A heteroskedastic multivariate tobit analysis of price dynamics in the presence of price floors

被引：19

作者：

Chavas, JP ^{[1
]}

Kim, K

机构：

[1] Univ Maryland, Dept Agr & Resource Econ, College Pk, MD 20742 USA

[2] Seoul Natl Univ, Dept Agr Econ & Rural Dev, Seoul 151, South Korea

来源：

AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS | 2004年 / 86卷 / 03期

关键词：

heteroskedastic multivariate Tobit; market liberalization; price dynamics; price volatility;

D O I：

10.1111/j.0002-9092.2004.00602.x

中图分类号：

F3 [农业经济];

学科分类号：

0202 ; 020205 ; 1203 ;

摘要：

This article presents an econometric analysis of the effects of price floors on price dynamics and price volatility in a multimarket context. We investigate the implications of a government price-support program providing a censoring mechanism to the price determination process. The analysis uses a dynamic multivariate Tobit model under time-varying volatility. The model is applied to the U.S. dairy markets with a special focus on the effects of government price-support programs in a period of market liberalization. The econometric analysis provides useful information on the multimarket effects of price supports on price dynamics and price volatility.

引用

页码：576 / 593

页数：18

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