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Delineating Spatial Markets Using Multivariate Time Series

Author

Listed:
  • Bruce L. Benson

    (Department of Economics, Florida State University)

  • Merle D. Faminow

    (University of Manitoba)

  • Milton H. Marquis

    (Economist, Board of Governors of the Federal Reserve System)

  • Douglas G. Sauer

    (Boise State University)

Abstract
Recent advances in multivariate time series modeling techniques have produced statistical concepts and methods that may surpass many of the economic and antitrust market delineation procedures currently in use. The appropriateness of cointegration tests and vector error correction models for market delineation are developed in the context of a spatially linked oligopsony and then employed to determine whether a single economic market exists among spatially linked North American pork producers. Institutional detail and other time series information are also used to explore antitrust market issues.

Suggested Citation

  • Bruce L. Benson & Merle D. Faminow & Milton H. Marquis & Douglas G. Sauer, 1995. "Delineating Spatial Markets Using Multivariate Time Series," The Review of Regional Studies, Southern Regional Science Association, vol. 25(3), pages 247-270, Winter.
    • Handle: RePEc:rre:publsh:v:25:y:1995:i:3:p:247-270
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    References listed on IDEAS

    as
    1. Uri, Noel D & Rifkin, Edward J, 1985. "Geographic Markets, Causality and Railroad Deregulation," The Review of Economics and Statistics, MIT Press, vol. 67(3), pages 422-428, August.
    2. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 39(3), pages 106-135.
    3. Klein, Chris & Rifkin, Edward J. & Uri, Noel D., 1985. "A note on defining geographic markets," Regional Science and Urban Economics, Elsevier, vol. 15(1), pages 109-119, February.
    4. Benson, Bruce L & Greenhut, Melvin L & Norman, George, 1990. "On the Basing-Point System," American Economic Review, American Economic Association, vol. 80(3), pages 584-588, June.
    5. Scheffman, David T & Spiller, Pablo T, 1987. "Geographic Market Definition under the U.S. Department of Justice Merger Guidelines," Journal of Law and Economics, University of Chicago Press, vol. 30(1), pages 123-147, April.
    6. Bruce L. Benson & Merle D. Faminow & Milton H. Marquis & Douglas G. Sauer, 1994. "Intra-National Effects of a Countervailing Duty on the United States/Canadian Hog Market," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 16(2), pages 187-201.
    7. Stigler, George J & Sherwin, Robert A, 1985. "The Extent of the Market," Journal of Law and Economics, University of Chicago Press, vol. 28(3), pages 555-585, October.
      • Stigler, George J. & Sherwin, Robert A., 1983. "The Extent of the Market," Working Papers 31, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    8. Froeb, L.M. & Werden, G.J., 1991. "Correlation, Causality, and all that Jazz: The Inherent Shortcomings of Price Tests for Antitrust Market Delineation," Papers 91-6, U.S. Department of Justice - Antitrust Division.
    9. Benson, B.L. & Faminow, M.D. & Marquis, M.H. & Sauer, D.G., 1992. "The Impact of Provincial Marketing Boards on Pricing Dynamics in the North American Slaughter Hog Market," Working Papers 1992_12_2, Department of Economics, Florida State University.
    10. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
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    16. Slade, Margaret E, 1986. "Exogeneity Tests of Market Boundaries Applied to Petroleum Products," Journal of Industrial Economics, Wiley Blackwell, vol. 34(3), pages 291-303, March.
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