Locating fed cattle price discovery center is revisited using the framework that combines recent progress in causal research with time series analysis. The Bernanke factorization in innovation accounting is obtained by a graphical method called directed acyclic graph which uses data to identify the contemporaneous causal structure among the innovations. This may represent an improvement over the conventional methods which use human judgment and/or theory to supply such information. Results indicate that Kansas market is a dominant price leader where new information is discovered. Contrary to the previous studies, Nebraska market does not appear to be a price discovery location.


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