英文文献：Transfer Costs And Spatial Price Efficiency In The Nepalese Tomato Markets-尼泊尔番茄市场的转移成本和空间价格效率
英文文献作者：Shrestha, Sundar S.,Frechette, Darren L.
英文文献摘要：
Many studies have addressed the issues of the price relationships between spatially separated commodity markets. Such studies, which have policy relevance, provide information on the structure and the performance of the markets. Most of these studies, however, have been criticized for not considering the transfer costs and the seasonality in their analyses. In this study, taking two spatially separated markets in Nepal, we estimate and test for the spatial pricing efficiency in tomato markets. Specifically, we estimate the speed of price adjustment in the local market in response to the price shocks in the central market, and examine the efficiency of spatial arbitrage between these two markets. The data we use is unique in that the data was collected from each market every three days. Moreover, the day of data collection was synchronized across the markets. The model we specified is an extension of Ravallion's dynamic model including both transfer costs and seasonality. The results showed that about 12% of the price shocks in the central market was transmitted to the local market on the same day, while 67 % of it was transmitted in a period of three days. However, the effect of transfer costs on the price spread between the markets was negligible. The results also showed an incomplete spatial arbitrage indicating the inefficiency of local market. The results also indicated that estimation without seasonality posed a serious autocorrelation problem. This problem was improved when the seasonality component was included in the analysis. The effect of seasonality was found to have a significant effect on the spatial price efficiency of the markets.

许多研究都探讨了空间上分离的商品市场之间的价格关系问题。这些具有政策相关性的研究提供了有关市场结构和表现的信息。然而，这些研究中的大多数都因为在分析中没有考虑转移成本和季节性而受到批评。在本研究中，我们以尼泊尔两个空间分离的市场为例，对番茄市场的空间定价效率进行了估计和检验。具体地，我们估计了本地市场对中央市场价格冲击的反应速度，并考察了这两个市场间空间套利的效率。我们使用的数据是独一无二的，因为数据是每三天从每个市场收集的。此外，所有市场的数据收集都是同步的。我们指定的模型是Ravallion动态模型的扩展，包括转移成本和季节性。结果显示，中央市场的价格冲击约有12%是在当天传递到当地市场的，而有67%是在三天内传递到当地市场的。然而，转移成本对市场之间的价差的影响是微不足道的。结果还表明，不完全空间套利表明了当地市场的无效率。结果还表明，无季节性的估计存在严重的自相关问题。当分析中包含季节性成分时，这个问题得到了改善。研究发现，季节性效应对市场的空间价格效率有显著影响。