@article{March:310550,
      recid = {310550},
      author = {March, Robert W.  and Anderson, Elsie D.  and Klein, Jack  E.},
      title = {Analysis of Short-Time Changes in the Price of Butter at  Chicago   },
      address = {1957-08},
      number = {2393-2021-1197},
      series = {Marketing Research Report No. 194},
      pages = {80},
      year = {1957},
      abstract = {Excerpts from the report:  Since World War II the price of  butter has tended to fluctuate erratically when it was not  being actively supported by Government purchases.  It was  found in this study that, in general, relatively little of  the day-to-day changes in price could be associated with  published indicators of  short-time changes in supply and  demand.  Despite the failure to find strong measurable  relationships between daily prices and other market  statistics, major receivers of butter and others familiar  with the market say that the butter market is very  sensitive to changing supply and demand situations.  Close  observation of major price movements indicated that this  was true, but that price adjustments were excessive and  undependable relative to changes in supply and demand,  particularly when supplies were short.  This study examined  the nature of fluctuations in butter prices at Chicago  during 1947, 1948, 1951, and January through March 1952.   The fluctuations  were evaluated as to their reasonableness  in terms of short-time changes in supply and demand, and  the extent to which short-time changes in price could be  explained by changes in supply and demand factors was  determined statistically.  The relationship between price  and 20 supply-demand factors  was studied for 10 marketing  seasons encompassing 811 trading days, and detailed  qualitative analysis was made of factors affecting price  during certain periods in which price was consistently  moving in one direction.},
      url = {http://ageconsearch.umn.edu/record/310550},
      doi = {https://doi.org/10.22004/ag.econ.310550},
}