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Competitive storage, rational expectations, and short-run food price determination



Competitive storage, rational expectations, and short-run food price determination



American Journal of Agricultural Economics 67(4): 739-748



This paper demonstrates that lags between retail and wholesale food prices can be explained by the inventory behaviour of US retailers. Theoretical considerations indicate that the markup model should be modified to include a Jorgenson-type user cost variable, which depends on expected future wholesale price. The rational expectations hypothesis is used to derive price expectations.

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Accession: 001323391

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DOI: 10.2307/1241813



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