@article{Bakucs:50932,
      recid = {50932},
      author = {Bakucs, Lajos Zoltan and Ferto, Imre},
      title = {Milk Retail Sales Patterns in a Transition Economy. The  Case of Hungary},
      address = {2009-04-01},
      number = {351-2016-17986},
      pages = {28},
      month = {Apr},
      year = {2009},
      abstract = {Modern theories of sales make conflicting predictions  about the temporal pattern of sales, which we test using  retail chain level data. In this paper, we focus on the  retail sale patterns of two retail milk prices in a New  Member State (NMS), Hungary using weekly data across eight  retail chain between 2005 January and 2008 June. We employ  a battery of empirical tests, to try a number of sale  theory hypotheses. First, we present summary statistics,  histograms, and correlations of prices and sales from which  we conclude that no theory of sales fully describes sale  patterns and price distributions. Second, we apply vector  autoregressive analysis and Granger tests of temporal  ordering (”causality tests”) to determine whether the sale  of one retail chain is followed in a predictable way by the  sale of another retail chain or its own later sales. Our  results suggest a dual retail market structure. Finally, we  employ panel cointegration to test confirm that durable  goods should have qualitatively different pricing pattern  than less-durable goods. Similarly to Berck et al. (2007)  we fail to see a clear difference between storable milk and  boxed milk patterns.},
      url = {http://ageconsearch.umn.edu/record/50932},
      doi = {https://doi.org/10.22004/ag.econ.50932},
}