAE, Reshaping Agriculture’s Contribution to Society, International Convention Centre, Durban, South Africa, 16-23 August 2003
Опубликовано на портале: 30-12-2003
Durban, 2003
This paper is concerned with the impact of the BSE crisis in the UK
and focuses on price transmission
between retail and farm prices. From a theoretical perspective we show that market
power has an effect on
price transmission between retail and farm prices following a demand shock. The empirical
results suggest
that the impact of a food scare on farm prices to be more than double that of retail
prices, the direction of this
effect being consistent with the impact of oligopoly dominating the effect (if any)
of oligopsony.
However, important in assessing the full impact of a food scare is the ability of consumers to switch into substitute products. This is also evident following the BSE crisis with the availability of substitutes contributing significantly to the overall impact on price adjustment. |

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