文章基本信息

标题：A Tournament Approach to Price Discovery in the U.S. Cattle Market
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作者：Jeffrey Wright ; Man-Keun Kim ; Hernan A.Tejeda 等
期刊名称：Southern Journal of Agricultural Economics
印刷版ISSN：0081-3052
出版年度：2021
卷号：53
期号：1
页码：21-36
DOI：10.1017/aae.2020.26
语种：English
出版社：Southern Agricultural Economics Association
摘要：The dominant market where information is discovered plays the role of price leader providing substantial market information to other markets. This study investigates the dynamic relationships of 30 cattle markets across regions, cattle types, and cash/futures markets. The comparison of many markets, using an error correction model, is accomplished with the introduction of a tournament with a hierarchical cluster analysis, which allows us to conclude that the leading price for the U.S. cattle markets is discovered in the futures markets for both feeder and fed cattle.
关键词：cluster analysis;price discovery;tournament approach;U;S;cattle market