Abstract
The concept of market price efficiency1 has been widely applied in domestic commodity markets (see Gilbert, 1969; Illori, 1968; Cummings, 1967; Lele, 1967, 1971; Jones, 1972, for example). This approach, given the number of the inferential dangers that it presents, because of their static specifications resulting in autocorrelated residuals and consequently in inefficient estimators, has been criticised strongly in the literature on market performance in rural areas by Blyn, 1973; Harriss, 1979; Heytens, 1986; Ravallion, 1983, 1986; and Timmer, 1984.
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© 1999 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Palaskas, T. (1999). The Analysis of Price Integration: New Methodologies for Domestic Commodity Markets. In: Harriss-White, B. (eds) Agricultural Markets from Theory to Practice. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-27273-0_10
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DOI: https://doi.org/10.1007/978-1-349-27273-0_10
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