@article{Delpachitra:173402,
      recid = {173402},
      author = {Delpachitra, S. B. and Hill, R. L. St},
      title = {The law of one price: a test based on prices for selected  inputs in New Zealand agriculture},
      journal = {Agricultural Economics: The Journal of the International  Association of Agricultural Economists},
      address = {1994-05},
      number = {968-2016-75863},
      pages = {10},
      year = {1994},
      abstract = {The law of one price (LOOP) is an essential foundation of  both the pure theory of trade and monetary theory.
Strictly  speaking, the law relates to prices of individual  commodities. However, empirical tests of LOOP have  often
relied on aggregated data. In this paper, a model is  derived and estimated using price data for 15 selected  inputs in
New Zealand agriculture. The results offer no  support for the LOOP in the short run, and the results for  the long
run are mixed. It may be inappropriate, therefore,  to assume that the LOOP holds generally in modelling  exercises,
particularly when models are used for policy  purposes.},
      url = {http://ageconsearch.umn.edu/record/173402},
      doi = {https://doi.org/10.22004/ag.econ.173402},
}