@article{Griffith:12344,
      recid = {12344},
      author = {Griffith, Garry R. and Green, W. and Duff, G.L.},
      title = {Another Look at Price Levelling and Price Averaging in the  Sydney Meat Market},
      journal = {Review of Marketing and Agricultural Economics},
      address = {1991-08},
      number = {430-2016-31484},
      pages = {13},
      year = {1991},
      abstract = {Simultaneous equation techniques are used to re-examine  the behaviour of monthly wholesale and retail price spreads  for beef, lamb and pork in Sydney over the period  1971-1988, so as to understand the factors determining the  relationships between the prices at the different market  levels. Hypotheses tested relate to price levelling and  price averaging, and to marketing cost and turnover  effects. Using the preferred three-stage least squares  estimates, price levelling is confirmed at both wholesale  and retail for all meats, however contrary to earlier  results there is no evidence of price averaging in any of  the meats. Costs are only important determinants for beef  at wholesale and lamb at retail, and only the beef and lamb  wholesale spreads and the lamb retail spread are negatively  influenced by turnover. A structural change test reveals  significantly different behavioural responses in the 1980s  compared to the 1970s, so the model is re-estimated for  just the 1980s. The results generally agree with those from  the longer sample, with the only change being at the retail  level where costs become significant for beef as well as  lamb. However the level of explanatory power for the  1980-1988 models is substantially reduced from that of the  full sample models.},
      url = {http://ageconsearch.umn.edu/record/12344},
      doi = {https://doi.org/10.22004/ag.econ.12344},
}