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• W2212199339 abstract "IntroductionThe reform of the Common Agricultural Policy has to respond to several challenges in general agricultural terms (climate change and European Union enlargement) and specifically in the dairy sector for developing more innovative and more marketoriented business models, ensuring high quality on milk supplied and sustainability of production, at right prices. A considerable volume of research and studies have recently been carried out on the assessment of price transmission, but most research is concentrated on various product markets in the United States (Fackler and Goodwin, 2001) and a few studies are focused in European markets (Meyer and Cramon-Taubadel, 2004; Serra et al. 2006; Ben-Kaabia and Gil, 2008). Some authors focus their work in developing countries (Rapsomanikis et al., 2003). In the EU, food supply chain research shows that imperfect and asymmetric price transmission is linked to market imperfections, concentration and agent's pricing policies (COM, 2009). Most empirical studies find little evidence of systematic imperfect price adjustments along the EU food chain, although this may happen in the short run in some specific sector/country situation. The studies of vertical and spatial price transmission have been used to infer a number of conclusions regarding the behavior of market linkages across different levels of the marketing chain. Some significant criticisms have been directed toward this line of study, because it assumes that the tests on price transmission are conducted without regard to the overall institutional and structural characteristics of the market. Goodwin (2006) concluded that cautions must apply to the methods and results. The first paper, specifically focused on dairy product prices, was presented by Kinnucan and Forker (1987). Stewart and Blayney (2011) have recovered the debate on asymmetric price transmission by the using the (threshold) error correction models on milk and cheese. Meanwhile, several studies have been focused on milk, cheese and dairy products, namely Serra and Goodwin (2003); Chavas and Mehta (2004); Jensen and Moller (2007); and Baumgartner et al. (2009). Serra and Goodwin, (2003) found positive asymmetries for the Spanish dairy market, Chavas and Mehta (2004) found that retail prices respond more strongly to wholesale price increases than to wholesale price decreases; their explanations are consumer search costs, retailers' menu costs and also imperfect competition at the retail level. Jensen and Moller (2007) detected weak price transmission, especially for milk. In their view, asymmetric price adjustment is caused by public intervention and product differences. More value added products show a higher degree of asymmetry. The European Union analyzes a range of different milk products for a variety of EU Member States. Instead of an error correction approach, a model in first differences was used to detect asymmetric price responses. In particular for Slovenia, United Kingdom, Denmark and Lithuania significant asymmetries are found. The Commission relates the positive asymmetries to the limited share of agricultural commodities into final food prices, inefficiencies in the market structure of the chain (either linked to imbalances in bargaining power and/or anti-competitive practices), and some adjustments constraints and costs (e.g. costs of changing prices for both producers and retailers, the slow price transmission due to long-term contracts between economic actors) (EC, 2009). Baumgartner et al. (2009) detected positive asymmetries for milk and butter. Stewart and Blayney (2011) studied price transmission over the food crisis from 2007 to 2009 in the United States of America (USA). They analyzed the nature of price transmission for whole milk and cheddar cheese, comparing results of different model specifications. Independent from underlying specification, they found positive asymmetries. Additionally, Stewart and Blayney (2011) stated for the lower processed product (whole milk) that the price pass-through is larger and that the process of error correction was active in the whole spectrum of observed disequilibria. …" @default.
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• W2212199339 date "2015-01-01" @default.
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• W2212199339 title "Price Transmission on the Milk Portuguese Market" @default.
• W2212199339 doi "https://doi.org/10.22004/ag.econ.253689" @default.
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